Creating a Nonprofit Procurement Policy

Reading Time: 4 minutes Procurement is always top of mind for nonprofit organizations, and finding ways to streamline and improve these policies can help yours thrive.  We are breaking down the key considerations for creating a procurement policy for nonprofits that benefits and enhances your overall mission.  Importance of Effective Procurement Practices Nonprofit organizations rely on strategic and effective procurement practices…

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5 Action Items for Nonprofit Boards

Reading Time: 4 minutes A nonprofit’s board of directors guides important decision-making to steer the organization toward success. If your board seems disengaged or inefficient, a few tips can help them get back on track to do amazing things for your mission.  These practical action items will help your nonprofit board stay organized, create a clear vision, and supercharge…

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How Nonprofit Teams Can Reduce Complexity

nonprofit teams

Reading Time: 5 minutes   If you dread working with your nonprofit’s financials, they might be unnecessarily complex. Financial complexity can cause problems that range from confusion to legal issues. Simplifying this aspect is an essential part of setting yourself up for success and allowing you to focus on achieving your group’s mission. Reducing complexity can come in many…

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What Is the Governmental Accounting Standards Board (GASB)?

GASB - Governmental Accounting Standards Board

Reading Time: 4 minutes Local governments may need to adhere to the financial reporting and accounting standards set by the Governmental Accounting Standards Board (GASB). The GASB sets the generally accepted accounting principles (GAAP) to promote consistent, clear financial reporting among government entities. If you are concerned about whether your government organization adheres to the GASB standards, turn to…

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Is Accounting Data Security Reliable on the Cloud?

accounting data security

Reading Time: 5 minutes Many organizations use cloud systems to store their accounting data. It is cost-effective, gives you flexibility, increases the capacity to store data and allows you to back up data in case it’s accidentally lost or deleted. Cloud accounting security is a genuine concern for any organization. Keeping your confidential information safely and securely will protect…

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7 Benefits of Workflow Management Systems

Benefits of workflow management

Reading Time: 5 minutes  Organizations are gradually moving toward automated workflow systems. Larger organizations are more likely to integrate automated workflow software, but smaller organizations are also prioritizing this migration. Around 65% of smaller companies that have integrated workflow automation reported success, compared to the 55% of larger organizations that noted success.  Workflow automation benefits all organizations across every industry and…

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What Is a Fixed Asset in Accounting?

fixed asset accounting

Reading Time: 5 minutes If you run a nonprofit, understanding your organization’s fixed assets is crucial to managing your revenue and making informed decisions. Fixed assets are an essential part of any organization, and they play a critical role in determining your long-term financial stability. Below, we define fixed assets and cover best practices for fixed-asset accounting. What Is…

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ABCs of Fund Accounting for Nonprofits

ABCs of fund accounting

Reading Time: 6 minutes Managing finances is a critical aspect of nonprofit organizations, and accurate and transparent accounting practices are essential for maintaining trust and accountability. One key accounting approach specifically designed for nonprofits is fund accounting. Discover the basics of fund accounting below. General Accounting vs. Fund Accounting General accounting and fund accounting are two distinct approaches to…

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Stop Time-Consuming Reporting in Human Service Organizations

stop time consuming

Reading Time: 5 minutes As a valued team member of a nonprofit or human service organization, you know reporting is essential to maintain finances and compliance. Still, it can often become tedious and time-consuming, and when it comes to reporting and accounting services, too much manual work can extend the bookkeeping process and even lead to fraud. Research shows…

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How to Maximize Your School Budget

how to maximize your school budget

Reading Time: 6 minutes As a school administrator, you have many responsibilities on your plate. From creating the schedule for the school year to organizing student events to hiring and training new staff members, it can be easy to lose sight of priorities like budgeting amid a hectic semester. However, school budgeting is one of the most important things…

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How to Maximize Budgeting

Reading Time: 4 minutes Easily create, forecast, and report on your nonprofit organization’s budget with MIP Fund Accounting’s Budget Module. Software that meets your mission.

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How Community Services Organizations Can Account for Grants  

How Community Services Organizations Can Account for Grants  

Reading Time: 4 minutes Many types of grants are available for nonprofits, including public and private grants. Public grants refer to grants from federal and state governments, and private grants refer to those awarded from foundations. Each grant has its own requirements when it comes to qualifying and applying for funds. If your organization receives a grant, you must…

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