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5 Tips to Improve Your Non-Profit Book Keeping Practices

Managing and overseeing funds is mission-critical for any non-profit. While an experienced non-profit accountant is a great resource for helping you manage the big-picture financials, perform audits and prepare annual reports, your organization’s treasurer or bookkeeper is still a critical player in keeping the financial wheels turning.

If you’re a non-profit bookkeeper or an Executive Director looking to streamline your internal reporting to help alleviate the burden of annual reporting and filings, these tips are for you.

Make a Process

Take the time to document your monthly financial reporting process, including any of your internal controls that you have in place.

From this process, create a checklist that covers the items in your month-end close process to make sure no items are missed.

Monthly Reconciliation

Make sure to reconcile your bank accounts and credit card accounts each month so that you are able to properly track expenses across your organization.

Create a Reporting Package

Develop a set financial reporting package that is generated monthly or quarterly and presented to your board.

This package is beneficial internally, as it creates an expectation of regular reporting and financial check-ins, and externally because it provides your board with a closer look at the financial health of the organization as they are making decisions on how to allocate resources to serve your mission.

Back Up Your Information

Make sure that your records are backed up in a few places and that your backups are routinely updated.

Pro Tip: Make your backups part of your monthly closing process.

Ask an Accountant

If you’re managing non-profit financials, it can be cumbersome to keep up with regulations, requirements, and all the moving parts. Don’t hesitate to reach out to your non-profit accountant if you are unsure of how to record specific transactions throughout the month.

Your accountant is a partner in the financial success of your organization and is a great resource to help you manage compliance requirements and ensure you are adhering to GAAP in your daily operations.

Have more questions about how you can improve your non-profit financial reporting? Need help with an audit or your annual filings?

SME CPAs partners with organizations across the Aiken-Augusta area to provide qualified tax planning, accounting and auditing services. If your non-profit is ready to streamline your internal accounting practices, our experienced, non-profit accountants are here for you.

Get in touch with one of our experts today, and let’s get to work to help you better serve your mission.

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