Surprising Skills Nonprofit Financial Management Needs – and New Ways to Acquire Them

Nonprofit financial management just took a step in the right direction with the introduction of two new ways in which CPAs will be able to obtain Continuing Professional Education (CPE) credits. The AICPA and the National Association of State Board of Accountancy recently changed the standards for CPE providers as well as NASBA’s Field of Study document. The result? Two new ways in which CPAs can earn valuable professional education credits.

Blended Learning and Nano Learning for CPAs

The two new opportunities for CPEs include blended learning and nano learning.

  • Blended learning includes a combination of learning methods such as seat-based (classroom) sessions, self-study, and video lessons on demand.
  • Nano learning consists of short 10-minute modules, usually focused on a specific task. This type of learning is often used to help CPAs acquire specific skills rather than master overarching concepts.

Although not all states accept the new learning methods, many do. CPAs should check with their state chapters of their accrediting body to learn which methods are acceptable for CPEs.

Additional changes are also being made to the Fields of Study document. These changes update categories and descriptions so that they are both current and relevant. The biggest change occurs in the Specialized Knowledge field of study, which now separates computer science application and information technology into its own categories. Specialized knowledge topics can now be specific to industries or categories.

The Importance of Continuing Education for Nonprofit Financial Management

Like any profession, financial management takes knowledge, skill, and practice to do well.  The world of nonprofit financial management continues to grow, change, and evolve over time. Consider the new FASB rules of which we’ve written so much. The updated guidelines are the first since 1993, but if you’re not keeping up to date on all the changes in the world of nonprofit accounting, you could miss some of these important elements.

What skills should CPAs in nonprofit organizations master? Here are some you might not have considered:

  • Presentation and public speaking skills: Nonprofit CPAs may be called upon to address board meetings, present at conferences and in other public spaces. Good speaking skills are critical to represent your organization well.
  • Interpersonal communications: Interpersonal communications ensure that you can share and listen to knowledge within your organization in an effective manner.
  • Social media skills: Sure, you might know how to tweet or comment on social media. But nonprofits need social media guidelines for their workplaces just as much as for-profits do, and you may be called upon to assist with and guide social media campaigns for donors and other financial managers.
  • Management: Learning how to manage a team is both an art and a science. Managers are made, not born, and these are important skills to acquire so you can lead your team successfully.

There are many opportunities for you to learn these skills. Online learning, self-guided learning, professional courses and more provide opportunities for these and more ‘hard’ accounting skills. CPE credits may not necessarily be offered for these skills, but they are equally as important for success as a nonprofit manager today.

New Year, New You: Education and Assistance for Nonprofits

With a new year on the horizon, it’s time to make some much-needed changes. This includes updating your education credentials and staying up to date on the skills you need to make your nonprofit successful.

It may also include working with a nonprofit financial consultant to prepare for audits and more. At Beck & Company, we offer CPA services, nonprofit accounting, and business advisory functions for nonprofit organizations. Contact us today if you would like more information about our services or help with your nonprofit business needs.