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Engage your Nonprofit Constituents More with Cloud Computing

Nonprofit organizations are far more likely to use Cloud computing technology now than they were even just a few short years ago. The Cloud enables your organization to have a flexible and mobile work environment, and that’s leading to higher employee satisfaction and productivity. The Cloud is an important way to better connect staff and improve interaction with nonprofit constituents.

Over the past several weeks, we have looked at the need for your nonprofit to consider updating to a financial reporting solution in the Cloud, what being Cloud-based means, the important features offered through Cloud solutions, and how the Cloud is beneficial in addressing many challenges that organizations face all the time. To learn more about these benefits that solve issues for nonprofits through Cloud solutions, visit here.

The Cloud offers so many benefits to nonprofits including driving cost efficiencies. It also encourages a flexible and mobile environment for staff to work in that gives them the access, experience, and richness they want. Not only that, but Cloud computing increases productivity, satisfaction, and flexibility that keep staff happy even with the endless demands they face as a nonprofit.

Ultimately, these staff benefits of using the Cloud funnel down to allowing them to engage more with the people and purpose behind your nonprofit mission. That is what we, the Beck and Company Certified Public Accountants and Business Advisors, ultimately desire for your nonprofit and will do what it takes to help you achieve engagement and success as an organization. For starters, you’ll need a Cloud computing system that offers these benefits and consultations to help you understand, implement, and best use it. We offer technology consulting services for this purpose. In addition, we desire to partner with you and help with the financial and accounting aspects of your organization in order to help you stay focused on its mission. Therefore, we would be happy to conduct your nonprofit financial audits to give you the information you need to keep accounting practices functioning as they should be to further your success.

Now, let’s take a closer look at how your organization can maximize success in Cloud transformation initiatives that lead to engagement with nonprofit constituents across the board (staff, people benefitting from your nonprofit services, Board of Director members, etc.):

Make the transformation and transition to the Cloud a continuous process. Cloud computing adoption should not be viewed as another project but instead as a journey that spans from strategy through execution.
Drive the transition to Cloud computing from the top down. Directors and board members should manage the decisions and processes that make up the transformation/transition and guide strategic decisions that are then shared with the staff and ultimately benefit those the nonprofit reaches.
Focus on strong leadership and engagement. Organizational alignment is important to managing the change. Focus on getting buy-in from staff and support of constituents.
Collaborate. Nonprofit staff and IT consultants should collaborate to help embed change into every aspect of an organization. Cloud transformations are successful when everyone is working side by side.
Measure success. Develop realistic and measurable outcomes for Cloud initiatives that are linked to organizational goals.

Contact us here at Beck and Company CPAs to find out more about the Cloud computing opportunities that await you and how they work through our technology consulting services. In addition, Beck and Company CPAs want to partner with you as accountants to help you get your nonprofit finances in order by conducting a financial nonprofit audit on your organization’s behalf. We want to help you engage as a nonprofit with all of your constituents, and Cloud computing plus financial audits can help you do just that!

The Benefits Cloud Computing Offers Nonprofits

It is highly likely that all nonprofit organizations would say they could leverage technology more to be of benefit to their nonprofit. Exchanging information using paper or outdated systems won’t allow you to keep up. Our world necessitates that you keep up with the business world as a nonprofit or you likely won’t survive long. Therefore, you need a Cloud computing solution that will allow you to keep up with financial reporting and accounting tasks while saving money not buying a robust software solution that is too much for your organization and too costly as well. The Beck and Company Certified Public Accountants and Business Advisors know that technology understanding and financial audits can both be daunting for nonprofits. That is why we offer technology consulting services where we can help you understand and get a Cloud computing solution to meet your needs. We also carry out audits that can give you a better glimpse into your financial reality as an organization that can also highlight your need for a Cloud solution that will make financial reporting and accounting practices in the long term.

Over the past couple weeks, we have looked at the need for your nonprofit to consider updating to a financial reporting solution in the Cloud, what being Cloud-based means, and the important features offered through Cloud solutions. With this background knowledge, let’s dive in deeper to why all of this really matters for your nonprofit by looking at how Cloud computing will ultimately benefit your organization.

The challenges facing nonprofits are many and include how to use technology effectively, how to enhance productivity, and how to recruit and retain talented staff members. Here’s more information about each challenge and how Cloud solutions can be of benefit in addressing these challenges:

Using Technology Effectively

Nearly every person is a consumer of technology. This means a myriad of choices for everything from mobile devices to tablets and laptops exist. Cloud-based applications are hardware insensitive enabling a user to work on any platform they choose. This allows each member of your organization’s team to use technology as they prefer to use it using whichever device they find most comfortable for them. With flexibility comes comfort, yet you won’t compromise the essentials because all constituents can work with and access the same important data on the Cloud computing system. The beauty is that it’s just on the device they prefer to use!

Enhancing Productivity

Is your financial information spread across multiple databases and filing systems? Cloud-based solutions facilitate the adoption of digital, optimized workflows. This means you won’t be searching for information in a variety of places or losing time in completing tasks. Being able to work efficiently regardless of location can lead to higher productivity. There’s no need to access multiple software and paper databases to get the information you need. A Cloud system allows you to store all of the data you’ll need in one place. Let the Cloud manage all the information in one place, and you won’t lose time getting it when you need it.

Recruit and retain great staff members

The world is always changing, and your organization will need to keep up in order to attract new staff as it grows. The key is to offer an environment that can support flexible working hours, a work/life balance, opportunities to develop professionally, and the opportunity to work with leading edge technology. Potential staff members are attracted to organizations that are keeping up with these trends in addition to making a difference in their sector and in the world as a whole. The Cloud allows this to happen because it offers flexibility of access, time, and use of any technological device. A Could-based work environment allows flexible working arrangements.

As you strive to effectively use technology, enhance productivity, and recruit and retain a great staff, your nonprofit will benefit from Cloud computing solutions that allow you to achieve these goals with ease. The Cloud benefits are many, and the challenges faced can be reduced simultaneously. Contact us here at Beck and Company CPAs so we can help you transition to the Cloud and use this technology to make audits easier. It would be our privilege to conduct an audit for your nonprofit, and we look forward to hearing from you.

Cloud Computing Features for your Nonprofit

Just like businesses, nonprofit organizations need to keep up with the technology of the time. The potential found in Cloud computing software to transform your financial reporting and make the complications of nonprofit accounting records easier is worth strong consideration. To learn more about the need for this and what being Cloud-based really means, visit here. Beck and Company Certified Public Accountants and Business Advisors know that nonprofits need solutions to help them with the accounting side of operations as well as the important work of fulfilling their mission. With Cloud computing in place, your audit processes will also be more streamlined and simplified. Learn more about our technology consulting services to help you get the help you need to transition to the Cloud. Then, learn more about our financial auditing services that we can conduct to help your nonprofit with its accounting and process needs using the information you have stored in the Cloud. The Cloud provides some key features for nonprofits that are not available with on premise software solutions.

Let’s take a closer look at the key features of Cloud computing that would be useful for nonprofits:

Always accessible- anywhere at any time

Cloud-based applications keep work online in a password-protected database with exclusive and secure access control. It’s easy to log in on any computer or mobile device with a web browser and Internet connection. This could be from the office, at home, at an off-site meeting, or anywhere else you need to be. Total connectivity on the go is a key feature needed in our mobile world!

Data and information stored safely and reliably

Data reliability is closely related to data security. In essence, organizational information stored in the Cloud is available whenever it needs to be referenced. Cloud computing solutions protect data reliability in a number of ways, including redundant servers and automatic backup.

Natural disasters at the office building won’t wipe out your nonprofit altogether if a Cloud solution is being used to store operational information. Information is still intact and secure in the Cloud, running on redundant hardware and backed up for complete continuity. By simply logging on to what is stored on the Cloud, you’ll get back to your important work without losing time or information. When it comes to data security and disaster recovery, Cloud computing solutions offer the robustness needed to handle whatever unexpected events may come your way.

Initial implementation and upfront costs are lower than other solutions

Cloud-based software systems offer a lower start-up cost and can assist in smoothing out processes. Rather than paying for costly license fees up front and annually for continuing software maintenance, Cloud-based applications are different. The best part is that paying for ongoing maintenance and fixes is substantially reduced with Cloud systems that are automatically being maintained and upgraded. This is a significant benefit to nonprofits who are always needing to save money where they can. Typically, Cloud solutions are paid for based on storage space needed or number of users which makes them ideal for nonprofits of all shapes and sizes who are not large corporations that can afford seemingly unlimited systems and features.

System updates automatically

The Cloud is automatically updated by the provider of Cloud computing solutions so the real-time version is always the most current. This eliminates the need to use precious time waiting for software updates to be installed, and the latest features are always ready to use and are readily available.

Enhanced efficiency

Collaboration and productivity are assisted with solutions in the Cloud. This happens because as newer Cloud-based applications become available and are integrated into the system, they are available instantaneously and offer immediate benefits. Remember, with Cloud solutions, what is accessible to you on your software is also available to everyone else using the same system with no lag time in sharing information and collaborating. Your organization’s staff can work together more seamlessly than ever before!

Less maintenance required

With a Cloud-based system, it is time to say goodbye to work interruptions for IT fixes! This means upgrades happen in the background without any disruptions, allowing your nonprofit operations to stay fully functional at all times.

Beck and Company CPAs are here to help with getting your accounting needs as nonprofits up to par through Cloud computing consulting assistance, and by carrying out your audits for you using the data and financial accounting information stored on the Cloud. Contact us to learn more.

Nonprofits, Do You Need Cloud Computing Technology?

It may seem like a distant memory now or could possibly be a very recent reality for you, but no matter when your nonprofit began, the start-up process likely had similar feelings and realities. There was great emotion and excitement of the possibilities and potential impact your organization could make, yet fear and trepidation of the unknowns. Money was tight, and needs (personnel, supplies, etc.) were great. “Extra” was only in your vocabulary to represent all of the needs for more time, resources, space, etc. As your nonprofit grows, some of these extremes have likely been reduced a bit, but it is also so easy to be involved in the day-to-day operations that you forget about the need to keep up and get ahead. If this is your reality, are you potentially overlooking important technology that could propel your nonprofit forward through modern Cloud computing options?

As nonprofits, your organization likely grew organically and only added on technology as it was desperately needed and when it could be afforded. This approach allowed your organization to adequately address immediate needs but nothing more. You may see your nonprofit still lagging behind the time, or may be noticing that the systems you do have are simply unfit and underqualified for the demands of keeping accounting and financial reporting systems updated in our modern world. It’s hard to keep up with the technology industry that changes so quickly and costs so much, but poorly integrated systems may end up being more costly due to lost productivity, poor data accuracy, and unnecessary delays or errors in accounting processes and reporting. Realistically, these factors translate into lost opportunity for your nonprofit. Although many bells and whistles exist that aren’t necessary, there are some that are necessary. If there is one solution you’ll need to keep up, it is Cloud computing. The growing trend of transferring financial reporting to Cloud computing venues eliminates many issues but also provides for many opportunities.

Do you want to create an advantage by adopting Cloud-based technology and achieve more work efficiency at the same time? Over the past few years, Cloud computing has emerged as a powerful tool to do just that. It offers sophisticated automation, freedom from hardware-based solutions, a substantial decrease in the need for lots of costly Information Technology assistance and support, and secure and instant access to information anywhere at any time. Beck and Company Certified Public Accountants and Business Advisors believe these factors can take your organization to a whole new level of success because they allow you to have your reporting needs met with only the level of robustness you need based on the size of your organization. Ultimately, this technology will help you have your finances in order and more readily accessible. At Beck and Company CPAs, we can help you use this more accurate and real-time data to make nonprofit financial audits easy. Learn more about our auditing services. We also offer technology consulting services to help you get what you need in a Cloud form. Find out more here. Now, let’s take a closer look at what Cloud-based technology is all about.

What is Cloud-based technology?

Cloud-based technology is often referred to as Software as a Service (SaaS). With a SaaS solution, staff can begin working immediately with the new software from any device with an Internet connection. Cloud-based solutions bundle all that you need– hardware, network, storage, services and software—into one system that is accessed anywhere, anytime via a web browser. Cloud computing applications support many of the things you already use online for your nonprofit including:

• Email

• Banking

• Applications

• Social media sites including Facebook or LinkedIn

Contact Beck and Company CPAs to find out more about why your nonprofit would benefit from the Cloud and how you can get a Cloud accounting solution to keep your financial records in order and make the nonprofit financial audits we would be pleased to conduct for you less complicated.

Nonprofit Financial Transparency Actions that Reduce the Risk of Fraud

All of us want to trust those we work with and that they share our beliefs about ethical practices. Unfortunately, this is not the case all the time. Fraud is a real risk for nonprofit organizations. Fraud can have a serious impact on your organization’s reputation, future receipt of donations, stakeholder trust, and more. It is essential that you safeguard your organization from fraudulent activity. One more important area impacted by fraud are the financial facets of your organization. This can truly be costly. We will take a closer look at financial safeguards and actions you can take to reduce the risk of fraud at your nonprofit in the area of finances. For other actions you can take to safeguard your nonprofit in the area of the board of directors from possible fraud, visit here. Those tips will help you be aware of four conditions that promote fraud and tips for avoiding it as a board.

Beck and Company’s Certified Public Accountants and Business Advisors can help with important aspects of safeguarding finances and financial transactions within your nonprofit and take the importance of this very seriously. Fraudulent activity can be costly, damaging, and ultimately destructive to organizations and their important work. That’s why we offer nonprofit financial audits to help you help your organization be very knowledgeable about the financial practices that are occurring within your nonprofit. This knowledge can be used to help you be more actively involved in upholding and maintaining effective financial reporting to prevent fraud. We can conduct internal financial audits and provide you with the facts you need to stay current on financial dealings and not allow fraud to creep into areas that are not being monitored but should be. Learn more about our auditing services here.

Financial Facets that need to be Safeguarded and Tips to Prevent Fraud

Checking and Banking accounts
Keep blank checks locked in a secure location and restrict access to them
On a monthly basis, have staff outside of the disbursement initiation, approval, and check-signing functions that are at the senior level obtain unopened bank statements and review cancelled checks and statements
Implement an independent review (here at Beck and Company CPAs, we can do this for you) of monthly bank reconciliations and related journal entries
Record all new accounts and closed accounts in finance committee minutes
Learn what fraud prevention services may be offered through your banking institution
Revenue and receipting
Use dual control where more than one person is receiving and counting receipts in addition to check and cash contributions
Require all grant notifications to be reported to the finance department
Reconcile earned revenue (such as student enrollment numbers or tickets sold) with statistics outside of the finance department
Disbursements
Compare vendor addresses and employee addresses periodically to ensure there is no crossover
Detect kickback schemes by performing independent price checks of payroll taxes withheld against amounts actually paid
Require two live signatures for every check and wire transfer that is of significant value (determine that amount as a group)
Reporting
Set reasonable spending limits on company credit cards and purchasing cards
Require finance department reviews of periodic reporting on all grants to ensure effective financial reporting is in place
Require reporting on monthly balance sheets and income statements
Expense reporting
Formulate and strictly enforce credit card expenditure documentation
Have a nonprofit financial audit committee member review CFO and CEO expense reports for true financial transparency in the organization from top to bottom

Financial transparency is so important to reducing the risk of fraud. Beck and Company CPAs are here to assist you with any area within the financial realm that you may need expert help in for everything from establishing more effective financial reporting systems to conducting nonprofit financial audits that can reveal anything that needs a closer look in order to be safeguarded from fraud. Please contact us for information and help in these areas.

Preventing Nonprofit Fraudulent Activity within the Board of Directors

Implementing systems and actions meant to help your nonprofit organization prevent and eliminate fraud are essential to its ongoing financial and organizational health. Last week, we took a look at six important facts you should know about fraud that will help you take actions against it and implement effective financial reporting in the process. Click here to learn more. Beck and Company’s Certified Public Accountants and Business Advisors have also shared some tips and steps for preventing fraud in the past that are an important starting point in fraud prevention. Today, we will look at some additional actions you can take to further reduce fraud risks to your organization through actions needed within the board of directors. View the other prevention tips as a starting point, and then keep reading for additional tips and help.

Beck and Company CPAs offer auditing services to carry out nonprofit financial audits at your organization that can provide you with an extensive examination of financial information. These audits will give you a closer look at possible areas of fraud within your organization so that you can be intentional in dealing with them. We would be more than happy to help your organization in this way so you can help your organization maintain its wellbeing and prevent abuse.

Four Conditions that Promote Fraud:

Before we look at additional tips for preventing fraud, it is important to note the four factors or conditions that, when present in your organization, lead to fraud occurring. Be sure you are aware of the existence of these conditions so you can stop them both within the organization and the board of directors. They are:

Incentive (personal, professional, and financial gains)
Opportunity (ineffective financial reporting or lack of reports that allow for easy access and actions with little or no knowledge being able to be tracked by others)
Rationalization (justification of need or ability to commit abusive or fraudulent act)
Capability (in a position of trust and access to funds that make it easy to commit fraud)

Tips for Preventing Fraud within the Board of Directors at Nonprofits

Board members are not exempt from having the potential to commit fraud. In fact, they often have more access to information and funds in addition to being the most trusted within an organization. They can use this power and the above four conditions that are often most true of the board in order to take advantage of the nonprofit organization. Here are some tips to help ensure the board, too, is upholding financial transparency and acting with integrity even with more power and access available to them.

Institute a board member code of conduct and ethics policy
Create and use a conflict of interest policy and require all board members and senior staff alike to sign this disclosure statement on an annual basis
Require staff and board member background checks including for those in existing roles (especially finance staff and those in the most sensitive positions)
Establish a formal audit committee with a charter laying out specific duties and tasks. Beck and Company CPAs would be pleased to help you in this process and as the auditors.
Enforce a formulated gift acceptance policy for all gifts
Monitor performance throughout the year of internal control policies and procedures by requiring finance staff to report results of reviews of internal control processes and use effective financial reporting
Engage an independent accounting firm (such as Beck and Company CPAs) to evaluate controls as an agreed-upon procedure that occurs regularly

These board fraud prevention tips are only one area that needs fraud prevention. Stay tuned next week for tips that span across the financial domain of the organization. Beck and Company CPAs can help with nonprofit financial audits that will give you the financial transparency you need as an organization to prevent abuse within the board and nonprofit. Please contact us for assistance.

Implementing Effective Financial Reporting: Know the Facts about Fraud

Fraud is, in essence, criminal deception or wrongful action intentionally intended to result in personal and most often financial gain. Unfortunately, even nonprofit organizations are susceptible to fraudulent activity, and this can even occur within the organization internally through staff actions of finances that manipulate the truth of the financial reality or use it for personal instead of organizational use. Last week, we took a look at ways to prevent fraud, the many types of financial fraud that exist, and how financial transparency can help. To learn more about all of these important facets to understand in terms of fraud, visit here.

Beck and Company’s Certified Public Accountants and Business Advisors know how important it is for your organization to truly thrive and accomplish its mission. Fraudulent activity can be both damaging and ultimately destructive to organizations and their important work. That’s why we offer nonprofit financial audits to help you help your organization be very knowledgeable about the financial practices that are occurring within your nonprofit and so you can be educated and actively involved in upholding and maintaining effective financial reporting to prevent fraud. We can conduct internal financial audits and provide you with the facts you need to keep up on financial dealings and not allow fraud to creep into areas that are not being monitored but should be. Learn more about our auditing services here.

Facts about Fraud that Your Nonprofit Organization Needs to Keep in Mind:

Let’s take a closer look at some important facts about fraud that you need to know.

It likely already exists. Like it or not, there is a very high probability that fraud or financial abuse already exists somewhere within your organization. Accepting this but being active in not letting it spread farther is essential.
The cost of fraud goes far beyond dollars lost. The true and real cost of reported instances of organizational fraud or abuse cannot be measured in terms of just dollars lost. They must also be measured in terms of lost public and internal trust in the organization.
Changes to personnel and circumstances increase fraud risk. No organization is completely stagnant. As situations change and staff turnover or expansion takes place, new people and systems are involved all the time. These changes can increase the risk of internal fraud and abuse.
Internal controls alone are not enough to prevent fraud. Certainly internal controls play a key role in deterring fraud and abuse, but they only represent one facet of the many, including effective financial reporting and financial transparency, that are needed for fraud prevention and detection.
Everyone involved in the nonprofit must also be involved in fraud prevention. All constituents, staff, and board members have a role to play in preventing and detecting fraud and abuse. Everyone within an organization has a responsibility and duty to be active in noticing, reporting, and responding to fraud. No one should think they are exempt from this role.
Fraud’s intensity increases with the level of the organization. Typically, fraud from the top of the organization is much more major and far more costly. Even still, minor fraud can still occur and impact an organization at the lower levels of an organization even if they are less severe.

Keep these facts about fraud in mind, and share them with those in your organization. Use them as a starting point through which you create your action steps in preventing fraud. Beck and Company CPAs are here to help you by carrying out nonprofit financial audits and taking other steps needed to help your nonprofit increase financial transparency and decrease fraud. Please contact us for assistance.

Fraud Types and Financial Transparency’s Reduction of Them

Is your nonprofit at risk? Do you know if fraudulent activity is taking place within your organization? None of us want to become a statistic, but with the rampant and varied means by which fraud occurs, it can be easier than you realize to be susceptible to fraud. In today’s society, fraud is like a mask that covers up the truth and takes on many different forms and identities which makes it harder to identify and eliminate. No matter what, fraud is a destruction of trust, and it is so important to be aware of what is truly going on within your organization in order to prevent it. Because nonprofits are considered trustworthy by nature of the public good they intend to do, the damage in violating trust is even more severe for not-for-profit organizations.

Reducing Fraud’s Risk:

We all know and understand that abusing trust can be costly for nonprofits. Ultimately, it could be more than just costly for fraudulent activities to take place at an organization. It can actually completely destroy and terminate organizations that are not careful and vigilant in protecting their organization and doing all of the necessary steps to prevent fraud. Fraud can be prevented by using internal controls and internal audits in order to be detecting it quickly. It can also be stopped by educating the organization’s staff on the forms of fraud and actions that would constitute it in addition to its impact and how to report it if it is being noticed. Finally, fraud can be prevented through the board of director’s vigilance, policies, and financial supervision. To learn more about these three ways to prevent fraud, visit here.

Beck and Company’s Certified Public Accountants and Business Advisors offer auditing services that can provide you with an extensive examination of financial statements to give you a closer look at possible areas of fraud within your organization through a nonprofit financial audit so that you can be intentional in establishing and maintaining trust in those areas instead of harming it. These nonprofit financial audits are truly essential to maintaining the organization’s health, but they are not the sole means through which fraudulent activity can be discovered. Ongoing effective financial reporting and the use of these reports to continuously be sharing this information with constituents and board members to ensure financial transparency is essential.

The Types of Fraud and How Financial Transparency can Help:

Let’s take a closer look at the forms and faces fraud can take and how to unmask these fraudulent activities and prevent them with financial transparency and effective financial reporting. Nonprofit organizational fraud can take the form of:

Payroll or billing schemes
Check tampering
Unrecorded or understated funds
Mischaracterized or fictitious expenses
Undisclosed conflict of interest transactions
And many other forms as well

Clearly, many of the types of fraud stem directly to finances and financial practices within a nonprofit organization. Both intentional errors in use of funds and intentional errors in recording funds lead to fraud and trouble for nonprofits. Falsifying funds and financial records is so costly and damaging to organizations that it is important to be consistent, vigilant, responsible, and in tune to financial actions and transactions on an ongoing basis in order to uphold financial transparency. Effective financial reporting is key, and active involvement in financial dealings is essential to knowing what is going on within the financial side of the organization to prevent dishonest activities from having a chance to even occur let alone expand.

Beck and Company CPAs are passionate about helping nonprofits get their financial reporting in order so they reduce the risk of fraud. Learn more about all of the nonprofit services we offer in addition to the auditing services mentioned earlier. Contact us to let us know how we can help your organization with the financial services, internal audits, and other services to keep your finances in check and your organization “unmasked” to prevent fraud.

Managing Talent can Make or Break your Nonprofit

So many internal, external, and societal factors influence the success and failure of nonprofit organizations. It can be complicated to figure it all out and truly determine what will aid in the success of your organization and what can also hinder or harm it. Over the past month, we have taken a close look at four indicators that positively influence success when managed and carried out well. These “4 Ts” of organizational success are transformation, technology, transparency, and talent. Transformation is focused on making changes and staying active in improving the organization. Technology assists in transformation through implementing updated systems that help in keeping pace with modern, business world trends and needed processes. Transparency helps organizations to collaborate better, increase trust amongst stakeholders, improve engagement and service offerings, and enhance efficiency. To learn more about transparency, visit here. For our final post in this series, let’s get a deeper glimpse into how talent and its management is yet another performance indicator vital to nonprofit success.

As Beck and Company’s Certified Public Accountants and Business Advisors, we understand that being successful in transformational practices, technological advancement, transparent practices, and talent management in addition to all the other tasks that need attention as an organization can present challenges to time and money. We are here to help with the financial pieces of these undertakings so you can focus on your areas of expertise in furthering your organization’s mission and success. Learn more about our accounting, controllership, and CFO services for nonprofits here. We can assist you with these important aspects of success so you can focus on the four performance indicators that need your attention and other important tasks.

Why is talent management a top consideration for success?

The reality is that initiatives in transformation, technology, and transparency will all fail without the help of the people that make them possible. Skilled workforces must be developed and maintained. Without the right people in the right positions, achieving success is nearly impossible. Managing talent has the power to make or break an organization. This revolves around the importance of recruiting the best employees, developing them and the talents they bring to the organization (in addition to utilizing those talents well), and retaining them over the long term. An organization must have a good hold on what their current skill shortages are, must be actively seeking this out, and must be constantly in tune to potential skill needs.

What factors should be involved?

When managing talent, it is necessary to explore a variety of factors involved in the process. These include incentives, rewards, and compensation structures. This is complicated by the fact that budgets are always limited. These budget constraints are reality, but they cannot be the sole indicators of decisions related to talent acquisition. As an organization, you must believe in the power of people and that they offer the biggest benefit of all to the organization and do what is necessary to find the needed talent and skills to succeed in the digital age, reward their successes, and retain them over the long term.

The process of talent acquisition starts by taking a look at critical capability gaps that exist in your organization. It also necessitates taking a good look at existing skills within the organization and how to best use those. What should you look for in acquiring leaders and skilled laborers for your organization, both current employees and future additions to the team?

Team building, coaching, and mentoring skills
Foresight and adaptability skills
Operational knowledge of the organization as a whole

Remember that having technical skills alone is not sufficient. Talent must reach beyond skills to attitudes, overall organizational buy in, leadership and people skills, ethics, integrity, and professionalism. Develop internal talent, train staff well, use talent wisely, and create a culture and environment that is positive and has incentives in order to be successful in using and finding the best talent for your organization’s sake.

Contact Beck and Company CPAs to learn more about the performance indicators discussed this month and to find out how we can help in your overall nonprofit success.

Transparency’s Potential for Positive Impact on your Nonprofit

When you think of all of the factors that influence your nonprofit’s success, does transparency come to mind? This may be a more subtle performance indicator than the others we have looked at over the last two weeks, but it is so important. The third “T” in our series about the “Four Ts” or four performance indicators that deserve a closer look as a nonprofit is transparency. Transparency is just one of the four indicators that has the potential to increase and produce greater success while positively impacting nonprofits. To learn more about the other “Ts” we have discussed, visit here to learn about technology and to take a closer look at how it impacts another indicator, transformation.

Is your organization accountable to its stakeholders and providing them with insight into how money is being spent, how decisions are being made, etc.? Does your organization allow its stakeholders and constituents to make informed decisions about the services provided and their quality? Many organizations fail to even view transparency as something that will better decision making. The reality is that this can be achieved if care is taken to present information in relevant and engaging ways instead of by simply replicating internal paperwork.

Beck and Company’s Certified Public Accountants and Business Advisors understand that having the relevant data and accurate information needed to be transparent can be tricky and difficult, especially in small organizations who may not have expertise in accounting and financial practices and are best skilled to focus on the important mission-related work of the nonprofit. Our expertise is in the financial area, and we can help you with your accounting and financial practices through our nonprofit services designed to meet the financial accounting needs of organizations. We also offer audit services to help you with yet another financial aspect of your organization that is essential to its health and transparency—nonprofit audits. Let’s take a closer look at what transparency is all about and how it is beneficial.

What is transparency, and why is it important to nonprofit success?

Transparency is so much more than sharing the latest budget or minutes from meetings. It involves identifying the right sets of data, identifying the appropriate financial and non-financial key performance indicators (KPIs), and acting upon that information to demonstrate how effective a nonprofit organization is at meeting the needs of those it serves. Metrics and measurements must also be clearly communicated to achieve transparency, and this information must be consistent and timely.

The beauty of transparency is the opportunity it creates for true openness. It has many benefits including helping in fostering a culture of collaboration and sharing within an organization and to its stakeholders. At the same time, transparency can increase trust and engagement through true accountability.

Here are five essential benefits of being transparent:

1. Increased engagement- conversations, decision making improvements, dialogue, etc.

2. Enhanced internal collaboration and true openness as a nonprofit staff

3. Improved trust in the organization on the part of its stakeholders

4. Enriched quality of delivered services

5. Heightened operational efficiency within the organization

Beck and Company CPAs can help you in the process of continually increasing transparency, particularly financial transparency, through a myriad of service offerings including accounting services, nonprofit services, audit services, and technology consultation services. Please contact us to let us know what your needs are and to find out how we can assist you in meeting those needs. Stay tuned for the conclusion of our series on indicators that can determine organizational success next week as we look at the last of the four “Ts” that can be strong indicators of nonprofit success—talent.