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Tag: Financial Planning

A Quick Guide to Building Your Nonprofit Budget

As a nonprofit, one of the hardest obstacles you will face is not receiving enough funding to do the things you want to do. But, if you have a solid budget that you stick to, you can get through the low points until funding picks up again.

Unlike a business, you aren’t trying to increase profit margins or meet sales goals. Your bottom line isn’t about making money. It’s about calculating the costs it will take for your organization to achieve its goals.

That’s why practicing good budgeting techniques is crucial to accomplishing your mission with any level of funding.

With this article, we’ll address why you need a budget, what the benefits are, how you should build your plan, and decide on which type of budget works for your nonprofit.

Budget, Financial Planning

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Establishing Your Chart of Accounts

Setting up your chart of accounts from scratch can seem daunting. There’s a lot of planning and organization involved and figuring out the best way to set things up can feel overwhelming.

The good news is that constructing a chart of accounts isn’t all that difficult. However, the most crucial step is the initial setup because if set up correctly, your chart of accounts can be extremely effective.

So, to set up your chart of accounts the right way, we’ll dive into what a chart of accounts is, why your organization needs one, and how you can set one up that will be sure to benefit your business or nonprofit.

Assets, Chart of Accounts, Equity, Finances, Financial Planning

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4 Simple Steps to Maximize Your Nonprofit’s Fundraising Efforts

4 Simple Steps to Increase Your Nonprofit’s Fundraising

Fundraising through events comes with many challenges. For one, you never know if the turnout to an event will meet your expectations. For smaller nonprofits, you don’t have the time or resources to keep hosting events which means every event is crucial for bringing in enough funding.

That’s why we’ve put together a list of 4 steps you can take to ensure you get the most out of your fundraising efforts. With this step-by-step plan, you spend a little time understanding your donors and trying to find ways to retain them. You can increase your nonprofit’s funds while having enough time to stick to your cause and do what you do best within your community.

Donations, Financial Planning, Funding, Fundraising

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4 Pro Tips for Preparing Your Year-end Financial Close

It takes 60 seconds for the ball in New York’s Times Square to drop 141 feet and officially ring in the New Year. That’s not a lot of time to consider all the goals you want to accomplish in the next 365 days, let alone the ones you didn’t achieve the previous year.

Nevertheless, as you’re contemplating your upcoming quarter-one goals, it’s important to not overlook the things you could have done better last year, including your year-end financial close. With the end of the year closing in, we’re giving you our top four pro tips for ensuring your books are closed well before that ball drops.

Deductions, End-of-year, Financial Close, Financial Planning

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