We’re getting close to Halloween! Pretty soon all the ghosts, ghouls, and goblins will make an appearance in their quest for candy. It’s a fun time of year for kids (and adult kids) of all ages. But what about the real horrors you encounter every day? Not the things that go bump in the night, but the more tangible type of terrors – audit boogeymen, recurring transaction nightmares, network gremlins, and payroll poltergeists.
Never fear! We’ve developed tips and best practices using a true fund accounting system that can help you avoid those scary accounting troubles, and leave more time to raid the candy bowl.
Do you have spine-chilling, bloodcurdling complexities and you can’t keep up? True fund accounting systems can stop you from drowning in spreadsheets, make sure you are able to report to funders, keep up with growing funding sources, apply restrictions to funds, and help you track data problems by:
- Complete separation of revenue and expenses into funds
- Robust reporting to the level of detail needs to present to the IRS, boards, and funding sources
- Audit trails and accountability
Afraid of fraud? Let your accounting system do the worrying, not you! With true fund accounting you can set up configurable fraud alerts. You’ll rest easy knowing your system can prevent fraudulent activities in real time. Plus, you can keep tabs on your budget by setting up configurable alerts to monitor your cash or budget thresholds and alert you before your resources hit zero.
You can also exhume your transaction tomb! Employ entry date controls to keep transactions alive. Entry date controls:
- Prevent incorrect dates in your transaction entries
- Warn or prevent from posting to a period where books have been finalized and reported
- Block accidental entry into an incorrect year
- Provide notifications at the point of entry
We’ve all been there – and back again – with our accounting systems. If you’d like to learn more and see how our fund accounting tips and best practices can keep accounting issues from haunting you, join us on Halloween for our special webinar: Accounting Nightmares: Financial Tricks and Treats to Avoid Accounting Horrors. This webinar will focus on the real challenges nonprofit finance professionals face every day – register now for our webinar next Tuesday at 1 pm CT. We look forward to making your Halloween a little less scary!