Bookkeeping

Get an idea of who the granting bodies are, who they typically choose to support, and how much funding they have to offer. Your board of directors will see your budget at some point, but it’s important to know how involved they’ll be! A board can either be very hands-on or hands-off, depending on how you want to use them...

Alternatively, maybe you feel there is a recession ahead, and you’re looking for a business idea that will not only survive but thrive during uncertain times, which we’ll also cover. Sadly, families require funeral services, regardless of the state of the economy. Due to demand, businesses providing support to families suffering from a loss are typically recession-proof. For better or...

Among the more important questions are those pertaining to how many nonprofits they have performed independent audit reviews for. Clearly, the ratio should reflect solid experience with not-for-profit groups and 501c3 audit requirements. Beyond this criterion, it is important to know the estimated length of the audit process and how the fee structure works. Organize Financial Documents This ensures compliance...

Consider board expectations, grant requirements, and program manager input. Grant tracking helps monitor restricted funding compliance, while cash flow projections ensure adequate liquidity. Regular comparison of budget versus actual figures highlights areas needing attention before they become problems. Araize FastFund Software Suite This narrative should explain assumptions, major changes from previous years, and how various revenue sources, expenses and major...

As proven by the COVID-19 pandemic, having healthy cash flow can help businesses tide over difficult periods. Here are some questions and answers to help business owners understand the ins and outs of good recordkeeping. Check with your accountant, state, insurance company, or the IRS if you have questions how long to keep company records about recordkeeping duration. Which plan...

In addition to the equivalent units, it is necessary to track the units completed as well as the units remaining in ending inventory. A similar process is used to account for the costs completed and transferred. Conversion costs refer to those that are spent to transform raw conversion costs materials into finished goods, i.e. direct labor and factory overhead. In...