Whether it is the start of a new year or the middle of the financial year, being organised in all aspects of your NFP is important. There is no denying that running an NFP is not as easy as it looks, so it is integral that all the I’s are dotted, and the T’s are crossed. This is vital for any corporation but particularly for non-profits when your donors and beneficiaries are high on the priority list as is the overall reputation of your company.
Have a Variety of Team Members and Spread out Responsibilities
Whether you are blogging or fundraising, it is important that you make the time to adopt systems and procedures so the team and their responsibilities are laid out explicitly. No one wants to feel that they are pulling more than their fair share of weight - volunteer or otherwise – and everyone needs to feel rewarded at all times.
Accounts also need to be reconciled to eliminate errors. Regularly reconciling your accounts ensures that everyone who handles the accounts is only using the charity's funds to pay for authorised transactions. It also helps you to quickly catch any errors made by your group's bank or other financial institution.
Make sure your team is Qualified
It is imperative that you have a qualified team in place to ensure that errors are not made, particularly ones which lead to being a security risk in the long term. This means having electronic copies of everything and double checking all figures with your financial provider. For everyone's benefit, ensure all the financial matters of your NFP are overseen by more than one person. Let at least two people bear witness to the records and account activities, so there is never any shadow of suspicion, or outright loss of money within your organisation.
Security is Number One
When you cut corners, your security systems are wide open for error and corrupt practices. The most basic form of security is the password, and that’s where many NFP personnel go wrong. If you haven’t changed your password in a while, then it is paramount that it takes priority - today. Don’t wait until the last minute to get things done.
Avoid Delays At All Costs
There are many duties that must be fulfilled to get your NFP's finances completed in a timely manner. Delays can occur often in the process, and can result in the loss of time and funds for your NFP. They can also lead to late filings at the end of the financial year, which can result in fees and other penalties for your NFP. It is these delays that can upset the entire process as well as the fine balance between donors and the running of the operations.
When bookkeeping procedures are followed routinely, and the NFP’s systems and procedures are organised, with appropriate technologies and safeguards in place, mistakes become minimal and even often non-existent. In these cases, a volunteer treasurer's role becomes simpler and much more enjoyable for everyone involved with the charity. The longer you spend working for an NFP, the more you will release that high levels of quality are essential to meet all the business objectives.
