The Importance of Solid Financial Processes in the Nonprofit Sector
This chapter explores the significance of strong financial processes in nonprofit organizations and the challenges they commonly face. It discusses the benefits of hiring BarastiProse for financial management and the struggles nonprofits may encounter without a knowledgeable finance team. The chapter also delves into managing finances with limited budgets and the stages of growth for nonprofits.
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Dean Dalzell
Do you have financial processes in place for your nonprofit organization? Does your financial team have the skills and knowledge to handle financial complexities as your nonprofit grows? Today’s guests, Dean Dalzell and Jerry Frick explain why it is important to have solid and transparent financial processes in place, so you don’t mismanage this area of your organization.
Rob’s guests are Dean Dalzell and Jerry Frick, both of whom are CFOs at Veracity Pros. Veracity Pros is an all-in-one accounting company that has served the nonprofit community for 20 years. Their goal is to take care of the accounting and financial complexities, so nonprofit leaders can focus on growing their impact.
Jerry Frick
Dean and Jerry describe the most common ways Veracity Pros assists nonprofit organizations, especially in terms of offering outsource accounting, audit prep, and outsource CFO support. For nonprofits with a limited budget, Dean recommends first doing a self assessment to understand were their financial expertise lies and then reaching out to an outside firm to do an initial assessment. Jerry describes the different points in an organization’s growth, where the leaders should start upgrading their financial staffing. Dean explains the average cost of an audit, depending on the complexity of the organization and their needs. Finally, they describe the biggest mistakes nonprofits often make when it comes to their financial processes and how to avoid those mistakes.
