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its very well sorted
the finance part is a delicate part to take in, once you sorted well...
finance is a challenging part for organizations especially for organizations that are just starting. it is really very hard to hire a financial expert. and the cash flows are hard to truck due to inconsistences
Very true
Sourcing of fund for organization is one of the most difficult aspect..and also keeping good accounting records
Finance, Accounting and Compliance is very essential to organizations.
I love Dasra's recommendations!!
Organizations should consider investing in training or coaching staffs to address challenges and tasks related to finance, accounting and compliance, creating account reports to track how money is being spent or used in the organization and also hiring new talent skilled persons in these area who can help build capacity in this key area.
Yeah!! You can also hire new talent skilled persons who are expects in the finance field.
i strongly believe that in my organization we need to have working accounting system and the outside consultant to determine the extend of our problems with financial reporting. we might also make a good use of staff training for the successful fundraising initiatives.
this is very true, however, for many startups the issue of finding outside help may be almost impractical.
Well sorted
This serious
In my opinion it is best for the nonprofit to have at least an ad-hoc Finance expert from the moment they begin operating even before the funds start coming in. The Finance expert will be able to give advice and direction in preparation for when the funds will come in and could also begin training volunteers and staff on all the requirements and reports expected etc. It may not be so costly to have this person on board for a few months for starters.
Finiance and accounting should be taking with high priority to enable organization track all finicial record of all cash inflow and out flow
Its a vital part in all organisations and when handled well, the organization will be on a good footing
Its a vital part in all organisations and when handled well, the organization will be on a good footing
It is important to track how money is being spent, allowing for better strategic decisions regarding the organization’s finances.
Finance, Accounting and Compliance are an essential part of any organization. Its important to know how much of the money you receive is spent well and on budget to avoid overspending, and also as a guide to spending on essential planned activities and not just on anything that may not be on plan. Following proper accounting procedures is equally important for compliance with both internal systems and external agencies- donors and of course government which has interest in taxing your organization
True, for starters, these finance issues are challenging especially for non-finance professionals. However, given its relevance in an organization's development, it cannot be ignored and deserves all the attention.
The ability to make proper and clear financial reports is also key in showcasing financial discipline which donors are keen to see
This module has given a deep insight of how to improve finance, account and compliance with effective toolkits.
It to do anything without funding; it is an essential input but securing funding does not guarantee outcomes and the conversion of that funding into outcomes must be efficient and can be measured through formative (implementation) evaluations and by using techniques such as cost benefit analysis. this enables program managers to demonstrate efficiency and a good ROI for funders. That in turn makes it more likely that they will provide further funding.
so true!
finance is possibly the most important aspect of a non profit
I believe this course gives details and in-depth information about finance.
Yes, finance is a delicate part in every organizational or a life wire of every organization.
If not properly handled by expert, it can build or destroy and organization.
Great insight, thanks.
My name is Janet Campbell at work a nonprofit charity home that trained low income girls to starts their own businesses, my organization just got started four months ago and we are trying out our vision and value. All of our effort running one program which teaches girls how to make soap and run their a business we are sure, we are going be financially stable, that is why we believe we are in the initiate phase.
Investing in training or coaching staff to address challenges and tasks related to finance accounting and compliance.
In the area of finance, there's always a high chance of not being able to keep track of all records and this is why it's necessary to make conscious about keeping track of records, hire and expert if need be to take the weight off staff with other responsibilities and also train the staff properly so as to enable them carry out their duties properly in the absence of a consultant or expert.
In the area of finance, there's always a high chance of not being able to keep track of all records and this is why it's necessary to make conscious about keeping track of records, hire and expert if need be to take the weight off staff with other responsibilities and also train the staff properly so as to enable them carry out their duties properly in the absence of a consultant or expert.
Hire an expert to keep track of cash-inflow. This will help you determine how much is being spent and if there's need for reduction in spending
Transparent financial records such as 990s (USA) and reports including revenue and expenditure reports are very crucial for donors, audits, and and ensuring compliance with national and international policies and procedures.
Have gotten new ideas ,very great topic to learn. Thank you.
well sorted. this is important to ensure foundation set for organizationto scale and grow