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Mastering Financial Management in Nonprofits: The Critical Role of Professional Expertise
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As a small to medium nonprofit with a small budget, it seems like a good call to try to do things yourself or with the help of volunteers. But are there areas where it actually makes more sense and provides even better value, to hire a professional? We would say most definitely.
One of those areas is nonprofit finances. On today's episode, Tim and Nathan discuss some places where seeking financial expertise is wise. Some those places are:
- Financial Reporting
- Tax Preparation
- Internal Controls
- Budgeting and Forecasting
- Strategic Planning
A small nonprofit may not be able to hire a financial employee but they might be able to hire a contractor or a third party firm to provide help and insights. In any case, this is one area where it is worth investing in expertise for the good of the long term health of the organization.
The Hosts of The Practice of NonProfit Leadership:
Tim Barnes serves as the Executive Vice President of International Association for Refugees (IAFR)
Nathan Ruby serves as the Executive Director of Friends of the Children of Haiti (FOTCOH)
They can be reached at info@practicenpleader.com
All opinions and views expressed by the hosts are their own and do not necessarily represent those of their respective organizations.
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