Category: "Fund Accounting"
February 23, 2017
A Practical Guide to the FASB ASU 2016-14 for NonprofitsLast August, the Financial Accounting Standards Board (FASB) announced some major changes to accounting rules titled, “Presentation of Financial Statements of Not-for-Profit Entities.” By implementing these changes, the FASB hopes to bring increased visibility into nonprofit financial statements, what goes into the statements, and how the statements are presented. While this shouldn’t be a surprise…
February 9, 2017
How to Plan for Better Nonprofit Financial Management in 2017While 2016 might be over, 2017 is off to a fast start. It’s important for financial managers to have the right planning in place for their nonprofits in the new year. Between reports and taxes and grants and compliance, things can get lost in the mix. Don’t fear getting lost in the chaos—we put together…
January 19, 2017
Cloud Accounting Software: Everybody’s Doing It, Should Your Nonprofit?If you’re like most nonprofits, you’re always on the lookout for the most effective ways to further your mission while being fiscally responsible. This often leads to outdated financial management systems for nonprofit organizations who choose to hang on to their legacy systems in an effort to save money. The problem is these legacy systems…
January 4, 2017
Key Fund Accounting Questions Your Board Should Be AskingAll nonprofit board members have a fiduciary responsibility to diligently oversee the fund accounting and financial operations of the nonprofits they govern. Failure to receive timely, accurate information from the organization’s finance team can prevent the board and the finance committee from successfully executing on their responsibility. This can create disastrous consequences for the board…
December 28, 2016
Fighting Spreadware: Conquering Manual Workarounds with the Right SystemsThere is a malaise, almost like a disease, that spreads throughout offices and workforces. It happens when systems don’t do what they should or can’t offer capabilities a non-cookie cutter business structure requires. An employee can’t do it within the system, so they find a workaround outside it. There is a term for this epidemic…
November 17, 2016
How Nonprofits Optimize Giving Tuesday with the Right TechnologyWith bellies full and coupon clippings in hand, shoppers of America step it into high gear as soon as Thanksgiving dinner ends. There’s Black Friday, Small-Business Saturday, Cyber Monday, then (our personal favorite) Giving Tuesday. While the other days may focus on great deals for your Christmas list (while boosting the economy), Giving Tuesday isn’t…
September 21, 2016
A Cloud Solution Should Provide More Value, Not Create More WorkNonprofit organizations need to remain focused on the mission, not distracted by software systems. Whether you have a strong IT team or not, a cloud-based financial management solution may provide more value and versatility than you may think. Here are three benefits for replacing inefficient software with a cloud-based solution. The technology available to nonprofit…
February 1, 2016
How JMT Helps NonprofitsAt a recent conference, JMT’s own Andy Harleman was interviewed on a variety of topics including how JMT helps nonprofit organizations with fund accounting software for the finance department, donor management and fundraising solutions for the development team as well as a variety of other tools and services designed to help organizations manage and maximize…
January 15, 2016
True Fund Accounting and Why MIP MattersWhat makes accounting software “nonprofit accounting software” and are they all the same? Many of us can get terribly confused when researching accounting software for nonprofit organizations. Some solutions in the marketplace state that a product is “built for nonprofits” and there are others that claim to “work well for nonprofits”. How are we…
May 5, 2015
The 3 Most Compelling Reasons Nonprofits Should Consider Switching from QuickBooksAt JMT, we have worked with over 1,000 nonprofit organizations during the last 22 years to systematically evaluate their financial reporting and operational requirements and identify “best fit” solutions that will help them optimize their financial management systems and processes. One of the key things we have learned during that time is that no two organizations…
April 27, 2015
The Value of IndependenceThere are a lot of choices in the marketplace. The dizzying array of consumer choices and relentless marketing bombard us with claims and statements that make it hard to discern fact from fiction. As a consumer, it is difficult to make a truly educated choice. This is true in the business application marketplace and it…
April 6, 2015
What is Nonprofit Accounting Software?I spoke recently with a prospective client that asked a simple question: What makes nonprofit accounting software “nonprofit accounting software”? I realized at that moment that there are software products in the marketplace that bill themselves as being “built for nonprofits” and there are others that claim to “work well for nonprofits”, but then…
