Valuable insights into the evolving landscape of nonprofit accounting, covering costs, innovations, assessment, and the challenges and opportunities it presents.
Andi Fanelli McGunnigle is the Vertical Specialization Director at YPTC.com, where they assemble specialized teams to support over 1,400 nonprofits in 30 sectors. This Nonprofit Power Week episode begins with an intro to remote accounting and its impact on safety and security. Andi highlights the advantages of remote accounting, such as reduced physical vulnerabilities and secure digital tools like bill.com.
The conversation moves on to innovations in accounting, with Andi dispelling the notion that accounting hasn’t evolved. She emphasizes the role of technology in enhancing transactional work and providing transformational insights, and how nonprofits are increasingly embracing technology to improve their financial processes and data visualization, making information more accessible and user-friendly.
Next, they explore the costs associated with remote accounting and discuss different models, from fully remote to hybrid approaches. Andi explains that cost-effectiveness depends on the setup and level of personalization. They also touch on the importance of flexibility in staffing and how hybrid models allow for more client interaction, fostering better relationships.
This is an informative episode for nonprofits evaluating their accounting needs and wants. It concludes with a brief discussion on how remote accounting firms can effectively communicate with nonprofit boards. Andi suggests that having a knowledgeable representative from the accounting and finance department present at board meetings, either virtually or in person, can address detailed questions and ensure fiscal responsibility and highlight the importance to the board members understanding their fiduciary responsibility and ensuring they are aware of their role in financial oversight.