Part one of a compelling five-part Nonprofit Power Week series dedicated to nonprofit documentation and accounting, with special guest Beth Farley, CPA from Eide Bailly. The focus of the episode is on the importance of documentation and how it contributes to a nonprofit’s success.
Beth emphasizes the significance of clear documentation, professing how it helps prevent errors, misstatements, and even fraud. The discussion highlights that documentation isn’t just an accounting concern—it encompasses various aspects of nonprofit operations, from financials to compliance and IT security.
This first episode conversation touches on topics such as compliance calendars, the impact of changing funding sources, and the need for ongoing evaluation and adaptation of accounting processes. Beth stresses that nonprofits need to be proactive in documenting their financial processes, rather than waiting for an audit or a specific event.
Throughout each episode, Beth and the hosts will dive deeper into topics such as setting up documentation protocols, staff and board alignment, and effective monitoring. Nonprofit leaders and professionals are encouraged to watch them all for a wealth of practical advice and expert guidance.