For the first time ever, NFP Partners had the opportunity to attend the annual Abila User and Developer Conference™ with some of our clients. The conference has always left a lasting impression on us, and this year it seems we aren’t the only ones who found value in the Nashville-hosted event. Below are testimonies, provided by a few of our clients on their experience attending the AUDC 2017.
Growing in financial confidence continues with a look this month at financial growth, the goal of every nonprofit. Does your organization have a successful program that produces positive results? Why not replicate that for growth? The important thing here is to maintain the quality when replicating. You can do so by allocating adequate staff, leadership, as well as board involvement, and making sure to track programmatic and financial performance to ensure its success.
How about creating a simple funding growth model that is aside from your programs and the money those bring in? This model could be used for general donations which could support your general operations. Some studies talk about diversification and how it’s good to have different streams of revenue in case certain types of donors become burnt out from giving to your cause. However, most of the large successful nonprofits focus on one type – keeping it simple and focusing your revenue sources around a specific type. [Read more…]
Accounts Payable automation is the continuing hot topic for nonprofit financial managers. Actually it’s been around for a while but has not achieved a high state of awareness or acceptance in the nonprofit world, particularly among small- to mid-size organizations. But based on inquiries we get from clients the word is getting out and more progressive managers are in the process of evaluating, acquiring and implementing AP automation systems. As consultants, we are trying to catch up and become a more valuable resource to our clients.
So to begin, what is AP Automation? Enabled by the Internet AP automation expands the vendor invoice to payment cycle beyond the borders of the accounting department, essentially outsourcing all or part of the processes involved (i.e., entry, approval routing, payment, and reconciliation).
So why should you consider AP Automation? Inherent is saving money by reducing internal personnel costs. For very small organizations this may not be feasible or practical. The lowest threshold that I’ve heard cited by AP automation vendors is 50 invoices and checks per month. Here are some of the benefits cited that over time should favorably impact the bottom line: [Read more…]
Have you ever wondered about the security features that are available through MIP as well as the audit and internal control features? We will talk about those items during this coming month’s Virtual Forum on May 17 at 10 a.m. If you have any ideas or topics you would like to discuss please send them to Laura@nfppartners.com. To register for the fourm, click here.
“AUDC was a great experience and I’m glad I attended,” Stephanie said. “ It was really cool learning about the additional software companies that have an interface with Abila technology to better the experience for all users. I know our clients that attended walked away feeling like it was a worthwhile conference to attend,” she continued.
Country music and accounting, do they go together? Well they came together this month in Nashville at the Annual Abila Users and Developers Conference. We have attended this conference for many years and always leave with an excitement about the products, having learned something new or an efficiency that can be shared with our customers. This year was no different in that regard. What was different is that we had several of our customers join us in this learning opportunity. Our goal in attending the conference differs compared to our customers and day-to-day users. It has been nice to hear from the customers that attended about how much they gained from their attendance. Look for their comments in our newsletter.
Abila, as a company, has gone through some very recent changes. You received an email notifying you of the forces they have joined together to become a seamless ecosystem of software and services for nonprofits. All of the companies that have come together to form Community Brands, will continue to operate as their own company and brand but together will be able to accelerate innovation and development faster than each on its own. The most important takeaway that I had from the opening session, which introduced the new venture, is that they are committed to the investments and choices their customers have made. They will continue to actively and aggressively invest and support in the products you use. There is a lot of work to be done to remain competitive in the market but as a Business Partner and user of the software for years, I am excited about the opportunities that are on the horizon!
For the last decade, NFP Partners has held on to a rich tradition in offering our clients exceptional service. Whether you’re an Abila MIP Fund Accounting™ software client, or accounting services client, our team works diligently to meet the financial needs of our clients, but don’t just take our word for it. CDA Collaborative Learning Projects, Inc. is one of our newest clients, one of which has shared a testimonial with us that we would like to now share with our readers. [Read more…]
Join your fellow MIP users on April 19 at 10 a.m. This month we will be discussing the use of recurring entries and sharing ideas about how to use recurring entries. We will also talk about how to utilize copy and reverse document and sessions and share ideas for effective use. Finally, we will give a summary of information learned at AUDC. If you have any ideas or topics you would like to discuss please send them to Laura@nfppartners.com. To register for the forum, click here.
This month, in partnership with Abila, we ran a marketing campaign among potential customers focusing on financial fraud in nonprofit organizations. There were three mailings dealing with general awareness, risk statistics, and its detection and prevention. Some organizations on our newsletter mailing list likely received the mailings, but others may not have. We think the information would be of value to current users of Abila MIP Fund Accounting™ and to users of other accounting software as well. Below are the campaign links which include:
- A free webinar on detecting and deterring fraud
- An infographic on fraud risk statistics among nonprofits
- Sign up for a free demo on how Abila MIP Fund Accounting™ provides technology tools to aid fraud detection, strengthen audit trails and protect critical data
In last month’s conversation on financial planning we looked at using the annual budget; this month our financial planning topic is avoiding financial uncertainty. We have had clients that have come eerily close to that fiscal cliff. This uncertainty happens when organizations do not have a plan for the loss of a major funder or an unexpected large expense. Where should you begin to develop your plan? First, develop an operating reserve. I have seen recommendations for 3 months of operating expenses, which is a great starting place. If you have a tight cash flow situation, tackling this is difficult but not impossible. We recommend creating realistic cash flow projections for the year. Based on that cash flow projection, set a goal every month to transfer a specific amount to a reserve account. Be diligent! Make that transfer monthly. [Read more…]
When you get an email from NFP Partners have you wondered why you are a recipient? I thought it might be useful to offer some explanation from our end. Our mailings are designed to provide useful information about nonprofit accounting and technology. You receive our emails because you are a customer, partner, referral source, prospect, or belong to an organization that falls within a demographic that defines our criteria for a prospective customer (sometimes referred to as a lead). Many recipients on one or more of our lists go back as far as 12 years. Others have been added more recently by request or opting in by default after receiving an email that presumably delivers useful information, always with the choice to opt-out. Actually we enjoy a better than average open rate and a below average of opt-outs. [Read more…]