5 Key Reasons Why Financial Management is Important for Your Nonprofit
It’s a stressful time to be in nonprofit management. With tough financial times, why should you worry about the quality of your financial management program at this juncture? Isn’t it more important to get through the recession in one piece? Whether it’s cash flow projections for the next six months, expenses by category over the past 12 months or ratios from your balance sheet, good financial management and reporting provides you the information to make better stewardship decisions in a crisis. In this article, we’ll talk through why this is so important, give you some examples of what kind of reporting you need, and some suggestions on ways to ramp up your financial management and reporting to strengthen your ability to accomplish your mission.
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