You have a board meeting coming up in a week, and it is your turn to present to the board. You have some great ideas for improvements for the organization, ones that you think will make a real difference, but you have a huge finance report to show the board. When it is your turn to speak, your carefully constructed financial report is picked apart, and while there may have only been a few non-critical mistakes. You end up spending the entire meeting defending your report that leaves you no time to present your great idea.
At Covington+ we work with you to construct account reconciliations and reporting for your nonprofit that make sure that your accounts are balanced correct when you present to the board. This leaves you with the peace of mind that the accounts are accurate and held to a high standard, giving your organization financial confidence and you the ability to do what you do best.
What are Account Reconciliation and Reporting for Nonprofit Organizations?
At Covington+, our accountants work with your organization’s treasure in order to produce an account reconciliation. This account reconciliation consists of:
- Collecting financial information from your organization’s cloud-based accounting software (see Cloud Integration Solutions).
- Examining each expenditures and contribution income in order to balance the accounts.
- Creating official reports of the reconciliation.
Account reconciliation by an accountant is required for producing a Statement of Financial Position (balance sheets) or Statement of Activities (income statements). These reports improve the efficiency of organizational meetings because they were completed by accountants following GAAP (Generally Accepted Accounting Principals) which significantly reduces the chance for error and eliminates the need for re-examination. Statements of Financial Position and Statements of Activities are also commonly requested by contributors, investors and grantors before funds are exchanged.
Reports from Account Reconciliation are offered:
The frequency of your reports are determined by your organization financial reporting policies, the number of contributions you receive and a number of other factors.