Why Accounting Matters to Not-For-Profit Organizations
June 21, 2018Share:
By: Micah Wheeler, CPA
Not-for-profit organizations work to make the Mobile Bay area a great place to live. Wilkins Miller currently serves over 70 different not-for-profit organizations. Just like any for-profit business, to be successful, executives need to understand the numbers that matter to their organization.
The most important number for most for-profit businesses is the bottom line. Value for a for-profit business can be measured in dollars. While the not-for-profit organization’s value is generally not measured in dollars, not-for-profit organizations can achieve great results if they understand the impact of each dollar on their mission.
The experts at Wilkins Miller can help your not-for-profit organization identify the numbers that matter and help executives develop reports that clearly communicate financial information to your decision makers and stakeholders. We believe that not-for-profit organizations can benefit from establishing a cycle to:
1. Set goals and forecast expectations based on market conditions and the non-profit organizations market position;
2. Develop strategies to meet stated objectives;
3. Implement processes to build relationships, products and services;
4. Measure results and compare the results to expectations and benchmarks; and
5. Adjust strategies and goals, implement processes, measure results, and repeat.
Successful executives make informed decisions based on the numbers that matter.