Finance Management Archives - Page 4 of 6

Setting Up Systems to Get Ahead

by Suzanne Bakker | Jul 26, 2020 | Finance Management, Getting Started, Project Design

Last week I wrote about planning as a way to organize your work. To create clarity around what you should be doing when in order to achieve a set goal. Setting up systems is another element of organizing the work of your nonprofit. To most people this sounds like a...

You Must Put In What Must Come Out

by Suzanne Bakker | May 31, 2020 | Finance Management, Getting Started, Project Design

No need to worry, this is not going to be a philosophical post. Not at all in fact. I want to highlight something very practical. And a very practical solution as well! If you want to know something at the end, you must make sure you collect the necessary data from...

What is Income for a Nonprofit?

by Suzanne Bakker | May 24, 2020 | Finance Management

Many of the principles of love and attention for your nonprofit’s finance apply to your personal finance, too. For instance, making a personal budget and weekly spending plan for your household are remarkably like developing your project budget and making a liquidity...

How to Handle Petty Cash Properly

by Suzanne Bakker | May 10, 2020 | Finance Management

Very probably you have a cash box in your office somewhere, with a small amount of money in it. You probably use this sporadically. For instance, when someone needs to run to the shop quickly to buy something very minor. In most organizations, petty cash is not...

Preparing for your Financial Report before Starting the Activities

by Suzanne Bakker | May 3, 2020 | Finance Management, Project management

Some entrepreneurs live by the adage ‘Start before you are ready’. And I believe in that, too. Very much. Mostly because I learn from doing, so for me getting going is key to getting anywhere. But there are some exceptions where I would recommend being ready before...

Reserves and Funds

by Suzanne Bakker | Feb 16, 2020 | Finance Management

The balance sheet of your annual accounts report includes a section called ‘reserves & funds’, if you have any organizational capital at all (negative or positive). For continuity of the organization it is needed to have reserves, even though as not-for-profit it...