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Financial Transparency

By | Accounting, Audit, Budget, FASB, Grant Management, MIP Fund Accounting, Nonprofit, Uncategorized | No Comments

According to the Merriam-Webster Dictionary, one of the definitions of “transparency” is “characterized by visibility or accessibility of information especially concerning business practices”.  Transparency in your financial statement means it should be user friendly, clear, easily understandable and everything should be properly disclosed.

Importance of transparent financial statements

  • Proactive transparency and communication are essential to organizational success. Stakeholder understanding and support  is a direct result of transparency and open communication.
  • A practice of continuous, transparent communication enables an organization to better respond to crises – such as physical disaster, fraud, or the sudden loss of a leader – and execute more robust crisis communication strategies.
  • Establishing a culture of transparency is critical for effective governance, constituent engagement, and responsive management.
  • Opening communication channels can help to establish meaningful and productive relationships with constituents. These relationships can have a significant impact on long-term performance.

Start with the Stakeholders

Know both internal stakeholders (board, committees, senior management, management team, staff, volunteer workers) and external stakeholders (customers, donors, funders, grantors, creditors, partners, government, public). It is imperative that you understand their needs and expectations. Information needs, communication methods, and information consumption patterns vary substantially from segment to segment. Meeting and exceeding the information needs for each of these groups is critical to delivering satisfaction. 

If that’s too overwhelming, start by identifying your top two to three stakeholders. Determine what they need/want and go from there.

Strategic messages with financial statements

Make the data you have today more understandable and relatable; enhance the story and improve disclosure. When we think about financial statements we think revenue inputs and expense outputs but we need to be thinking more about outcomes.

Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact Welter Consulting at 206-605-3113 for more information.

E-commerce Versus M-commerce

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Difference Between E-commerce and M-commerce

E-commerce (electronic commerce) is generally considered to be any type of transaction that takes place using the internet. Many popular transactions are banking, paying bills, and shopping. These activities take place using desktop and laptop computers in the home or office.

M-commerce (mobile commerce) is also any type of e-commerce transaction, only access to the internet is not required because these activities now take place using smartphones and tablets as telecommunication devices. And, because these activities are mobile, they can take place just about anywhere: home, office, riding in a car, walking on the beach, etc.

Mobile Optimized Websites

As the e-commerce business model continues to evolve into m-commerce, optimizing the user experience with an easy-to-use mobile interface becomes key to the effort of ensuring that potential customers and users return for more.

Mobile optimization ensures that visitors who access your site from their smartphones or tablets enjoy an experience optimized for their specific device. This means that your site reformats navigation buttons, content, and images so they display correctly, no matter what device is used to view your site.

Besides being easy to read and navigate, the website must load quickly. A data hungry page that takes too much time to load is not going to attract a loyal, mobile user base.

Adoption Rate

What is driving the adoption rate of m-commerce?

Practically all top companies now have mobile apps for their customers that attract more users, make business much easier to do, and provide a better customer experience, all while saving the company money through better processes.

This includes:

* Taking mobile payments for goods and services

* Providing mobile banking services that facilitate deposits and transfers

* Allowing the filing of insurance claims

Constant Change

It’s becoming evident that technology has taken over and is necessary for any business to flourish. In this world, the only constant is change. Just when you think you’ve a full grasp on the internet and all things technology, along comes a paradigm shift that moves the game from the home or office. Whether it’s e-commerce through the internet or m-commerce through the entire global communication network, change will always be inevitable and Welter Consulting is here to help! To learn more about mobile technology for nonprofits check out our free webinar this summer on Mobility and Virtual Office Possibilities for Nonprofits. For a complete listing of our nonprofit training and events click here. At Welter Consulting we are committed to finding you the most affordable technology, the most powerful solution, and providing expert support. We are dedicated to assist you in achieving your mission by leveraging technology and superior reporting. We are passionate professionals who choose to work in the nonprofit sector for the same reason you do – helping others.

New Webinar Added to the Enrichment Series!

By | Accounting, Nonprofit, Nonprofit Enrichment Series, Uncategorized, Unclaimed Property, Webinar | No Comments

Unclaimed Property Requirements and Solutions

Thursday, Aug 11, 2016 9:00 AM – 10:00 AM PDT
Click here to register

Ensuring compliance with unclaimed property state requirements and making the process less painful and cumbersome is key to this free webinar. Learn what constitutes “unclaimed property”, and the major changes to the Unclaimed Property Law that impacts all holders of unclaimed property. Receive an overview of the unclaimed property reporting process and some of the various techniques that auditors use to uncover unclaimed property. Understand the various types of property that may be claimed by the states as unclaimed property and learn various possible structuring techniques to reduce unclaimed property liabilities.

Now Offering HR & EWS (MIP Fund Accounting) Online Training!

By | Abila, MIP Fund Accounting, Nonprofit, Training, Uncategorized | No Comments

Online Training

HR Management (MIP Fund Accounting) Online Training

Those attending this class will gain an understanding of:

  • How to use and set-up employees in the HR system and all the utilities to make HR tracking easy including FMLA, tax form population and tracking, EEO Reporting and much, much, more
  • Mass Update feature in HR and options to reduce manual entries and adjustments such as COLA increases, leave balance adjustments and more
  • The differences between Queries and Reports in the HR module and discover how to properly use the custom report writing utility
  • Help the payroll department to streamline their processes by making updates and changes to employee information directly from within the Human Resources module, including ability to schedule pay raises, review dates and benefit plan adjustments
  • Track employee data easily and efficiently including certification/credential, education, review dates, and benefit plan adjustments
  • How to streamline workflows throughout your organization utilizing the proper functionality of the HR module for successful integration between EWS and the Payroll module

$400 Per Person or $320 Per Person if on Welter User Support Plan. If three or more people register and attend then take an additional $30 off each registration. (If three or more people register and attend then price is $360 per person or $280 per person if on Welter User Support Plan.)

Register Here

 

EWS (MIP Fund Accounting) Online Training

Those attending this class will gain an understanding of:

  • The set-up of Employee Web Services (EWS) module so that information (tracking timekeeping, expense reimbursements, leave requests and/or leave entry) flows directly to payroll and eventually the general ledger, without manual intervention.  We will review the set-up for EWS system settings that is stored on the server.
  • Manager approval and employee submission/approval process for electronic timesheets.  We will also review the manager reporting process, pivot tables and available custom reports specific to your organization.
  • Many timesheet entry preferences are available including the option to record hours by multiple cost centers, streamlining timesheet entry
  • Reduce or eliminate requests for information by providing employees and managers with 24/7 self-service web access to their pay stub, timesheet entries, expense reports, benefit information and other important employee messages
  • Employee Web Services provides a seamless and secure integration between the Human Resources and Payroll modules for a completely integrated solution, freeing Human Resources personnel from requests for information.

$300 Per Person or $240 Per Person if on Welter User Support Plan. If three or more people register and attend then take an additional $30 off each registration. (If three or more people register and attend then price is $270 per person or $210 per person if on Welter User Support Plan.)

Register Here