Category

MIP Fund Accounting

Jul 06
0

Attract and Retain the Best Employees with Job Flexibility Offers

By | Accounting, HR, MIP Fund Accounting, Nonprofit | No Comments

Have you ever wondered what helps attract and retain the best employees in your industry? Is it a great working environment, challenging work, or a generous benefits package? It’s all of the above plus some surprisingly easy to offer benefits. Job flexibility is one area that requires little financial outlay on your part but does indeed help attract and keep the best and brightest talent.

What Candidates Really Want

Each generation wants different things based on their state of life and future goals. Baby Boomers, on the cusp of retirement or already entering retirement, want security for their old age and legacy to pass onto their children and grandchildren. Generation X, the generation following the Baby Boomers, values both monetary security and flexibility and Millennials, the new group entering the workforce, really likes job flexibility. Depending on what positions you are recruiting for – senior or entry-level – your company may wish to consider various flexible work arrangement offers as part of a benefits package.

What is job flexibility? Each company or organization defines it differently, but in general, it’s an attitude toward working hours that breaks free from the typical 9 to 5 workday. Flextime can include varying working hours, “banking” extra hours to “spend” as employees need, and telecommuting options, to name just a few of the many ways in which companies are now viewing employment arrangements.

How can organizations survive with workers arriving when they want to and leaving when they want? The answer is, they really can’t. That’s why structure and boundaries placed around flextime are critical both for your peace of mind and to serve your clients and constituents. Some simple guidelines can help you launch flextime options within your organization to recruit and retain talented people.

Is Job Flexibility New?

Not according to a survey published in the Journal of Accountancy. In fact, if your organization is now offering some form of flex time, you may be behind the curve. According to this survey, two-thirds of all companies in six out of seven revenue categories offer some form of flex time. Most of the companies answering the survey reduce staff during the off-peak season. Some offer telecommuting, but the smaller the company, the less likely they are to allow it.

How You Can Make Job Flexibility Work

As we mentioned previously, to make job flexibility work, you must put boundaries in place around it. That means having a written human resources policy about job flexibility options and guidelines in place about how to use them.

  • Flex time: Flexible working hour policies include clearing work hours one week or more in advance with supervisors, limits on how many days per that employees may change hours, and similar guidelines.
  • Hour “banking”: Hour banking means allowing employees to work a nine hour day when scheduled for an eight hour day and “saving” the extra hour in a bank that can be applied to personal time or vacation time. Such banking works best when hours are clocked carefully, and you may need to limit the number of hours banked during a calendar year and establish rules about carrying over hours.
  • Telecommuting policies: Telecommuting policies may limit the number of days per week out of the office or may require employees to be available during specific business hours.
  • Cloud Technology Makes Telecommuting BetterCloud technology makes telecommuting a viable option even for the smallest companies. Software that is cloud-based can be accessed anywhere, anytime. Shared data and files are also stored in a central system that can be accessed through any internet connection. Employees can use their personal computers for telecommuting just as easily as their work computers because both can access cloud systems.

    The world has changed from the days when a strict, 9 to 5 policy was in place at most jobs. Now, employees crave work-life balance, and one way to offer it to them is through flexible job options. It’s a benefit that yields many perks for both employees and employers alike.

    Welter Consulting

    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.

 

 

Jun 26
0

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.

Jun 19
0

Mentoring for Accounting Executives

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

Mentoring conjures up images of students clutching diplomas so new the ink isn’t dry yet, but mentoring has a long and venerable history. Centuries before formal higher education became the norm, craftspeople learned their trade by the side of a mentor. Today, mentoring programs help new managers, junior executives, and others improve their leadership, communications, and management skills.

But mentoring isn’t just for junior executives. It’s also for senior-level executives and corporate leaders. Let’s face it: smart people never stop learning. Mentoring programs formalize that concept by pairing strong leaders together so that they can learn, grow, share, and profit from each other’s expertise.

Hallmarks of a Successful Mentoring Program

Successful mentoring programs follow specific guidelines that have proven to be successful. These guidelines include:

  • Meet with your mentor in person: Although it’s tempting for busy executives to revert to telephone meetings, face-to-face meetings seem to be more effective for developing a relationship of trust and mutual support that’s essential for a good mentoring relationship. If you are time pressed (and who isn’t?), schedule coffee, breakfast, or lunch meetings with your mentor once a month. Block out the time on your calendar so that it’s as important as meetings with clients, auditors, and consultants.
  • Determine areas of improvement: During your first meeting, determine several areas you’d like to work on together with your mentor. Limit your objectives to three; anything more than that can be difficult to accomplish, and anything less may be so easy you won’t take it as seriously as you should.
  • Write an action plan: There’s something about writing out your goals, objectives, plans and commitments that make them seem more important than merely discussing them with your mentor. Write out a formal action plan and share it with your mentor for feedback. Establish both benchmarks and methods of measurement; how will you determine if you’ve successfully achieved your goals?
  • Ask for homework: “Homework” in the terms of a mentoring agreement is a list of specific tasks to accomplish before your next meeting. As you meet, share, and reflect on your mentor’s feedback, he or she will provide you with things to do and consider in order to change your approach to problems. This is your homework. Write it down and commit to following through with it.
  • Remain open to feedback: It can be tough for a strong leader or executive to receive feedback. Many leaders are successful people precisely because they are quite good at what they do. But, everyone has room for improvement. It can be difficult not to get defensive when you hear critical comments or suggestions to change how you approach a problem. This is precisely why you’ve agreed to a mentoring relationship with another executive, and it would serve you well to remain open to constructive feedback. A good mentor will sprinkle both praise and criticism in their feedback, but don’t tune out the criticism to bask in the praise!
  • Be honest: Along with remaining open to criticism and feedback, it’s vital to cultivate an open, honest relationship with your mentor. If you are holding back on problems or stumbling blocks, your mentor can’t help you become more successful. Give and receive with an honest, open mind.
  • Follow up: After the initial mentoring period is complete and you have achieved the milestones established in your action plan, set dates for follow-up sessions. You may wish to continue the mentoring relationship or conclude it, but either way, be sure to follow up with your mentor to share progress and achievements.

Finding a Mentor

Mentors are those with equal or greater experience than their mentees. For executives, it can be difficult to find a mentor within their own companies since they are usually at the top of the org chart and the problems they need to discuss may be those they share with other leaders in their organization. An outside perspective cannot be gained by constantly rehashing problems inside your organization. It becomes essential to find a mentor outside of your organization.

Many professional organizations provide mentoring programs. Ask within your own professional groups about mentorship. If they do not have such a group, consider starting one. You may also find mentors within your professional networks online or within civic organizations.

Mentoring isn’t limited to junior staff members. Executives can also benefit from  a mentoring relationship. Learning never stops, and leaders never stop learning.

Welter Consulting

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.

Jun 12
0

Productivity Tips for the Busy Nonprofit Organization

By | Accounting, HR, MIP Fund Accounting, Nonprofit | No Comments

It may seem as if your task list keeps growing while time is shrinking. Nonprofit organizations are always busy, often with more tasks than time. Anything you can do to improve productivity is welcome. These tips can help you manage your time more effectively to boost productivity throughout your organization.

Tips to Boost Productivity

  1. Set notifications for email and social media accounts: Rather than keeping tabs and apps open for your email and social media accounts, set them up so that notifications ring into your system. You can then glance at the notification messages and choose whether or not to respond immediately rather than constantly checking all of your communications.
  2. Establish times to check and respond to email: It’s easy to feel overwhelmed by your inbox. One way to tame the email monster is to set aside three or four 15-minute increments during your day to read and respond to emails. You’ll stay up to date on important messages without feeling chained to your inbox.
  3. Sync your calendar: Sync your calendar across all of your electronic devices or use a cloud-based calendar app that automatically syncs it for you. Accessing meeting invitations, dates, times and links to calls or screen shares from wherever you are help you manage your time more effectively.
  4. Copy people sparingly on emails: Don’t hit “reply all” automatically. Establish policies in your organization about who to copy on emails. This prevents email overload from simple responses that can happen when the “reply all” button is hit too frequently.
  5. Use instant messenger apps: Instant messenger apps such as Skype, Slack and others are great for quick questions, group brainstorms, even phone calls. Instead of sending emails, quick chats appear and can be taken care of instantly.
  6. Use Evernote or Microsoft Note to write task lists: Microsoft notes, Apple Evernote and other programs are great to jot down ideas and meeting notes. You can save great ideas quickly to use later without stopping what you are working on.
  7. Name files with things you’ll remember: Set up a file naming protocol for shared files that includes the date and other pertinent information so that you can find them later. Tagging files with keywords can also help you search your systems for critical documents quickly.
  8. Never start a meeting without a written agenda: A written agenda can guide meetings and keep them on task and on time. Circulate an agenda before the meeting and stick to it. Keep meetings to a reasonable number of items for the time allotted and don’t be afraid to gently but firmly halt off-topic conversations and guide them back to the agenda.
  9. Use commuting time for learning: Use your daily commute for learning opportunities and professional development. If you drive to work, books on tape or recorded podcasts from your industry are great ways to polish your skills and keep abreast of developments. If you take mass transit, consider taking online courses. You don’t need to take formal classes at a university. Many professional organizations offer recorded seminars, sessions from conferences, and other materials you can review while on the train or bus. Similarly, some low-cost or free workshops are also available from independent consultants, companies, and others.

You may feel that there are never enough hours in the day to get everything done from your task list. If you use your time wisely, you’ll find you can accomplish your list and much more.

Welter Consulting

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.