Support for Nonprofit
Client: Nonprofit Educational Organization
Requirement: Accounting & Finance Assessment
Business Situation:
The client is a local nonprofit educational organization whose mission is to provide all students, parents, and teachers in the community with high-quality academic opportunities. The organization’s CFO was quickly approaching retirement; so the CEO/Leadership Team wanted to take this opportunity to change the focus on the Finance and Accounting Department to be more strategic going forward.
ProNexus Solution:
ProNexus was engaged by the client to provide Accounting and Finance Assessment Services. ProNexus assigned a consultant with over 10 years of experience as a CFO. In this role, ProNexus met with the client’s leadership team to gain a better understanding of what worked in the past and where there were concerns. ProNexus also interviewed the accounting and finance staff to evaluate their abilities, performed reviews of the accounting software and major accounting system, and ultimately developed a detailed plan to staff the accounting department with the proper skillsets to perform at a higher level.
As part of the assessment, ProNexus recommended promoting the Finance and Accounting Manager to CFO. It was also suggested that the focus of another manager went from transactional to analytical – and then to hire an additional accountant/financial analyst.
In addition to addressing management’s concerns, ProNexus initiated a plan to ensure a smooth transition between the CFO’s departure and the hiring of new staff.
The newly reorganized department is providing better, timelier financial information to the leadership team. This includes budgets and monthly reporting by department, quarterly projections, support for strategic planning, and having consistently accurate data.
The client noted that after the engagement they had gained a better understanding and appreciation for the work being performed by the Finance and Accounting department. ProNexus continues to work with the client providing interim support until more new hires can be made and all training is complete.
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