Non-profits are attracting more for-profit CFOs. In part, this is out of necessity from the non-profit’s standpoint. With increasing financial demands on non-profits, many are looking to hire someone with intensive financial discipline and experience. As well, many CFOs may be passionate about a non-profit’s mandate and want to contribute their experience to achieving its mission. Essentially, non-profits are doing more than ever, and they need the expertise that for-profit CFOs provide. But many for-profit CFOs feel overwhelmed when making the transition. In some ways, it’s like entering an alternate financial universe. So here are five tools to help for-profit CFOs moving to non-profits.
Are you looking for answers about how to help for-profit CFOs moving to non-profits? Simply want to make financial planning easier? Since 1998, Questica has worked to make handling finances easier and better for the public sector and non-profits. We manage over $63 billion in annual non-profit and public sector budgets, and we want to help you. Please visit our website for more information and consider signing up for one of our free webinars.
Five tools to assist for-profit CFOs moving to non-profits
Familiarizing yourself with GAAP
GAAP — or Generally Accepted Accounting Principles — usually apply to various non-profits. Those CFOs already familiar with for-profit accounting standards will definitely want an easy reference to GAAP and how it could affect their new non-profit position.
Custom reports for large donors
Instead of a 10-Q or a 10-K that for-profit CFOs will be familiar with, non-profits make custom reports that detail large donations. Again, familiarize yourself with them and be ready for this new kind of reporting.
New organization’s mandate and mission statement
This seems like a no-brainer but it can be easy to overlook. Before accepting the new position at the non-profit, CFOs should make sure to become familiar with the non-profit’s mandate and mission statement. The organization will likely expect the CFOs to tailor their practices to keep in line with the organization’s goals and objectives. It could also help when budgeting or strategizing which donors to pursue.
Budget management software
Many CFOs assume that they have to become familiar with Excel in order to work for a non-profit. That may have been true decades ago, but it simply isn’t true now. Budget management software is not only affordable for many non-profits, it also offers more intuition and utility because it’s designed specifically for financial needs. It’s easier to learn and manage than cumbersome spreadsheets, so ultimately CFOs are saving time and effort.
Cloud-based software can be an immense help for CFOs. It’s a great advantage to not have to track down key personnel to give them the right data, or have them update you. Instead, share the budget or forecast with them via the cloud.
Questica software is the most powerful tool to help your new CFO
For CFOs new to the non-profit scene, the most powerful tool is software that is easy to learn and easy to use. PowerPlan, Questica’s non-profit budgeting solution offers CFOs the easy, intuitive software they need. We offer the ability to make projections and “what-if” scenarios as part of your budget planning. Questica understand the demanding needs of non-profits and we’ve built our software to address and accommodate those needs. We know you don’t have time to be struggling with a difficult interface, so our software is easy to manage and integrates with your existing financial and human resources systems. You can rest assured that Questica will help you and your non-profit plan and achieve your goals.
We are a passionate team of technology experts and business specialists with decades of collective experience managing finances and budgeting software. You’ll be amazed at how much time and energy your non-profit will save with dedicated financial software like Questica’s PowerPlan. To learn more about Questica and how our software can help you, read a case study or take a product tour.