New Accounting Systems

Situation Overview: A professional association with a budget of $2.5 million was spending approximately $250,000 per year on its financial operations, including a CFO, a bookkeeper, and additional support staff. Despite this substantial investment, the finance department was unable to complete its audits on time. When the audits were eventually completed, they were found to contain significant deficiencies. As a result, the board had no confidence in the organization’s financial management and was, understandably, concerned, and frustrated.

Action steps: In less than a year’s time, NPFM created and implemented new accounting systems and completed the audit, eliminating all the previously reported negative findings. The firm also developed a productive working relationship with the board.

Results: At the association’s recent annual meeting, the board’s audit chair reported that their auditor said that the organization was “light years ahead” of where they had been a year ago.