Financial Controls in an Electronic Age – Tips and Warnings
Nonprofits are continually pushed to do more with less. Technology has helped nonprofits keep up with these demands as it has enabled processes and procedures that create increased efficiency and effectiveness. However, the day-to-day processing of invoices and managing of receipts and authorizations in this digital environment require controls to limit risk when so much is easily reproducible, editable, etc. Chris Bertoncini, Director of Financial Consulting Practice, and Karen Hagerty, Senior Consultant, Financial Consulting Practice, at Insource Services Inc., presented some practices that Insource uses in its work acting as the finance and accounting department for numerous nonprofit organizations, as well as some best practices that Insource staff has observed at both nonprofit organizations and for profit companies.