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ASC 606 & Revenue Recognition Update for Nonprofits

Romy Andrews - Sunday, January 07, 2018

Is Your Nonprofit Ready for ASC 606?

The transition to ASC 606 for nonprofits is here for some and looms on the horizon for others. Are you ready? Can your accounting software handle the new revenue recognition requirements?

For nonprofits to be fully prepared, it's important to know the following, as covered in this blog:

  • Effective dates
  • Understanding new revenue recognition rules
  • Determining if you have the right accounting software to handle revenue recognition requirements
 

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How to Select Accounting Software for Your Project Based Business: A Step-by-Step eBook

Romy Andrews - Tuesday, October 31, 2017

by Saeward Schillaci, The Resource Group

Professional Services Best Practices

So, you’ve decided that you need new accounting software for your project based business (consulting, marketing, SaaS or so forth). From here, you have two options: The first option, which is chosen far too often, is to decide based on simple, arbitrary factors. This might include picking whichever vendor seems the friendliest, using whatever your competitors are using, or choosing based on preferences of friends. This willy-nilly decision-making style is fast and easy, but it doesn’t ensure that the software functionality matches the needs of your business. It’s basically gambling – it might work out, or it might be a total waste of money that results in your business going back to the same outdated spreadsheets everyone used with the old system.

 

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Best Practices for Nonprofits Selecting Accounting Software

Romy Andrews - Monday, September 25, 2017

by Gary Volland, The Resource Group

Best-Practices-for-Nonprofits-Selecting-Accounting-Software

Nonprofits have unique needs when it comes to accounting. From fund accounting to grant administration, program management to compliance reporting – nonprofit organizations often rely heavily on software to achieve their mission. So how do you know when it’s time to select a new accounting software solution for your organization?

 

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Find the ROM (Return on Mission) for Nonprofits

Kim Anselmo - Friday, June 09, 2017

Find the Return on Mission for Nonprofits

For most nonprofit organizations when it comes to finance, the focus has traditionally been to minimize overhead costs. Unfortunately, the area that suffers the most is investment in systems. Debits and credits used to be the only focus, but now most nonprofits have corporate cards, shifting the conversations to expense management. This becomes a barrier for nonprofits as they often have more complete reporting needs.

 

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Intacct Partners and How They Measure Up Against Each Other

Romy Andrews - Wednesday, May 24, 2017

by Saeward Schillaci, The Resource Group

Intacct partners

Looking for a great Intacct partner to provide expertise for your business as you seek to select and optimize your enterprise resource planning (ERP) systems? We hope you’ll consider The Resource Group, but we also think it’s important to be honest and open about our competition. Here’s a list of seven other Intacct partners and value added resellers (VARs) who come to mind when someone asks us about our competitors. First, we’d like to highlight our organization, but want to be transparent that there are other Intacct Partners out there (and they are pretty good too!). The partners are listed in reverse alphabetical order, to mix things up a little. 

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8 Things Customer Reviews Reveal About Intacct: The Good, the Bad, and the Complicated

Romy Andrews - Tuesday, April 18, 2017

by Saeward Schillaci, The Resource Group

8 Things Customer Reviews Reveal About Intacct

When researching a potential new enterprise resource planning (ERP) solution for your company, you want to know what real customers have to say about its features. It's also important to glean more details than what many reviews provide. Statements such as "Intacct is awesome!" or "Intacct sucks, don't buy it," just don't provide useful knowledge. Rather than you spending time poring through often vague customer reviews about Intacct, we've done the work for you. We found the most common compliments and complaints, and summarized everything here. If you have more specific questions about how Intacct might work for your organization, contact a partner reseller such as The Resource Group.

 

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Finding the Right Accounting Software for Your Association

Kim Anselmo - Tuesday, March 07, 2017

Focus on Your Mission, Not on IT

Focus on Your Mission vs. IT: Findng the Right Accounting Software for Your Association

Whether you're a trade association, a labor union, a professional society, or otherwise, there's nothing simple about managing the financials of a nonprofit association. The day-to-day challenges of dues collections, fundraising, budgeting, and reporting do not let up. It may seem as if you need to build a technology empire just to handle these demands.

What if there was accounting software that worked so well that it gave you clarity on your financials and left you with more time to focus on your association's mission—accounting software that left your sanity intact...?

 

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Pretty, Pretty Pictures for Nonprofits: Using Outcome Metrics to Create Understandable Results

Romy Andrews - Thursday, February 02, 2017

by Saeward Schillaci, The Resource Group

Outcome-Measures-for-Nonprofits

Nonprofits today are operating under growing pressure to be accountable and transparent. In order to secure funding, an organization must demonstrate a high degree of efficiency and sustainability in achieving their mission.

Most nonprofits are happy to oblige, of course, but there are two key issues: first, how can you ensure that your nonprofit’s performance is meeting high enough standards? Second, what parameters best show the state of your organization, and how can those be displayed in a friendly, understandable format?

 

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The New Financial Reporting Roadmap for Nonprofits in the New Year

Romy Andrews - Friday, December 30, 2016

The New Financial Reporting Roadmap for Nonprofits in the New Year by Saeward Schillaci, The Resource Group

If you work for a nonprofit, you probably experience certain financial headaches that are unique to your type of organization. By their very nature, nonprofits are required to have clear goals and transparent finances. A nonprofit needs accurate, understandable financial reporting to show to its boards, committees, and donors as well as to make decisions that will help accomplish the mission of the organization without wasting resources.

Of course, this is easier said than done. Many organizations find themselves spending far too many hours manually manipulating financial data in outdated spreadsheets in order to have reports that show the right information. This, in turn, can mean that getting the most up-to-date information possible can be a major headache for overworked accounting teams. Good software, and hard work are all crucial to nonprofit financial success. Chances are, you already have the "hard work" part covered; however, it's time to find the right financial software solution for your organization so you can achieve maximum success with minimum resources.

Intacct Cloud ERP for Nonprofits

 

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When Should Your Company Start Planning for the New Accounting Guidelines - ASC 606 and IFRS 15?

Kim Anselmo - Monday, June 20, 2016

New Revenue Recognition RequirementsThe new ASC 606 and IFRS 15 revenue management guidelines will have a major impact on public companies in 2018 and private companies in 2019.

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) will require companies to reallocate revenue each time a customer contract changes and defer expense recognition to align with the contract's delivery.

As a result, contract add-ons and renewals must be integrated into a single contract and will trigger re-allocations across both past and future periods, causing continuous revisions to revenue allocations and expense alignment. 

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