Accounting Systems Review

Help Watermark Art Center with feedback and recommendations on their accounting practices to improve their financial recordkeeping, reporting, and planning.
Watermark Art Center
Bemidji, MN, USA
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Watermark Art Center
Bemidji, MN, USA

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Posted September 13th

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Accounting Systems Review

Project Details

What We Need
  • Analysis of accounting needs and assessment of Organization’s current accounting practices
  • Recommendations for process improvements for enhanced reporting
  • Recommendations on appropriate bookkeeping system such as a spreadsheet or Quickbooks and related costs (if necessary)
  • Note: This does not include accounting systems set up or implementation
Additional Details

Would like assistance with setting up different jobs for same funder to track expenses.

What We Have In Place
  • We currently have the raw data that should provide the right information, which should make it easy for you to get started. We also have Quick Books Premier Nonprofit Desktop 2020, and the ability to provide any other information you need.
How This Will Help
This project will save us $8,564 , allowing us to put our resources towards providing programming that is low or no-cost to participants.

Accurate financial records and quicker response to funding reports and budget requests by donors, grantors, Staff and Committee members is important to the organization. As the organization has grown significantly in the last 5 years so have our accounting needs. The current processes need to be updated and match the increase in programming and complexity of multiple funding streams to ensure fiscal responsibility of the organization.

Project Plan

P
Prep: Distribution of Prep Materials
  • Proficiency with spreadsheet and/or software accounting
  • Understanding of any local regulations or laws that would affect Organization's accounting needs
1
Milestone 1: Analysis & Recommendations
  • Volunteer Manager communicates current accounting needs and practices to Professional
  • Volunteer Manager provides a chart of accounts or operating budget, and any financial statements currently being generated (e.g. statement of financial position, statement of activities, or statement of cash flows), outlining current operational constraints with existing system
  • Volunteer Manager conveys any budget and capacity considerations that might apply to ongoing bookkeeping management
  • Note: If necessary, Volunteer Manager should have Volunteer sign a Non Disclosure Agreement (NDA) prior to sharing and discussing Organization’s financial information.
2
Milestone 2: Final Deliverable
  • Professional provides revised list of recommendations, along with cost estimates and preferred vendors to use for implementation
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About The Org

Watermark Art Center
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Posted by
Lori F.

Executive Director

Our Mission

Valuing a vibrant community the mission of the Watermark Art Center is to nurture, exhibit and promote the visual arts.

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