Over a dynamic six-month period, our team collaborated with a major Southeastern non-profit, navigating multiple challenges and delivering a myriad of solutions. The project's success hinged on our ability to comprehensively overhaul the organization's financial and administrative operations while aligning them to their core mission.
Instituting a Customer AR Portal
One of our primary initiatives was the institution of a customer accounts receivable (AR) portal. The previous system had been plagued by payment issues, affecting the non-profit's liquidity and creating unnecessary administrative burdens. The implementation of the AR portal streamlined the payment process and significantly improved cash flow, ensuring a healthier financial position for the organization.
Launching a New Employee Incentive Model
Our team also recognized the value of human capital in this non-profit organization. We crafted and deployed a new employee incentive model, which was uniquely linked to contribution margin. This novel approach encouraged employees to strive for efficiency and financial sustainability, thus creating a performance-driven work culture.
Revamping Treasury Management Policies
With an updated treasury management policy, the non-profit was able to optimize its financial assets. We worked closely with the bank and broker to design a more effective policy, ensuring a prudent investment strategy and enhanced risk management.
Providing Guidance on 401k and Benefit Administration
Our team also offered advice on 401k and benefit administration. By outlining best practices and emphasizing compliance, we aided in enhancing the non-profit's appeal as an employer and assured employees of their financial futures.
Developing a Risk Assessment Tool
To assist in financial decision-making, we developed a risk assessment tool specifically designed to quantify capital investment risk. This tool provided valuable insights into the viability of proposed investments, fostering a culture of informed and strategic financial decision-making.
Revamping Contract Management
A significant part of our engagement was designing and implementing an automated system for internal contract management for customers and vendors. This not only reduced the manual effort previously required but also minimized the risk of contract mismanagement.
Implementing Zero-Based Budgeting
Another key initiative was the implementation of zero-based budgeting. By requiring every expense to be justified in each new period, this approach to budgeting promoted fiscal responsibility and accountability across the organization, leading to more effective resource allocation.
Overhauling Financial Reporting Packages
Our team took on the challenge of overhauling and automating the non-profit's financial reporting packages. This upgrade allowed for real-time data tracking and reporting, providing the leadership with the tools they needed for effective financial management.
Negotiating Debt Refinancing
In a strategic move to ease the non-profit's debt obligations, we negotiated a debt refinancing deal on their behalf. The renegotiated terms offered the organization better cash flow management and saved them considerable sums in the long run.
Final Words
By the end of our engagement, the non-profit had undergone a significant transformation in its financial and operational efficiency. These changes positioned it for sustainability in the long term, enabling it to continue its essential work in the community.
