Planning to Succeed with a Sound Budget
Budgeting is a crucial component to the success of your nonprofit. While it’s only October, and many of you will be focused on the final quarter of the year, it’s time to begin focusing on 2015. A successful year begins with a sound budget.A budget acts as a financial representation of your organization and will detail what you plan to achieve in the coming months. It should display your past data and progresses, your future goals, and your strategy to enhance your mission going forward.
It is a common best practice is to ensure an organization has an operating budget approved by its board of directors prior to the New Year. For most organizations, this means beginning the budgeting process at least three months prior to year-end.
Creating a budget that usable and effective can be a daunting task, but is by no means unachievable, even if you lack a full time accountant. Begin by doing your research and formulating a plan with this helpful article written by one of our savvy accountants:
Year End Planning: Creating an Effective Budget For Your Nonprofit
Keep in mind the powerful adage of Benjamin Franklin “Failing to plan is planning to fail,” plan ahead and enter the New Year with your best foot forward.
Renata Poe Massie, Content Writer for Jitasa