Earlier this month, we partnered with Charity Village on their “How to Simplify Your Non-profit’s Year-End Process” webinar, to help non-profit organizations navigate the complexities of the year-end reporting process. Though tedious, the year-end reporting process is still an important process for non-profit organizations due to several reasons:

  1. Donors will be expecting tax receipts.
  2. The organization has 6 months from its fiscal year-end to submit their tax return (even if it is nil).
  3. Users will want to see meaningful financial statements.
  4. The board/management should be looking at the actual year-end results in order to forecast/budget for the upcoming year.

When it comes to the year-end preparation of non-profit financial statements, there are three levels of assurance: Audit, Review and Notice to Reader. The level of assurance required for the financial statements will be determined by the needs and/or board requirements of the organization. To prepare these financial statements, many non-profit organizations tend to face common challenges such as:

  1. Recording transactions and maintaining transaction support
  2. Presentation of financial statements
  3. Lack of resources to provide auditors with what they need

During the webinar, our Enkel controller, Andrea Mitchell, shared tips on how non-profit organizations can tackle these challenges and how they can utilize technology tools to streamline their year-end reporting process. Here’s a recap of the webinar:

We are proud supporters of Charity Village and are excited to co-host more events and webinars in the future to equip non-profit organizations with better financial knowledge!

At Enkel, we specialize in bookkeeping, payroll and more back office services for non-profit organizations. Whether your organization is located in Vancouver, Edmonton, Calgary, or Toronto, we’ve got your bookkeeping needs covered! Contact us today to learn more.

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