Study Finds Finance Departments Have It Tough

Study Finds Finance Departments Have It Tough

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In light of these findings, I reached out to Rick Cohen, director of communications and operations at the National Council of Nonprofits, and asked him to share some of his thoughts on how finance departments can mitigate the stress and anxiety that they face.

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Ask if the revenue source is appropriate for your organization. “If there are reporting requirements that would create new expenses in terms of new systems or too much additional staff time to comply, it may be in that organization’s best interest to decline the revenue,” Cohen says. “Another option is to work with whatever entity is providing the revenue, explain the current systems, and see if any flexibility in their requirements can be negotiated. You never know what can be accomplished unless you ask.”

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Consider if the bark is perhaps worse than the bite. “Get a good understanding of what the changes mean before diving into changing any internal processes or systems,” Cohen says. “State associations often provide trainings on changes, like the recent overtime rule, and can be a good source of information about the real-world effects of a change.”

Cohen also recommends getting involved with a strong network. “Hearing what your peers are doing is helpful in two big ways,” Cohen says. “It can provide comfort in that you aren’t alone, and seeing what others are doing can help you double-check the changes you are making and avoid missing some nuance.”

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