Nonprofit Trade Association Seeks More Reliable Financial Reporting and Greater Efficiencies
About the Client
This nonprofit trade association represents the interests of stakeholders and members in the healthcare industry. It is integral in setting industry standards and advocating on topics that impact its members and the larger population.
THE CHALLENGE
The CEO and board of a national healthcare trade association were frustrated with the financial reporting to senior management and the board. Financial reports were not timely, accurate or easily understood, which led to unanticipated year-end operating deficits. Additionally, there were concerns with system workarounds, inefficiencies, inconsistency of data, and too much reliance on manual processes.
THE GOAL
Improve financial reporting to ensure management and the board had the tools necessary to make the best decisions for the association and to determine where processes could be automated for greater efficiencies, avoidance of redundancies, and full utilization and integration of systems.
THE PROCESS
Marcum performed an assessment of the financial operations and systems with particular attention to the Finance Department’s organizational structure, roles and responsibilities, processes, workflow, financial management and reporting, knowledge management and use of technology. Marcum interviewed key individuals and reviewed existing processes, procedures and workflow, job descriptions, technologies, and reporting requirements. As a result of the assessment, significant changes were made to financial operation processes, technology and people.
THE SOLUTION/OUTCOME
Marcum upgraded the organization’s accounting software, redesigned the chart of accounts, and implemented new modules and functionality of the existing software products, including Microsoft Dynamics, Blackline, Concur and Adaptive, to better leverage the systems for greater efficiencies. Paper was replaced with digital solutions, system users were trained, and roles and responsibilities were redefined. Team dynamics were improved to ensure the Finance Department was a supportive and integral part of strategic planning. The existing outsourcing structure for accounting operations was replaced with a Marcum team, leading to a more efficient monthly close and reconciliation process and the implementation of best practices for financial reporting, processes and procedures.