Category: Audio Blog

Managing Restricted vs. Unrestricted Funds — Donor Reporting & Transparent Financials

Classify donations on receipt as restricted (purpose or time) or unrestricted. Track spending against restrictions, reconcile fund balances monthly, and produce simple donor reports that combine a one-line financial schedule with impact notes. Proper handling builds trust and simplifies audits. Why this matters On the go? Listen on The Deep Dive — where we dig […]

Audit-Proof Your Nonprofit: How to Prepare for an Internal or External Audit

Prepare a single audit package with reconciled bank accounts, grant schedules, payroll records, fixed asset register, A/R and A/P aging, and supporting documentation. Organize files in a shared folder with consistent naming and a cover index to shorten audit time and reduce findings. Why this matters On the go? Listen on The Deep Dive — […]

Nonprofit Bookkeeping 101: Fund Accounting, Grant Tracking & Audit-Ready Records

Implement fund accounting: track restricted vs. unrestricted funds, tag grants and donors, reconcile monthly, and keep audit-ready documentation for each grant. Use consistent fund/project codes and a grant master spreadsheet to simplify reporting and compliance. On the go? Listen on The Deep Dive — where we dig deeper into this topic: ‘Restricted vs. Unrestricted Funds—The […]

Cash vs Accrual Accounting: Which Is Right for Your Small Business?

Use cash basis for simple businesses with low receivables/inventory and when you want straightforward cash tracking. Use accrual basis for businesses with inventory, significant receivables/payables, or when seeking lenders/investors — accrual gives a more accurate picture of performance. On the go? Listen on The Deep Dive — where we dig deeper into this topic: ‘Cash vs. […]

How to Prepare for a Bookkeeping Cleanup — Checklist & Worksheet | GTB

Export 12–24 months of bank/credit-card statements, merchant payouts, payroll reports, vendor invoices, prior tax returns, and your current Chart of Accounts. Label files by month and vendor, provide access to accounting software, and highlight problem areas to prioritize. A well-prepared handoff reduces cleanup time and cost. How to Prepare for a Bookkeeping Cleanup Engagement On […]

Can a Bookkeeper Help During an IRS or State Audit? — GTB

Can a bookkeeper help during an IRS or state audit? TL;DR: Yes. A bookkeeper can prepare organized records, produce reconciliations, and supply supporting schedules; they cannot act as legal representation but can work alongside your CPA or enrolled agent to provide the documentation auditors request. On the go? Listen on The Deep Dive — where […]

How to Set Up a Chart of Accounts That Helps Decision-Making — GTB

Build a simple, logical Chart of Accounts (CoA) with clear numeric ranges, concise account names, and limited income/expense buckets—focus on decision-driving categories like gross margin, payroll, and key operating expenses. Keep accounts under 80 for small businesses and use subaccounts for necessary detail. Why the Chart of Accounts (CoA) matters On the go? Listen on The […]

How to Detect and Prevent Employee Embezzlement & Theft — GTB

Embezzlement, employee theft.

How can I detect and prevent employee embezzlement or theft? Implement segregation of duties, regular reconciliations, dual approvals for payments, read-only bank feeds, and automated alerts. Combine controls with random spot checks and strong onboarding/offboarding processes to significantly reduce risk.  On the go? Listen on The Deep Dive — where we dig deeper into this […]