DC Metropolitan faith-based organization
This client is a faith based organization that provides numerous services to the community through their various ministries.
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Situation: Daily and monthly preparations of financial reports are important to any business. The absence of this practice was a major threat to this client's potential growth. Communication between finance staff and management, bank reconciliations, long-term lease agreements, fixed assets and accounts payable were just some of the problem areas that required attention.
Strategy and Approach: Entropi addressed these issues my establishing a strict set of internal controls that ensured proper communication between the management and finance departments through the use of comprehensive reporting practices.
Specifically we addressed the following: Bank Reconciliations - and its status as a prerequisite to quality reporting and communication via financial statements; Deposits - and the importance of proper recordation, in particular the accurate labeling of a transaction as a transfer or a deposit; Checks - in regards to consistency and accuracy; Accounts Payable - and invoice reconciliation in an effort to correct income reporting inaccuracies; Credit Cards - by establishing a monitoring policy for each card holder in the organization in an effort to protect the client's cash assets by ensuring that there use is specific to organizational expenses and proper itemization on financial statements. Through Entropi's analysis, coupled with current and new member training, these newfound "good" practices have allowed the client to capitalize on fiscal growth by spending less, saving more and developing more meaningful and productive ways of increasing donations to accomplish the organization's mission.
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