Why Finance Should Be Your BFF
“Fear is useless. What is needed is trust.”
Fundraising is often perceived as the heart of a nonprofit, fueling its mission with vital resources. However, even the strongest heart needs a well-functioning circulatory system, and that's where your finance team comes in. Building a strong relationship between fundraising and finance isn't just beneficial; it's essential.
Here's why you should make your finance colleagues your closest allies.
Easier Audits
A close working relationship with finance ensures that all transactions and records are transparent, organized, and readily accessible. This collaboration leads to smoother audits, minimizing stress and potential issues. Not to mention fewer last-minute requests for documentation.
Better Reporting for Donors and Grant Applications
Accurate and compelling financial narratives are just as important in demonstrating impact and securing future funding. Finance professionals can provide the precise financial data to support your compelling story.
Clearer Understanding of Program Costs
Finance can offer detailed breakdowns of program expenses, enabling you to effectively communicate the true cost of impact to donors. This insight ensures realistic fundraising goals and fosters trust.
Allyship at Budget/Planning Time
During budget planning, a strong partnership with finance creates opportunities for collaborative decision-making. Finance professionals can help you understand budget constraints, plan strategically, and advocate for resource allocation.
By forging a strong bond with your finance team, you empower your organization to thrive. You’ll find you have a colleague in your work–making your job easier and helping you to feel less isolated. Besides, is having a new BFF ever a bad thing?
