Project Summary

Client: Start-up Self-Governing Professional Organization

Project: Financial Systems

Situation

Provincial government law required the creation of a new self-governing organization to represent and oversee a health-care profession. The organization had only two full-time employees and little experience in financial management. The board of the organization also lacked financial sophistication.

Goal

To create financial systems and procedures that would produce meaningful financial management information that could be maintained on a day-to-day basis by individuals without strong financial backgrounds.

Activities

We began by researching tax and compliance issues related to the organization and by contacting the external auditor to determine their needs. We then ensured that the chart of accounts for the organization would be structured in a manner that would match the reporting structure desired by the board. We recommended and implemented control procedures, created a set of monthly accounting procedures for the employee most responsible for maintaining the organization’s books, trained employees in financial/accounting processes and procedures and produced templates for them to use in board reporting, budget preparation and financial forecasting.

Results

Within a few months, the organization was able to produce the desired financial information with its existing staff complement and only marginal need of outside assistance.