When it comes to finance and accounting processes and procedures, compliance is of the utmost importance. After all, the slightest discrepancy can affect reports and even worse, audits.
In Abila’s 2016 Nonprofit Finance Study, over 400 nonprofit finance professionals were questioned about their formal training, how well they understand new rules and regulations, the cost of compliance, and how federal regulations impact their organization.
Key Highlights from the 2016 Nonprofit Finance Study
- Compliance is a burden. Just about 66% of finance professionals feel that compliance has become more burdensome and more expensive. And 1 in 4 professionals say they spend 10+ hours a month on compliance.
- We’re relying on technology to help with compliance. In fact, 74% say they’re using technology to help with compliance.
- Nonprofit professionals dread the implementation of new rules and regulations, with 43% saying the changes will having a somewhat or negative impact.
Visualize these key highlights in the infographic below: