102. 3 Financial Safety Nets Every Nonprofit Must Have - Germeen Guillaume

OperationsAccounting

Apr 7

Written By Julie Confer

Germeen Guillaume, Visionary Accounting Group, We Are For Good Podcast

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Overview

Meet Germeen. She's the caped crusader in the back of house that we all need. We talk a lot about raising money and stewarding it, but rarely discuss how to care for it. Germeen helps nonprofits shore up their financial operations and has led organizations to recoup millions in receivables with her smart accounting management. And she's making it FUN! Tune in and hear the 3 tips to strengthen your financial records and learn about moving financials virtually. Believe us - management will thank you for listening to this episode.

Today’s Guest

Germeen Guillame, Founder, Visionary Accounting Group

“If we want to continue to see good change, if we want to continue to see these organizations thrive and make a difference, let’s help them not struggle, let’s help them make a difference.”

— Germeen Guillaume, Founder, Visionary Accounting Group

Episode Transcript

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Episode Highlights

A little bit about Germeen - 3:15
How can we take better care of our money? - 6:59
Partnerships and collaborative experiences - 15:48
Small Shops, listen up! - 22:00
Moving financial operations online - 24:25
$2.8 Million saved… how? - 28:31
Germeen’s One Philanthropic Moment - 33:39
Germeen’s One Good Thing: Lend your support. - 37:03

Powerful Quotes:

“You need money to deliver on your mission.” - Germeen

“When you go after funding, you know what they're asking for, they want to see your financials, they want to see your 990, your tax return, they want to see your audit report. So if you think about it, all roads do still lead back to that back-office accounting work, because a lot of times you can't get more money if those things are in order.” - Germeen

“it's important that you have someone who is accountable and responsible for how the money is being managed.” - Germeen

“If you have a dedicated financial leader, that person can be responsible for making sure that you know, you're a compliant and that you are making sure that your finances are being managed appropriately.” - Germeen

“Have your accounting, have a complete understanding of your funding sources, and then making sure that whoever you do bring on to manage it understands that aspect. But it doesn't have to be this big-time like CFO.” - Germeen

“As we're working on the front side of fundraising, we need to have our friends in the back of house aligned with us as we're making the request, especially in the restricted space, I just think it's just so important to understand what you're getting into.” - Jon

“t's best when we're all aware of what the goals are, what we're going after so we all can come to an agreement about what this is going to look like on the back end when we talk about managing that money.” - Germeen

“We have to make sure that we have the fiscal capacity to even accept these gifts. Is anyone having that conversation? Because I can assure you, I have never heard that. And it is one of the most important questions, I think that we should be asking.” - Becky

“I feel like I try to bring as much awareness as I can to the fact that nonprofits need to be a little bit more tech-forward.” - Germeen

“I think the first thing you want to think about is what are the tools that you're using from a day-to-day perspective, things that you absolutely need access to? And is there a cloud-hosted version of that? Usually, there is and what would it take for you to actually convert over?” - Germeen

“In the nonprofit space, you got to be creative, right? Because a lot of times you have to do a lot with a little. And so I always think it's weird when people are apprehensive of doing those things that can afford you more time and more money.” - Germeen

“it was just a lesson and how when there are no formal policies and procedures, and people don't understand their role and how it contributes to the whole, how you can easily be missing things.” - Germeen

“So coming in the nonprofit space, like I said, it's hard, but I feel so much more fulfilled, and like, there's a purpose behind my work. And that is why I chose to stay.” - Germeen’s One Philanthropic Moment

“My one good thing would be lend your support.” - Germeen’s One Good Thing