“How to Optimize Accounting Process in Non-Profit Organizations” | CFO of Head Held High Foundation
Mr. Prasanna Koteshwara delivered a talk on one of the most sought-after topics, “How to Optimize Accounting Process in Non-Profit Organizations”. Prasanna started the session by interacting with the Changemakers and understanding their areas of challenge in their respective accounting processes. His talk had a clear sequence for the session, covering topics ranging from the genesis, testing hypothesis, incorporation, building a delivery model, utilization of funds, capability building & scale-up, assessing resource needs, projections, raising funds, and managing reporting. Prasanna made it a power packed one hour for all the attendees.
In the first part of the session, he explained the importance of understanding the need and identification of the area that an organization wants to work on. Once identification is done, the organization should narrow down on one idea and define the intervention. He also explained the importance of testing the hypothesis on the identified area of impact. He continued his talk and emphasized on the importance of capturing all expenses made and donations received, paying up taxes, following FCRA regulations, and obtaining all necessary approvals for the program which are managed by the organization.
In the next segment, Prasanna illustrated the importance of bank accounts, making income and expense statement, reconciling bank balance and managing the accounts with weekly and fortnightly reviews. He concluded his session by stating the relevance and importance of reporting on funds utilization for an organization.
About – Prasanna
Prasanna is the CFO of Head Held High Foundation. Alumnus of National Institute of Karnataka has completed his B.E. in Metallurgy. He is a professional with a varied set of experiences having worked in multiple industry segments and varied kinds of organizations. He has been at the forefront of strategic decisions during the last 8 years in the organizations that he worked with, largely involving restructuring, mergers & acquisitions, service delivery, project evaluations, working capital management and process designs.