We have all been there...rushing at the last minute to complete the reporting financial pack for the Board. Making sure that all the figures add up, are consistent, appear in the right place and balance, and that the analysis is complete with every receipt and expense line analyzed against budget and last year. We look to see that the tables are complete, dates are correct, and tie up all of the other ends so the pack can be distributed on time to the Board.
We go through all this drama and stress every month or quarter only to have the Board wave through the financials as approved without asking any questions, at least serious questions in our view. Why?
Why? Very often it's because we forget what the purpose or objective is in reporting. We forget it's about communicating a message to the Board about how the organization is performing against what we said it was expected to do now and in the future.
This communication involves both financial and non-financial information presented and distributed in a way that informs and educates others so they can make informed decisions confidently if required.
Therefore reporting to the Board is not about accuracy of historical information. It's not about showcasing the output of the latest technology. It's about COMMUNICATION.
In this course, I set out how and what to communicate to the Board taking in the likely composition of a Not for Profit (NFP) Board. I also challenge some of the traditional ways that finance professionals view this work.Updated on 22 March, 2018