Case Study: Nonprofit Trade Association achieves more reliable financial reporting and greater efficiencies with Marcum LLP

Nonprofit Trade Association Seeks More Reliable Financial Reporting and Greater Efficiencies

Marcum LLP worked with a Nonprofit Trade Association in the healthcare industry whose CEO and board were frustrated by financial reporting that was not timely, accurate, or easy to understand. The organization was also dealing with system workarounds, inefficiencies, inconsistent data, and too much reliance on manual processes, which contributed to unanticipated year-end operating deficits.

Marcum LLP assessed the finance function and then upgraded the accounting software, redesigned the chart of accounts, and implemented additional functionality across Microsoft Dynamics, Blackline, Concur, and Adaptive. The vendor also replaced paper with digital workflows, retrained users, redefined roles, and shifted outsourced accounting operations to a Marcum team. As a result, the association achieved a more efficient monthly close and reconciliation process and adopted better financial reporting processes and procedures.