The COVID-19 crisis has driven a seemingly overnight shift in employees working from home and has impacted several aspects of everyday work for nonprofits and other industries. Along with adapting your organization’s technology, systems, and work processes for the new realities of remote work, you also need to pay attention to the financial issues and risk management challenges of internal controls.
Now that people are working from home, your processes for approving payments or writing checks for the organization may need to change. Your organization’s leaders might need to take a big picture view of how your financial processes work and decide how to adapt to the new normal where everyone is not in the same building all day.
With the right strategy and careful planning, your nonprofit organization can create an updated system of internal controls that suits the needs of your team while working from home, and serves your organization well throughout this crisis and into the post- COVID era.
Consider these key strategies and insights to drive your planning around internal controls while working from home.