Updates from PMIWDC's Finance Operational Area
A featured board article by Jonathan Reynolds, VP Finance
This month’s article provides a deep dive into the Finance function at PMIWDC. While members rarely interact with the Finance group, we are the engine that ensures the organization remains solvent, receives and sends payments, follows GAAP accounting principles, files taxes in accordance with all local, state and federal laws, and passes an annual audit. But that really just scratches the surface. At a human-level, we engage with the PMIWDC Board of Directors to formulate an annual budget, monitor performance against the budget throughout the year, and share meaningful financial information to help with the Board’s decision-making, which ultimately impacts you – the members. We value our role in increasing member value above all else and continually look for ways to improve upon our services.
As project managers, we strive for continuous improvement. When I joined as VP of Finance in 2015, we modernized the accounting, expense reimbursement, and accounts payable systems. We took it a step further by finding audit and bookkeeping firms that could provide greater value for our organization. While these changes have benefited the chapter enormously, our work continues. We’ve looked for additional ways to reduce costs, improve the rate of return on our capital, and to increase the speed and transparency of our business services. Paper processes have been automated in the cloud, and our vendors and volunteers are paid and reimbursed faster than ever. But continuous improvement never stops, so my team and I constantly look ahead.
One of the greatest joys of my role is collaborating with such a smart team to identify what to improve next. We are always looking to attract talent to our team, and to help volunteers gain experience running the financials of a sizeable organization, as well as serving on a non-profit board. If you are interested in joining our team, please apply for our current volunteer opening. We would love to hear your ideas (and share the heavy workload).