March of Dimes Focusing Less on Manual Tasks, More on Analytics & Value-Added Work

Learn more about how NetSuite works with nonprofits here: https://bit.ly/35OC6TO

Guest host and NetSuite content marketing manager, Ian McCue is back! He chats with Dave Damond, the CFO of March of Dimes, a nonprofit organization focused on the health of moms and babies facing preterm birth (2:27). After diving into how March of Dimes educates and advocates for its mission (4:50), Damond talks about his personal career history and why he ditched a big four accounting firm for the nonprofit sector (6:06). He discusses the major differences between nonprofit organizations and for profit businesses (8:04) as well as the top challenges nonprofits face, especially around fundraising and forecasting (10:09). Damond then recalls his start at March of Dimes in 2018, during which he was hyper-focused on just one thing: Replacing the organization's 30-year-old system and implementing NetSuite in order to operate more efficiently and close the books faster (12:33). He says there were over 40 people reconciling bank accounts and acting as "local controllers," and the finance team was inundated by manual processes, like reporting and closing the books (14:19). Damond's goal was to make the finance team more analytical, reducing manual tasks and increasing value-added work (17:47). Since implementation, March of Dimes has gained valuable insights into vendors and been able to make more informed decisions around its events, all of which has saved the organization money (22:35) and helped it fulfill its mission. Damond says NetSuite also helped the finance team pull daily reports amid the pandemic, ensuring the organization really understood its cash flow (27:04). Finally, Damond hits on his biggest achievement as March of Dimes' CFO (30:21), his top advice for future finance leaders (33:36) and where he sees the role of the CFO evolving in the future (35:33).

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