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Financial management is an important responsibility for your nonprofit, but it’s also a time-consuming task that can divert your team’s time and attention away from equally important functions. By outsourcing your bookkeeping and accounting, you can keep your team hyper-focused on what matters most to your mission.

Finally, board members are personally liable for their custody of the nonprofit organization’s assets. You want to ensure your back office is run smoothly and efficiently to ensure the errors & omissions policy that protect you is always paid up and that your financial reporting is handled accurately and compliantly. Whether your organization decides to outsource both your nonprofit bookkeeping and accounting services or just one, you can rest assured we will provide personalized services designed to meet the specific needs of your organization. Contact Scrubbedto learn more about our nonprofit accounting services, cost-effective outsourced model, and proven approach to delivering high-quality accounting and finance services. Depending on the size of your nonprofit organization, you might not need a full-time bookkeeper or accountant year-round. Perhaps you have heavier needs during tax filing and reporting season, during annual audits or reviews, or at peak times related to your grant cycles.

Outsourced Nonprofit Accounting Firm #3: NFP Partners

Avoid the accounting brain drain.If your bookkeeper or controller gets a new job, their knowledge of the bookkeeping and payroll process leaves with them. By spending less time on bookkeeping and accounting, your team can devote more time and resources to your mission. Your basic needs as a nonprofit are not so different than a typical for-profit business. You need to have your receivables and payables processed, as well as budgets and forecasts and reports. Your accounts must be reconciled regularly, your taxes prepared and filed, and your payroll managed. One of the most important aspects of working with a third-party expert is their ability to advise your nonprofit about important financial issues impacting your nonprofit. It may be a situation where your bookkeeper notices transactions or financial activity that is concerning.

Paisley Solutions gives non-profit’s the ability to customize the chart of accounts to support reporting needs. We are bonded, insured, have supported several non-profit organizations in our community. If you’re thinking about outsourcing your nonprofit’s bookkeeping and accounting, you may be wondering what factors should weigh into your decision. These 5 considerations can help you make the right choice about whether to outsource these critical functions. With the right systems and team in place, you can rest easy knowing your organization is compliant in all areas no matter how complex your organization gets. Segregation of duties will be in place to eliminate any risk of fraud, and all activity will have strong audit trails.

It’s time to fix your nonprofit’s accounting

All of our clients are backed by a fully staffed accounting department. Great, Cassie & Christian work closely with organizations of your size. The experts at Profit Matters are well-versed with a number of valuable accounting technology tools, meaning they can adapt to the system your organization is already using. They have experience with tools like QuickBooks, Sage 50cloud, Xero, NetSuite, Zoho Books, and FreshBooks.

If you aren’t in need of a full-service accounting team, GrowthForce provides an à la carte menu where your organization can choose the specific services that you need to get your finances back on track. This wide range of services provides multiple options for outsourcing tasks that your nonprofit can choose from according to your specific needs. In addition to helping with the creation of an effective financial management system NFP Partners also assists in some of the ongoing funding strategies for the nonprofits they work with.

Benefits of SAOS Outsourced Solutions for Nonprofits

This could be because of a simple lack of resources to run the reports or not knowing which ones to run and why they are important. The following articles highlight some of the most important financial reports your nonprofit organization should be utilizing, why you should make it a priority to utilize them, and how doing so can help with your nonprofit’s audit. Choosing the best outsourced nonprofit accounting firm for your nonprofit is an important step for ensuring that your nonprofit’s finances are safe and well-managed. Experienced financial experts will help you maximize your budget so that you can make the largest impact on your community without breaking the bank. Outsources both accounting and bookkeeping services for nonprofits and small businesses alike.

• This wide range of services provides multiple options for outsourcing tasks that your nonprofit can choose from according to your specific needs.
• We can report on fund spend to grantors and fully allocate grant funds to all applicable items, including portions of staff salaries.
• By outsourcing your bookkeeping and accounting, you can keep your team hyper-focused on what matters most to your mission.
• If you do your accounting in-house, you’ll be able to make day-to-day decisions about your cash flow – and write checks, run reports, etc. — without contacting your outsourced partner.
• File 990 is built to make it easy for nonprofits to file each and every year.
• Because of our combined decades of experience as auditors, accountants, CFOs, and board members of nonprofit organizations, our team has deep industry-specific expertise you won’t find anywhere else.

You have regulations and requirements that for-profit businesses don’t. CLA provides customized finance and accounting solutions so you can devote more time and resources to furthering your organization’s goals. Without access to accurate financial reports and expert financial guidance, your organization will never be prepared for what’s coming next. But when you’re trying to paste together your numbers with a part-time bookkeeper or a volunteer accountant, it’s nearly impossible to get the transparency you need to run your nonprofit organization. For example, outsourcing can potentially offer advanced management accounting and controller functions to receive a complete “virtual accounting department”, and could be what you need at this stage in your growth. An outsourced bookkeeping and accounting service should be able to scale with you by adding full-service accounting when you are ready for it.

Top 10+ Outsourced Nonprofit Accounting Firms

Your company can hire a firm outside of your geographical area, so you’ll have many more options. There’ll be no vacations or sick days, disability leaves or unexpected exits. And if you have unusual or complex financial needs, outsourcing will provide more flexibility and familiarity with complicated scenarios. A corporation bookkeeping for nonprofits shall keep records, books, and annual reports of the corporation’s financial activity at the corporation’s registered or principal office in this state for at least three years after the close of the fiscal year. That means tax withholding , and possibly things like workers comp must be taken into consideration.

We integrate wherever possible and tailor processes to eliminate duplicate data entry and take advantage of the benefits of each unique system. Reporting no longer has to be a manual process done in excel, only viewed once a month, and the responsibility of one person. WIth SAOS, you will have reports available in real-time that break down your organization by it’s most granular parts so that you can make data driven decisions. All leaders can have access to view their performance vs budget and key KPIs so that accountability is spread. Beyond traditional reports, we also believe in dashboards to highlight key metrics and show performance visually to give you a quick snapshot of what’s important.

Why Outsourced Nonprofit Accounting?

We start every new client engagement with an upfront assessment to do just that. We learn the ins and https://www.bookstime.com/ outs of your organization and understand all your current processes related to accounting workflows.