4 Reasons NonProfits Should Consider Outsourced Accounting
If you’re a growing nonprofit who’s tired of spending countless hours reviewing spreadsheets and struggling to keep up with your books, you may want to consider outsourced accounting for nonprofits.
Get Professional Expertise When and Where You Need It
Nonprofits have a unique set of financial needs, ranging from managing cash flow, allocating expenses, tracking diverse funding sources and restrictions, creating financial reports for your board of directors, and the list goes on. The day-to-day tasks can be exhausting, especially if you don’t have a team to handle your accounting. Having someone with the right skillset and deep industry knowledge to take care of your accounting needs can open doors to new opportunities and reduce the headache (–or critical errors!) of managing it alone.
When you partner with nonprofit accounting experts, you get access to experience. You’ll gain a wealth of professional expertise that goes far beyond bookkeeping and data entry. An accounting firm will help you establish healthy financial habits so your nonprofit will continue to grow.
Outsourced accounting services allow you to get the advice and counsel of an entire financial team. They will analyze your cash flow to create more efficient workflows and help you with future strategic planning so you can avoid any unwanted obstacles and be prepared for whatever comes your way. By setting realistic targets based on accurate and up-to-date reporting, you’ll know exactly where your nonprofit needs to focus its resources.
Accurate and Consistent Financial Reports
Nonprofit fund reporting can become time-consuming and complex. If you rely heavily on a part-time bookkeeper, for example, to handle your funding, you may be missing out on crucial financial management services that could be impacting your bottom line.
With the help of nonprofit outsourced accounting, you’ll gain access to leading software technology so you can say goodbye to endless spreadsheets and countless hours spent on one report. Our team of accounting experts use the latest technology to provide real-time reporting, automate manual accounting processes, and deliver actionable insights based on your data. We use Sage Intacct, a cloud-based financial system, to transform your accounting workflow and help you grow as a company. By partnering with our team, you’ll gain the financial visibility you need to pursue your mission.
When you hire an experienced accounting firm to handle your finances, you’ll get more consistency and accuracy with your reports — and with better information, comes better decision-making. More accurate reporting will allow you to:
- Evaluate your true performance.
- Predict future outcomes to plan accordingly.
- Free up valuable resources or unrestricted funds.
- Solve complex accounting issues.
- Create reliable budgets and set realistic goals.
Accurate reporting is one of the most important factors influencing the growth of a nonprofit, and without understanding your cash flow, business decisions are much harder to make.
Own Your Time
Sometimes it feels like there just isn’t enough time in a day. We’ve all been there. We can’t change how many hours are in a day, but what we can do is help you reclaim your time. Think about how much time you spend organizing your organization’s books. What about the time spent sorting through your reports to prepare for audits or tax season? You could be spending that time focusing on grant writing, donor relations, or being advocates of your community to further your mission. Leave the financial maintenance to the pros, and focus more time on what you do best.
Make Smarter Decisions
Providing accurate and strategic financial information to your nonprofit’s board members will offer the insight you need to move forward with confidence. When you have the tools you need to make smarter decisions, reaching your goals becomes easier.
Our financial experts specialize in nonprofit accounting, so we understand your unique needs and pain points. Regardless of the size of your organization, we can tailor our services to fit your needs and scale as you grow.
Outsourced NonProfit Accounting
Get the guidance and financial knowledge your nonprofit organization needs for success with outsourced accounting. Contact us to learn more about how we can help fulfill your mission.