It’s not easy to build trust as a nonprofit, and it’s virtually impossible if you don’t have accurate books. Use outsourcing to get this function right in your organization and move on to bigger and better things.
Key Takeaways
- Nonprofits need accurate books to build trust with their audience
- Gain access to expertise that might be out of reach otherwise
- Limit the time that is wasted dealing with accounting so you can reach other goals
- Reduce the risk of losing key employees and struggling to manage the books as result
- Working with the right bookkeeping outsourcing company is critical
Accurate financial statements are vital for all organizations, regardless of their mission. Businesses that are trying to turn a profit need proper financial reporting to make sound decisions and to remain in compliance with the law. With that said, financial management might become even more important in the realm of nonprofit organizations, as these operations are meant to do some type of good in the world – and it’s critical to prove that every dollar is being spent appropriately.
If you operate a nonprofit and would like to make sure financial management issues don’t bog you down from reaching your goals, outsourcing accounting services is the way to go. There are many big benefits to using outsourced nonprofit accounting services, and we’ll get into some of those below. If you would prefer to jump right into action and start discussing your needs with the Swiftbooks team, we’d love to chat. Reach out today to learn more about our outsourced bookkeeping services.
Why Nonprofit Organizations Need Precise Accounting Services
Trust is the name of the game with nonprofit organizations. With a traditional business, everyone knows that the company is trying to make as much money as possible – and that’s okay. It’s how the economy works, and people decide whether or not to spend their money with the company based solely on the value that they’ll get back for what they spend.
Things look a little different when it comes to running a nonprofit. Depending on the type of nonprofit in question, people might be engaging with it more on the basis of wanting to do something good in the world rather than just getting maximum value for their money. That could mean making direct donations to the nonprofit, or it could mean purchasing goods from the nonprofit at a price that is higher than what they would pay otherwise, knowing that the money is going to a good cause.
So, what does all of this have to do with using an outsourced accounting firm? Every step that a nonprofit can take to ensure that all financial reports are accurate and authentic is another step toward maintaining trust with its audience as a whole. An outsourced nonprofit accounting firm will do a great job of maintaining legitimacy in the books and there won’t be any concern about inaccuracies that make people wonder where the money is really going.
The Benefits of Outsourced Nonprofit Accounting Services
Handling nonprofit accounting through the use of an outsourced nonprofit accounting firm is a great step toward maintaining trust, but that’s far from the only benefit to be gained. If you are still on the fence about making this move, or if you just want a little more information to share with other decision-makers while considering this option, the following points should help.
Access to More Expertise
The average nonprofit organization isn’t going to have access to a huge budget for things like accounting services and bookkeeping services. As a result, they might not be able to leverage the kinds of talented professionals needed to make sure everything is done correctly. When nonprofit accounting is handled by a third party, however, that outsourced nonprofit accounting firm will have very capable people on its staff and will be able to deliver a level of work that might not be available to the nonprofit otherwise.
Cut Down on Wasted Time
Is your nonprofit organization currently wasting tons of time on mundane tasks like recording daily transactions? It will be hard to realize your vision when nonprofit accounting is handled in-house and you have to invest so many of your available hours in the accounting department to get things in order. One of the biggest gifts that a nonprofit accounting firm can deliver is the opportunity to open up your calendar to make room for more important work that will drive the organization forward.
Avoid Future Hassles
Nonprofit organizations are not immune to the issues that commonly face for-profit businesses. One of those ongoing issues that plague a standard business is the loss of people on a rotating basis. If the people who have been doing your financial reports suddenly leave to explore other opportunities, you’ll be left to replace them on the fly and deal with a time-consuming transition. That’s not a concern when you use an outsourced nonprofit accounting firm that will be happy to serve you for as long as you remain a client.
Find a Nonprofit Accounting Firm that Understands Your Needs
It’s not hard to find an available outsourced nonprofit accounting firm that will take you on as a client, but it can be a little tricky to locate nonprofit accounting that matches up nicely with exactly what you need. One of the keys is to find outsourced accounting like Swiftbooks that can easily be customized to match up with how your nonprofit operates. Rather than being sold a predefined package of services that you have to try and line up with your requirements, you should be able to pick and choose precisely the kinds of services that you will receive month after month.
Simply put, you shouldn’t waste your time with an outsourced bookkeeping and accounting firm that isn’t willing to take the time necessary to get to know you, your business, and how their services can be tailored precisely to help you realize your vision. Whether you just want someone to perform weekly bookkeeping tasks, or you need other things like audit assurance services and financial reports, don’t settle for anything less than exactly what you desire.
Tame Your Nonprofit Accounting Today
Following generally accepted accounting principles is not optional for a nonprofit organization – rather, it’s required that all financial management in this type of operation is handled properly and in accordance with all relevant rules and regulations. Nonprofit organizations can benefit tremendously from turning over their financial management to external accounting services, and Swiftbooks is ready and waiting to do the work. We’d love to speak with you today!
