When nonprofits outsource their accounting to Qbix, the usual reaction is amazement at how easy the process is and how quickly they begin to get the information they need.
Given the season, we’ve had a little fun assembling a list (think the 12 Days of Christmas) of some of the benefits we’ve seen nonprofits enjoy as a result of outsourcing their accounting.
Here’s a quick little video on The 12 Days of Christmas with Outsourced Accounting:
12 Month Ends quickly closing
Outsourcing to Qbix means that monthly and period-end closes are completed quickly and accurately with financial reporting consistently available. You can focus on analysis of data rather than collecting and inputting data. Accurate and on-time financial reporting means that you and other stakeholders have access to the most current financial information on the organization.
11 Vendors offering discounts
When you’re not bogged down with day to day accounting activity you can engage in research to explore better terms with your vendors – or at the very least know that your vendors are being paid on time eliminating late fees, and duplicate payments. Since Qbix is handling the details, you can review whether there is an opportunity to negotiate better terms, etc.
10 Major donors giving
Your development director can have real time data at their fingertips. This will help them respond to donors, tell a better story surrounding gift impact, and, as a result, inspire more donations. Increasingly donors want to see a nonprofit demonstrate transparency and accountability. Accurate numbers are the foundation of transparency and accountability.
9 Dashboards tracking programs
Qbix uses the latest technology and the leading cloud-based, financial accounting solution – Intacct. That means information can be delivered to individual members of your team in real time via dashboards. These dashboards are customized to contain the information most important to the individual.
8 Ways Nonprofits benefit from outsourcing
Efficiency, reduce costs, reduce fraud, qualified and experienced staff, scalability, reliability, improved cash flow and manageability are the eight ways all nonprofits benefit from out sourcing their accounting.
7 Happy board members
Your board shares fiduciary responsibility for the organization. They will be thrilled with the professional handling of your organization’s accounting and with up-to-date reporting better understand the true state of the organization’s finances.
6 Budgets completed
With better organized accounting, it will be easier to plan and complete budgets. Easy access to previous year budgets can facilitate budget creation. Once you’ve completed the budgeting process, budget owners can access real-time budget to actual reporting to help them better manage their locations, departments and programs.
5 Week nights available for shopping
No more after hours dedicated to catching up on data entry or generating reports, your evenings can be spent shopping for the holidays or spending your free time the way you want to.
4 Delighted co-workers
Your team will have the information they need to do a better job. Rather than waiting for reports or developing their own spreadsheets to manage their programs and departments, they’ll have the information they need to be proactive rather than reactive.
3 New grant awards
With Qbix handling the day to day accounting, you and your team will have more time to strategically explore new grant award opportunities. With better information at your fingertips, you’ll improve your chances of winning the awards and expanding your programs or creating new programs for constituents.
2 FTEs we won’t need to hire
By outsourcing your accounting, you don’t have all the hassle of the hiring process, trying to find the candidate with the right qualifications at the right salary level. Working with Qbix you’ll always have expert accountants with rich sector experience working on your behalf. This means you won’t have the administrative or overhead burden of additional FTEs on your payroll.
1 Nonprofit with sound accounting
Sound accounting gives you clarity on the financial health of the organization. You’re equipped with the information you need to best fulfill the organization’s mission – and that’s the most important reason there is.
