Demonstrate Transparency and Accountability Through Sound Financials
Sometimes the truth of the matter needs to remain anonymous. This is a fictionalized account of some very real experiences.
This is an excerpt from the eBook ‘Confessions of Nonprofit Executive Directors - Seven Unspoken (but All Too Familiar) Reasons for Outsourcing Accounting‘
Elena R. (not her real name) has a rather droll sense of humor. When asked how she would characterize her experience with outsourced accounting software, without hesitation she quips, “99 problems, but accounting ain’t one.”
“What I mean by that is there are going to be challenges and problems for any leader,” explains Elena, “but financial accounting and on-time reporting will never be a problem for us because I can outsource to experts. I rely on Qbix and they keep my accounting problem-free.”
“I’m on a never-ending mission to find additional sources of funding for my organization,” Elena says with passion. “We provide a variety of services to help families attain financial self-sufficiency. That involves serving children and adults. It involves education, access to healthcare, transportation, any number of things.”
“If you don’t have your financial house in order, it’s impossible to demonstrate transparency and accountability to prospective donors and funders,” Elena points out.
Early in her career, Elena was mentored by a nonprofit executive who repeatedly emphasized the importance of complete clarity when it came to financials. “Donors and foundations want to give their money to an organization that takes stewardship seriously and provides maximum impact,” says Elena. “Who would want to make a large gift to an organization without the expertise or the tools to manage the money professionally?”
Elena had no interest in attempting to build an in-house accounting team. “I know that other nonprofits attempt to do that, but I’ve never seen a small or midsized nonprofit do it successfully.” Elena believes that it’s risky to spend several months waiting for the ideal candidate or having to compromise with a candidate that doesn’t have what she calls the total package.
“I outsource our accounting to access multi-faceted expertise,” explains Elena. “Qbix understands nonprofits. They are CPAs, they are former auditors, and their clients are nonprofit organizations of all sizes with a variety of missions. I benefit from that. They are exposed to a wide variety of best practices in both nonprofit accounting and technology.”
Elena story can demonstrate transparency and accountability through sound financials.
“I love telling our story,” says Elena. “We do life-changing work for our constituents. Our team can provide transparency and accountability with confidence – which makes future grants and donations much more likely.”
To read all seven chapters, download our eBook ‘Confessions of Nonprofit Executive Directors Seven Unspoken (but All Too Familiar) Reasons for Outsourcing Accounting‘
Latest posts by Blog Team (see all)
- What is the Number 1 Time-Saving Tip for Nonprofit Executive Directors? - September 19, 2017
- 90 Day Makeover - September 12, 2017
- Demonstrate Transparency and Accountability Through Sound Financials - September 5, 2017