Why isn’t it simple and easy for nonprofits, more specifically your nonprofit, to manage accounting?
The answer for most nonprofits is accounting expertise. The human element, the skill and knowledge necessary to develop and manage an appropriate nonprofit accounting department, is in short supply. If your organization is lucky enough to have the financial resources to support the salary and benefits of accounting hires, it may take months to find adequate talent.
While at a conference last week, I heard the senior executive of a water treatment organization comment that for the good of his organization he wanted to stay out of the accounting and IT-expertise business. He wanted to focus solely on the core competency of the organization and outsource anything that wasn’t under the umbrella of their stated mission. So, in the best interest of his organization, he outsourced accounting, IT, and other specialty functions. It was the simple, easy, and effective path to focus and efficiency.
Outsourcing nonprofit accounting solves the expertise problem
If you’ve tried and failed at hiring – you’re not alone. But rather than trying to recruit and retain the needed accounting talent with which to staff your organization, you may discover that the quickest route to leveraging the accounting expertise you need is outsourcing.
It’s hard to describe the relief that nonprofit executives experience when they hand over the reins of their accounting tasks. They know they are trading chaos for clarity. They know that they will not have to wait for the right candidate to hire and fix the problem. When they partner with Qbix, they gain access to a team of accountants who understanding not only accounting, but nonprofits.
Outsourcing nonprofit accounting brings the best reporting solutions
When your previous month’s financial reporting arrives on your desk, are you struck by the fact that a new month is nearly over? Stale data does little to inform decisions.
Are your program managers maintaining their own spreadsheet in order to have a better grasp of available funds as they near the end of a funding period? Delayed reporting does little to help their ability to manage optimally.
One of the ways that nonprofits benefit from outsourcing their accounting is in the reliable, scheduled, delivery of critical reporting. Beyond that, we can help you set up individualized dashboards that give you a real-time look at your financials. As executive director, there may be a collection of data and KPIs that you wish to monitor and there may be other data sets that a board member or your program managers wish to monitor.
We bring AICPA-endorsed, state-of-the-art solutions and technology to the services we provide. You don’t have to worry about too much or too little, as we can scale the solutions to provide a perfect fit for your organization’s needs.
Outsourcing nonprofit accounting allows nonprofits to focus on their mission
Your core competencies are crucial to your constituents and the community. Diluting that focus prevents your organization from ideal mission fulfillment.
Armed with meaningful, up-to-date financial information, you, your team and your board can take the best measures to propel your mission forward. Since you and other are no longer scrambling, trying to cobble together a view of your funding reserves and expenditures, you can manage your program more effective and have more time to research additional funding sources. And, with more organized financial reporting, you will probably be in a position to win more grant awards.
Meeting with major donors, cultivating a new fundraising strategy, developing meaning partnerships in the community are just a few activities where your time is better spent than struggling with accounting and reporting.
If you’re looking for a simple and easy solution to your accounting chaos, Qbix Accounting Services is your answer.
Rocky Davidson Macon, GA
