2018 is Here – What’s in Store for Accounting
5 Prediction for Accounting in 2018 was an interesting article I came across in The CPA Practice Advisor.
The five predictions were as follows:
1. Revenue recognition guidance will cause implementations of SaaS billing and contract systems to take off
2. Blockchain will create headaches (and a few opportunities) for accountants across the profession
3. Multi-factor authentication will (finally) get broadly implemented at accounting firms
4. Automation, AI, and machine learning will start replacing jobs at the staff level
5. Accounting teams will have no choice but to go remote to retain the best talent
Number 5 is the prediction that caught our attention. The author contends that employers will be forced to offer better work-life balance arrangements, which could include fully remote positions.
If ‘for profits’ are going to have difficulty retaining talent, it’s only going to be more difficult for nonprofits. We whole-heartedly agree with the author when he observes, “Competition for talent will be intense.”
We believe for nonprofit Executive Directors to enjoy the best accounting talent, outsourcing will be the best choice for nonprofit organizations.
Instead of having a remote employee, your nonprofit would have a remote accounting company, specializing in nonprofit accounting, executing your organization’s accounting duties with a team of talented accountants.
So, what would Qbix do for your nonprofit organization? Every organization is different, but here is a general idea of what you could turn over to Qbix (for a budget-friendly, monthly, fixed fee):
- Accounts payable data entry
- Accounts receivable data entry
- Daily bank and credit card updates
- Monthly reconciliation on all accounts
- Timely and accurate financial statement production and analysis
- Assisting banks and third parties in understanding your financial situation
- Assisting you tax accountant and auditors by providing accurate year end information
- Developing and using the cloud based, tool to provide a state of the art nonprofit accounting and reporting system tailored to your organization
- Assist with payroll related items
- Sales tax filings
- Preparation and electronic filings of 1099s
- Unlimited access to your team of accountants for questions and assistance
- Design of an accounting information system appropriate for your organization
Who else is doing this? Nonprofit organizations who have multiple sources of funding, complexities and compliance concerns. Nonprofit organizations who recognize that outsourcing allows them to receive better value, faster and more affordably than building an in-house accounting department from the ground up.
What’s in Store for Accounting within your organization – How about a free consultation to see how we can help you?
Otherwise, we invite you to download the eBook ‘Confessions Nonprofit Executive Directors’ which shares the outsourcing experience of other nonprofit leaders.
2018 is Here – What’s in Store for Accounting – Rocky Davidson Macon, GA