A seismic shift in organizational demographics is currently taking place: roughly 10,000 Baby Boomers a day are retiring.
With numbers that large, it’s only a matter of time before senior accounting positions will be vacated in many nonprofits. Perhaps it’s already on the horizon for your nonprofit. You’re certainly not alone.
Even the government is feeling the pinch. A 2013 report from the Social Security Administration noted:
“By 2015, almost 33 percent of our workforce, including 48 percent of our supervisors, will be eligible to retire.”
Many nonprofits are finding that it is difficult, if not impossible, to find a qualified nonprofit accounting candidate. It’s a bit of a Catch 22 – if the candidate is satisfied with the salary being offered, there’s usually a lack of proficiency in the accounting necessary for a nonprofit. If the candidate has rich nonprofit experience and a deep understanding of regulatory and compliance issues, they are demanding salaries that are beyond the means of the hiring organization.
While “Help Wanted” signs are a thing of the past, the modern-day counterparts, LinkedIn, web-based recruiting sites, and even placement agencies, are having a difficult time finding suitable candidates. But the question is: How long can you afford to wait for the right candidate to come along?
Most nonprofits can’t wait. Grant stipulations, donor demands for accountability and transparency, as well as budgeting and planning – all require up-to-date accounting and financial reporting.
Many nonprofits in this situation are turning to a new solution: Outsourcing their nonprofit accounting.
It is a dramatic switch. But what happens next is often a revelatory experience for the nonprofit organization. The hassle of data entry is gone. The cash position is accurate. The status of program expenditures can be accessed in real time. Financial reports are consistently distributed on time. Given the reliability, access, and accuracy of services – nonprofit leaders are increasingly turning to outsourced nonprofit accounting.
Our clients are usually first-time outsourcers. Quickly they find they enjoy our services (no more scrambling before board meetings, no more guesswork on grant expenditures as they sifted through bank statements and spreadsheets etc.). Our monthly fixed fee is affordable and the value is high. We are responsive and accessible. And, we love hearing comments like, “I wished we had outsourced sooner.” It’s music to our ears.
If you are only a few months or a few years away from a senior accounting person retiring, or if you are growing and have a need for dedicated accounting help – consider outsourcing your nonprofit accounting to Qbix.
CL Davidson Macon, GA
