Nonprofit organizations often struggle to handle their accounting. While in-house accounting is possible, it takes a lot of time and resources to locate, hire, train, and maintain an accounting team in-house. This is why many nonprofit organizations turn to outsourced accounting for their financial needs.
It takes certain skill sets to complete nonprofit finance and accounting tasks such as accounts payable, accounts receivable, invoicing, payroll, financial statement preparation, board reporting, and audit preparation. It can be extremely difficult to handle all of this in-house, especially on a tight budget.
Although many organizations attempt to place the burden of accounting on existing staff members, this isn’t a viable option. Doing so can result in overburdened staff attempting to fill multiple roles. While your nonprofit might require the help of three full-time employees, there’s probably not enough in your budget to make this a reality.
This is where an outsourced accounting firm can help. At Vault Consulting, our team evaluates your needs and provides exactly the right amount of experienced personnel on a fractional basis. For example, we can provide your organization with the equivalent of a half-time accountant for basic transactional support, a quarter-time accounting manager for closing books and submitting payroll on a monthly basis, and a quarter-time Director of Finance/CFO to work alongside management to provide your organization with high-level guidance and support. Our outsourced CFO is also available to present to the board, prepare the association’s yearly budget, and help the organization prepare for and conduct annual audits.
Vault Consulting has experience working with numerous associations in several different fields. Through years of experience, we’ve learned what works and what does not. This puts us in the best possible position to help your organization. Our team leverages best practices within the industry to help increase efficiency and streamline the accounting process.
Our team works directly with your personnel to segregate the key components of every financial transaction from initiation, to recording it in the accounting system. This helps ensure that everything is executed as it should be.
Organizations can benefit significantly from outsourcing their accounting. However, it’s important that nonprofits take the time needed to find a partner that provides a comprehensive solution customized to their unique needs and requirements. Organizations should choose an outsourced accounting firm that has extensive experience.
Our team has worked with numerous nonprofit organizations, both big and small. We understand that every organization is unique and has their own requirements. This is why we take a personalized approach to our outsourced accounting services. By evaluating your needs, we provide you with a solution that meets your requirements and your budget.
Please contact us for more information about our outsourced accounting services.