Managing, organizing, and understanding your nonprofit’s finances plays a key role in its effective administration – not only in terms of monitoring your organization’s financial health but in guiding its future direction.
At the same time, however, attempting to navigate the wide range of accounting tasks faced by nonprofits without specialized assistance can result in poor record management, more risk, and oversights in both accountability and financial decisions. If you’re struggling to juggle your nonprofit’s bookkeeping requirements, below are some important reasons why you should consider outsourcing these duties to a nonprofit bookkeeping expert, such as Goldin Group CPAs LLC.
- Free Up Valuable Resources
By hiring a CPA to streamline and manage your bookkeeping processes, you can free up time and money for your organization. Too many directors find themselves working with limited funds and personnel, or take a scattered approach to their daily bookkeeping responsibilities. This leads to accounting delays and poor record management that can make it difficult to substantiate revenues and expenditures. Outsourcing your bookkeeping liberates valuable organization resources.
- Offset Risk
Working with a nonprofit bookkeeping expert gives you the opportunity to examine your organization’s accounting processes and controls for potential problem areas. Reporting revenue, donations, and other income can be complex, given certain nonprofit specific restrictions. But working with the right CPA eliminates the need to hire an in-house team and mitigates risk.
- Stay Accountable
Keeping your nonprofit accountable to the public, the board committee, and to the IRS takes a lot of monetary management. Not to mention the fact that every executive director has a responsibility to understand not only their organization’s financial health but its implications in terms of decisions made and actions taken.
Fortunately, we understand all the accounting standards that apply to nonprofit organizations. We’re also well-versed in the financial reporting regulations your organization needs to comply with, and the various types of financial statements that must be generated on a regular basis.
- Make Better Decisions
Being able to communicate accurate financial information to your board members will enable them to use the financial insights for budgeting and other decision-making processes. By making custom financial reports available at the end of every month, a bookkeeping or accounting service with proven nonprofit experience can help provide you with clarity on which programs are the most financially viable and data to help generate more funding.
Trust the Professionals at Goldin Group
At Goldin Group LLC, we can help nonprofits and small businesses with bookkeeping, taxes, and all other accounting needs. We understand that as a business owner or non-profit manager, keeping up with accounting and taxes is time-consuming and can even be overwhelming. We work with nonprofits and businesses, offering a one-stop-shop for financial services. If you are a nonprofit looking to outsource your accounting or if you need help managing any aspect of your nonprofit’s finances, we would love to hear from you! Call us at (301) 913-0008 or email firstname.lastname@example.org to make an appointment.