Plumb Creates Financial Transparency with Non Profit Accounting Outsourcing
Is non profit accounting outsourcing right for you? The financial bottom line matters the most when it comes to nonprofits. Since every donation and dollar counts, nonprofits seek ways to save money and be more efficient, so they can focus on their mission statement.
Many small to mid-sized non profit organizations are turning to outsourced accounting as a more cost-effective way to having access to accounting professionals and expertise on an as-needed basis.
Top Reasons Why Non Profit Accounting Outsourcing is a Better Option:
- Costs less than internal staffing; paying only the amount and level of services required.
- Higher level of accounting expertise and greater resources.
- Creation of stronger internal controls with more efficient policies and procedures.
- Timely and accurate financial reports help to make better business decisions.
- Greater segregation of duties to help eliminate fraud and errors in financial reporting.
At Plumb, we have developed a non profit accounting outsourcing 7-Step Process in order to create a road map with objectives and milestones to reach. This gives our nonprofit clients a clear picture of phase objectives and key deliverables. With outsourced accounting, you can scale the services to meet your specific needs.
- Step 1: Understanding of Entity and Mission
- Project Objectives
- Review Policies and Procedures Manual
- Step 2: Access to Financial Data
- Org Chart
- Org Directory
- List of Services Providers
- Step 3: Accounting Setup
- Chart of Accounts Review
- Fund Accounting Implementation
- Net Asset Allocations
- Internal Controls
- Step 4: Financial Process
- Budget Preparation
- Account Reconciliations
- Cash Flow Forecasting
- Step 5: Financial Statement Preparation
- Comparative Financial Reports
- Budget vs. Actual Statement
- Step 6: Beyond the Numbers
- Key Analytics and Ratios
- Finance Committee and Board Presentations
- Step 7: Compliance
- Pre Audit Assistance
- Tax Deliverables
To view the 7-Step process in detail, click here.
Plumb provides non profit accounting outsourcing services, including fractional CFO, controllership, bookkeeping and project accounting work for audits and tax assistance. Nonprofits are burdened with some of the most complex accounting and reporting needs while having budgets that can’t always justify a robust internal staff. Plumb mitigates that problem for many nonprofits.
Plumb helps to enhance the success of San Diego’s non profit organizations with the Nonprofit Leadership Forum. Sign up for event notifications for free lunch and learn series held at The San Diego Foundation.