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Should Your Nonprofit Outsource its Bookkeeping Needs?

Should Your Nonprofit Outsource Its Bookkeeping Needs?

Maintaining timely and accurate financial records is one of the most important responsibilities facing every nonprofit organization. But, doing it right is time-consuming, and the rules are complicated. In fact, bookkeeping can be so complicated that 40% of small business owners say bookkeeping and taxes are the worst part of owning/operating a business*. So, how do you balance this crucial need without taking so much of your time and resources away from your mission? If bookkeeping has become a major burden for your organization, it may be time to outsource your bookkeeping needs. But before you make that decision, let’s explore some of the benefits of outsourcing bookkeeping services:

  • Put More Time into Your Mission
  • Minimize Your Nonprofit’s Risk
  • Accurately Submit State & Federal Filings
  • Access to Top-of-the-Line Accounting Software

Put More Time into Your Nonprofit’s Mission

Think about how much time you spend maintaining your organization’s books. Wouldn’t you rather put that time towards grant writing, fundraising, or donor relations? Outsourcing your bookkeeping to professionals gives you the freedom to put the time you were spending on your books back to your mission. Spend less time researching the specifics of nonprofit bookkeeping and more time impacting your community.

Minimize Your Nonprofit’s Risk

Unfortunately, nonprofits can be susceptible to fraud and mishandling of money. Though many times this activity isn’t intentional, trusting inexperienced bookkeepers in order to cut down on expenses can end up costing you long-term if your books are not adequately kept. With an outsourced bookkeeping arrangement, your nonprofit can have an experienced, impartial professional to keep track of your finances and eliminate risk of fraud or inaccurate reporting.

Accurately Submit State & Federal Filings

Maintaining timely and accurate financial records is crucial to your nonprofit’s success. Any level of inaccuracy in your accounting records will result in incorrect reporting to state and federal agencies. Through outsourcing your bookkeeping needs, you can confidently submit these State & Federal filings with the assurance that the reports are accurate.

Access to Top-of-the-Line Accounting Software

There are so many tools at our disposal these days that can make a majority of our tasks more efficient. The same is true for nonprofit bookkeeping! For instance, Foundation Group is Quickbooks ProAdvisor-Certified. Our clients are provided a complimentary subscription to the leading, cloud-based accounting software platform available, Quickbooks Online. These programs make it easy for your books to stay up-to-date on the go, and make it easier for professionals to access your books and consult with you directly about your specific account.

About Foundation Group’s Nonprofit Bookkeeping Services

If any of the benefits described above could help you carry out your nonprofit’s mission, you should review our Nonprofit Bookkeeping Services. Our services offer a chart of accounts setup/review, monthly bank account reconciliation, and monthly financial statements. We pair you with a highly-skilled Virtual Advisor, whose expertise is best matched to your needs. With a complimentary subscription to Quickbooks Online, you’ll have secure, 24/7 access to your books and records.

Regardless of your staff size, income level, or location, we have a plan that will keep your books accurate and up-to-date. Get a jump start on your success this year and take a look at our new service.

*https://www.score.org

Justin Williamson

Justin Williamson puts his writing talents to work for Foundation Group by bringing news and useful content to our fantastic clients and followers.

This Post Has 2 Comments
  1. If a nonprofit runs out of money and the director pays the staff from personal funds, is that considered commingling funds and could the director be held personally liable for any judgements against the corporation?

    1. Generally speaking, it wouldn’t be considered commingling of funds. That term is used to describe a situation where personal funds and organizational funds are literally mixed together in the same account. In this difficult situation, the best scenario is for the director to donate or loan the money to the nonprofit and let the nonprofit pay staff as normal. If it’s going to be a loan, it needs to be approved by the board.

Comments are closed.

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