Nonprofit Bookkeeping, Accounting Services Foundation Group

For example, outsourcing can potentially offer advanced management accounting and controller functions to receive a complete “virtual accounting department”, and could be what you need at this stage in your growth. An outsourced bookkeeping and accounting service should be able to scale with you by adding full-service accounting when you are ready for it. A full-time bookkeeper handles the day-to-day accounting functions for your office.

Absolutely, we can have regular meetings so you can advise on the reporting you need and you can access your bookkeeping online at any time to pull reports and review the books. If you need to create an invoice, accept online donations, track notes about your supporters, it’s no problem. Our experts will make sure all information is present and accounted for.

Steps to Hire a Nonprofit Bookkeeper or Accountant

When you choose Supporting Strategies for this work, you gain a partner that is aware of the latest changes involving revenue recognition, presentation of financial data, and more. Supporting Strategies is skilled at nonprofit bookkeeping and adept at setting up the software and systems needed to capture data in a way that will streamline the tax preparation process, especially for IRS Form https://www.bookstime.com/ 990. Now is the perfect time to use nonprofit bookkeeping services to ensure your financial records and policies are set up correctly. Plus, since you likely have a limited team, it helps to outsource your bookkeeping so you can focus on growing your organization and never get behind. Prospective bookkeepers should also be carefully screened for ethical violations and criminal activity.

• Because nonprofit bookkeepers must manage restrictions, grants, and expenses in significantly more detailed ways than a for-profit bookkeeper.
• A nonprofit’s statement of financial position is similar to a for-profit’s balance sheet.
• In addition, we have highlighted revenue recognition and functional expenses in particular.
• Reconciling accounts should be a regular activity to track cash flow, identify fraudulent activity, and ensure accuracy.
• If you’re ready to take your nonprofit’s bookkeeping capabilities to the next level, let’s have a discussion to determine how we best can collaborate through our outsourced bookkeeping and accounting services.
• You want to ensure your back office is run smoothly and efficiently to ensure the errors & omissions policy that protect you is always paid up and that your financial reporting is handled accurately and compliantly.

While you may just need one or the other right now, you never know how your needs may change in the future. Ensuring your provider offers both services opens up the opportunity nonprofit bookkeeping services to outsource your entire financial department in the future. What any given nonprofit’s operating budget looks like varies depending on the nature of the organization.

Pay Attention to Tax Obligations

Others may be involved in the day-to-day activities of budgeting and paying the nonprofit’s bills. Jitasa’s bookkeeping and accounting services are specifically for the nonprofit sector. Their team of trained CPAs and bookkeepers has helped nonprofits all over the country regain control over their finances and grow their missions.

Once you’ve got your bookkeeping system setup and have started generating financial statements, the final piece of the nonprofit accounting puzzle is getting your tax obligations straight. You stand to benefit from the right software and ideally, a professional bookkeeper who is proficient in fund accounting. All of this happens while ensuring a steady stream of donations in an increasingly competitive nonprofit environment.