I once heard someone refer to bookkeeping work as “appealing as a root canal.” Yikes! So it’s not a popular responsibility, I get it.
Bookkeeping can be a time-consuming minefield of rules, regulations, and laws. Many nonprofit organizations lack in-house staff and resources to address all of these complexities in a timely and accurate manner.
Relieving time constraints
Have you considered how much time you are spending on bookkeeping? Is it taking you away from grant writing, fundraising, or donor relations? If it has, it may be time to consider outsourcing the role.
Easing the burden on staff members
Nonprofits, no matter their size, are frequently staffed as lean as possible. Organizations often ask staff to double up (or even triple up) on their responsibilities. If you don’t have an in-house professional doing the work, who gets the payroll and bookkeeping? The same person doing human resources, facilities management, or IT support?
With outsourced bookkeeping, your staff can devote their time to mission-focused responsibilities. The outsourced professional is fully trained and working in compliance.
Minimizing the risks
When your nonprofit is tax-exempt, you still need to file tax returns with the IRS and your state. There are numerous and complicated rules for how to report revenue and expenses.
Another risk is fraud and mishandled funds. There are plenty of times when the mismanagement is unintentional. But unfortunately, this is what happens when the work is given to inexperienced bookkeepers.
When outsourced, your books are looked after by a professional who is familiar with tax filing laws. That person is also impartial, putting you less at risk for fraud—both intentional and unintentional.
Nonprofits big and small have a mission that’s focused on the people and communities they serve. In an ideal world, the quality and quantity of their time are focused on that mission. If your organization needs relief from the time constraints, staff burdens, and risks of bookkeeping, we can help! Contact us today for a free consultation.