Full Service Accounting

We provide a full range of outsourced accounting services to our clients, everything from routine data entry and information retrieval, to state-of-the-art accounting software and sophisticated analytics, all provided for a fixed monthly fee. We ensure that all required government filings are completed accurately and on time.

Outsourcing your accounting functions minimizes disruption during times of staff absences and turnover. Our flexible outsourcing arrangement is cost effective and allows you to focus on delivering your mission.

What is included in Full Service Accounting for Nonprofits?

Effective financial management is crucial for the smooth operation of any nonprofit organization. Daily accounting activities play a significant role in ensuring accurate record-keeping, transparency, and compliance with financial regulations.

• General Accounting: Nonprofits need to maintain accurate and up-to-date financial records. This involves recording all financial transactions, such as donations, grants, expenses, and revenues, in a systematic manner. Accounting tasks may include recording transactions in journals, maintaining ledgers, and reconciling bank statements.
• Accounts Payable and Receivable: Nonprofits often receive and make payments for various goods and services. Managing accounts payable involves keeping track of bills, verifying their accuracy, and ensuring timely payment. On the other hand, accounts receivable involves invoicing donors, grantors, or clients and tracking the payments received.
• Payroll: The largest percentage of any non-profit organization is the payroll of its team members. Our team of professional Payroll Specialist are able to process your payroll in a timely and accurate fashion ensuring your employees are paid on time, every time.
• Cash Handling: Cash management is an important aspect of nonprofit accounting. Nonprofits may receive cash donations, event proceeds, or other forms of cash inflows. Proper procedures should be in place to ensure secure handling, accurate counting, and timely depositing of cash.
• Budget Monitoring: Nonprofits operate within budget constraints to ensure responsible financial management. Monitoring the budget helps to track expenditures, identify potential overspending, and make adjustments as necessary. Regular budget reviews enable nonprofits to make informed decisions and maintain financial stability.
• Expense Management: Nonprofit organizations have various expenses, including salaries, office supplies, program costs, and overhead expenses. Accounting activities involve recording and categorizing allowable expenses, ensuring proper documentation, and reviewing expense reports for accuracy and compliance with budgetary guidelines.
• Bank Reconciliations: Reconciling bank statements with accounting records is a critical task in nonprofit accounting. It involves comparing the nonprofit’s records of transactions with the bank’s records to identify any discrepancies or errors. Bank reconciliations help ensure that the organization’s financial records are accurate and up-to-date.
• Financial Reporting: Nonprofits are accountable to their stakeholders, including board members, donors, grantors, and regulatory authorities. Accounting activities may involve generating financial reports such as income statements, balance sheets, and cash flow statements. These reports provide a snapshot of the organization’s financial health and aid decision-making.
• Compliance and Audit Preparation: Nonprofit organizations must comply with financial regulations and reporting requirements. Accounting activities include maintaining proper documentation, adhering to accounting standards, and preparing for external audits or reviews. This ensures transparency, accountability, and the ability to demonstrate the proper use of funds.
• Donor and Grant Reporting: Nonprofits heavily rely on donations and grants to support their programs and activities. Accounting activities involve accurately recording donations, tracking donor restrictions, and preparing reports on the use of funds. Timely and accurate reporting to donors and grantors is crucial for maintaining their trust and support.
• Internal Controls: Nonprofits must establish robust internal controls to safeguard their assets, prevent fraud, and ensure financial accountability. Accounting activities include enforcing segregation of duties, regularly reviewing financial processes, and implementing checks and balances to maintain the integrity of financial operations.

Accounting for Nonprofit Organizations FAQs

Nonprofit organizations have unique challenges and a need for accurate and timely financial information. Explore our nonprofit accounting FAQs to learn more about why every nonprofit should use a specialized accounting firm.