Is your nonprofit thinking about outsourcing your accounting? You will be happy to learn there are customizable options available to you. One of the best things about outsourced accounting for nonprofits is the degree of flexibility and scalability it offers. Services can be tailored so you only pay for what you need now, and you can scale services as your needs and organization grows.
This customizability can make it a little tricky to show how we structure our services so, to simplify things, we often explain things in terms of three standard levels of service. Generally, most organizations choose a level of service that lands within one of these three categories:
• Basic accounting
• Advanced accounting
• Full-service accounting department
Since an accounting firm like GreerWalker has the full range of expertise needed to support your nonprofit, it is possible to start simple and then increase the level of service as your accounting needs gain complexity. We collaborate with each nonprofit to personalize your services and ensure you will receive maximum benefits from outsourcing.
1. Basic Accounting
Our basic accounting services take care of daily financial processes such as customer invoicing, accounts payable processing, payroll processing, and bank and credit card reconciliations. This is ideal for organizations with simple accounting needs who want to free up time for higher-value work. Engaging an outsourcing firm to take care of these functions ensures more stability than simply hiring a bookkeeper, who might switch jobs or retire and leave you in the lurch.
2. Advanced Accounting
Our advanced accounting services are ideal for nonprofits that have slightly more complex accounting needs. This might include project accounting and billing, purchasing and inventory accounting, and maintaining fixed assets. This advanced level of service is often perfect for a CFO or controller who needs support with the daily processes of a more complex organization in order to make the best decisions with timely, accurate data.
3. Full-Service Accounting Department
We also offer nonprofits a full-service model, which means you receive the services of a complete accounting back-office and all processes and procedures are taken care of. This includes specialized needs such as revenue recognition, debt and capital lease accounting, and cash management. This level of service is perfect for growing organizations or nonprofits with complex accounting requirements.
Some nonprofits choose to add the services of a virtual CFO/controller for strategic advisory and direction from a financial expert who can provide a balanced perspective, help with decision-making, manage debt and capital lease accounting, and more. We also offer consulting and can assist with specific projects such as investment analyses and workflow designs.
As you can see, outsourced accounting is customizable for the needs of any organization, and it has the versatility to change as your organization grows. Regardless of where your nonprofit is based, we provide a virtual team to be your full department or support existing personnel, with a wide range of skills and experience that can scale with the needs of your business.
Most important, our employees aren’t just financial experts – we stay active in your nonprofit community. Our team members believe in the importance of helping nonprofits achieve their mission and one of the ways we do that is through high-quality, flexible outsourced accounting services.
Get in touch today to explore which accounting services are the right fit for your nonprofit.