11 Sep Accounting Firm Tips for Nonprofit Accounting
Nonprofit accounting firms are flourishing these days with so many organizations and charities in the marketplace. This has become a lucrative field for professional bookkeepers and accountants. There’s solid job security because these are usually long-term positions and working in this area gives you the additional reward of knowing that you are giving back to your community.
For those who work in this field though, there are many additional tasks and concerns that must be addressed. For one, there is usually a Board of Directors to report to on a regular basis. The books must be in perfect order at all times so that supporters can see where their donations are going. There’s definitely no room for error when handling the accounting and tax preparation chores for a nonprofit organization.
There are additional forms to complete daily, monthly and quarterly and deadlines to stay on top of, but an experienced bookkeeper understands all this and more. They know the importance of staying organized and on top of things. That’s probably the number one tip any non-profit accountant would give you: Develop a strong organizational strategy. Know when the meetings are being held and exactly what paperwork the Board will require. Be sure all reports are up to date with the latest numbers.
Preparing Quarterly Reports
Quarterly reports let supporters and the Board of Directors know the current financial status of the organization. Even smaller expenses are relevant and must be accounted for. Everyone concerned will want to know where the money goes and why. Depending upon what type of organization it is, the accountant may be required to run certain reports weekly. This can help the board prepare for financial shortfalls and inform its supporters if fundraising activities will be necessary.
The accounting staff for a nonprofit organization may frequently be asked to prepare grant proposals. This is an important task that it crucial to strong cash flow for the organization. Nonprofit organizations are always in search of new revenue sources. Usually, several people may be asked to work on this task and it may be best to assign the task to someone with knowledge of the financial portfolio. It takes a unique skill to locate lucrative funding streams.
Most accounting firms are busy places where the staff is constantly on the go and pretty good at multi-tasking. Those who work for a nonprofit organization can simplify by holding regular meetings each week to discuss key projects they’re working on. This is a good time to talk about problem areas and discuss solutions.
The team at Avalon Accounting understands the special needs of your non-profit organization. They stand ready to assist you in maintaining effective financial records. They know your Board of Directors needs all the financial information it can get in order to be aware of any shortfalls. Avalon offers extensive experience in budgeting, investing and saving for large purchases for your company or organization.
Avalon Accounting wants to partner with you for success. Whether you are running a small mom-and-pop restaurant or a large non-profit organization, you need an accounting firm you can rely on. Avalon is the Coral Springs accountant that’s in your corner, and we believe we can help you succeed by sharing our many years of financial experience.