The struggle is real! 
Doing your own taxes that is… ;)
 
Listen, if you have a straight-forward tax situation (W2 only, no dependents, etc.), then DIY tax preparation software can work for you. As long as you have the time and good attention to detail.
 
That’s a matter of IF you want to do your own taxes.
Now, let’s talk about SHOULD you do your own taxes.
 
At what point in your life does it make sense to hire a tax professional (like us)?  
 
As you venture through life, stuff happens. These life events sometimes make your tax situation more complicated and move you into a place where professional help is warranted.
 
We put together this comprehensive list to help provide clarity on when you should hire a tax professional. 

• Always owe the IRS or state tax at tax time
• Own a business, or are self-employed
• Have income over $200,000 per year
• Had a major life event: change jobs, marry, divorce, have kids, adopt kids, buy or sell a home
• Have complicated investments, like investments in partnerships or trusts, or do a lot of stock trading
• Receive a large inheritance
• Buy energy efficient appliances, home improvements, or electric vehicles
• Borrow money from a retirement account
• Trade cryptocurrencies
• Have questions you can't answer
• Just want to relax and let someone take something off your plate :)

Beyond just tax preparation, the right tax professional will offer other, deeper benefits as your partner.  

​What do you think? Do you fit the bill?
Would a tax professional provide a level of support that you need?
 
Did we mention that every Blue Fox client gets 1 hour of free tax planning pre-tax season (September or October) to strategize on maximizing their tax refund? This is particularly helpful for individuals who are self-employed.
 
If you and/or your family could use a tax professional this year, our team at Blue Fox is delighted to speak with you.
 
Schedule a free consultation using one of the buttons below that most closely represents your tax situation. 

If you’re not ready yet but want to keep in touch, subscribe to our newsletter! We’ll make sure you’re in the know on important tax deadlines and updates as they are announced.  
 
More about Blue Fox: In addition to tax services, Blue Fox provides social impact organizations (nonprofits and social enterprises) with back-office solutions including accounting, bookkeeping, payroll, HR, tax preparation, and financial coaching.

Your stomach drops.
Your palms start to sweat.
Panic sets in.

​You just noticed that your organization's bank account is missing a huge sum of money. Money that took months or years to fundraise is simply gone. What do you do?!

In the digital age we live in today, bank account fraud is all too common. Hackers are increasingly sophisticated and aggressive in their cyber-attacks. What might start as a ‘simple’ looking scam email can easily turn into a devastating case of bank fraud over time.  

If your company has experienced bank fraud, you know how quickly one fraudulent transaction can turn into dozens as your bank information is bought and sold across the dark web to bad actors around the world, threatening the livelihood of your organization in a matter of days.  

If you are the victim of bank fraud, you MUST ACT QUICKLY to prevent a catastrophic turn of events for your cash on hand.

First, we must say that our team at Blue Fox is pro-audit for nonprofits.  We know that financial oversight helps develop sustainable and transparent financial management practices. Is an audit intimating? It can be. But your organization will come out stronger on the other side. We encourage you to heed the advice in our audit readiness checklist so you can be as prepared as possible for a smooth and successful audit. 

But, is it required? The answer is more complicated than yes or no. According to the Council of Nonprofits, there are "circumstances that may trigger the requirement for an independent audit." Click here for that full article. 

For further questions, feel free to contact our team of nonprofit financial gurus. We can help your organization get sorted year-round and in the event that your nonprofit is being audited. We cheerfully serve our clients with customized financial and back office services ranging from standard bookkeeping and accounting, payroll and tax, to coaching and consulting, to comprehensive virtual CFO services. 

Recently, our team at Blue Fox spent a weekend deep in strategery (a.k.a. strategic planning). During a caffeine-induced brainstorming sesh, we set out to identify and define our ideal social good niche. It turns out that our team's expertise is aligned to serve organizations with the traits outlined below. We call them: Our Ideal Clients. And, because we like to be funky and unique, we wrote it up as a job description. Take a read and if your organization fits the bill, apply to be a Blue Fox client today :)

POSITION OVERVIEW
Blue Fox is seeking nonprofits and social enterprise organizations that are interested in taking their back office operations and financial stewardship to the next level. As our Ideal Client, you will be responsible for putting your trust in Blue Fox to seamlessly manage your day-to-day financial operations and provide you with expert level financial guidance. Periodic virtual coffee breaks together are encouraged. :)

​WE ARE SEEKING:

• U.S. based nonprofits and social enterprises (B-Corps, C-Corps, S-Corps, or 501(c)(3)s only)
• Established organizations with an annual budget of $5M or less
• A staff of 50 employees or less
• Missions that matter, especially missions related to conservation and environmental stewardship
• Inclusive teams with a commitment to DEI
• Technology lovers looking to work smarter and create efficiencies across the back office
• Organizations that invest in professional development for their team (people matter!)
• QuickBooks Online users

KEY PERSONALITY TRAITS FOR SUCCESS

• Kindness and honesty are non-negotiable
• Life-long learners committed to developing their financial capacity
• Ability to ask for help when needed (it’s okay, we’ve got you!)
• Sense of humor (it’s just accounting – not life or death!)
• No drama Mamas (and we do like working with guys, too, of course!)
• Driven by COMMON SENSE

TIME COMMITMENT
The Ideal Client position requires is 1-2 hour/month (wow, that’s way less than you spend on your books now)! Client on-boarding may require 3-5 hours/week for a 4-week time period. After that, Blue Fox will manage your financial back office so you can focus on program development, fundraising, marketing and making positive contributions in the community you serve.

THE APPLICATION PROCESS:
Complete this form to schedule a complimentary consultation so we can discuss you needs.

While you're here, meet some of our clients, the Changemakers of Today! We think you'll enjoy what they have to say about our Blue Fox team.

About Blue Fox: Our team provides customized financial and back-office services for social impact organizations. Services range from standard bookkeeping and payroll services to coaching and consulting, to comprehensive virtual CFO services. Our mission is to disrupt the traditional accounting model through technology, innovation, and a radically client-focused approach that truly empowers nonprofits and social enterprises. For more information call (321) 233-3311, email hello@yourbluefox.com, and visit www.yourbluefox.com.

Grab your pumpkin spice latte!
Fall is in the air.
 
That means fundraising season is right around the corner. Many nonprofits (most?) depend on giving season (and Giving Tuesday) to raise a significant chunk of their annual funding. In 2020, U.S. nonprofits raised $2.47 billion dollars. What was your piece of that ‘pumpkin’ pie?
 
Let’s talk 2021! Is your staff prepared to make the asks, attend the events, mail the collateral and try some Facebook fundraising ads? What about your board members… are they fired up for fundraising season?
 
So often, nonprofit fundraising efforts are facilitated and driven by staff members. What’s wrong with that? Well, have you considered how to leverage the power that each of your board members bring to the table? Chances are, there’s a ton of leverage there, including relationships, clout, high-level thinking, connections, strategic thinking and more.
 
You can inform, guide, motivate, and recognize your board members and watch them become your fundraising heroes (seriously call them that, they’ll like it). To get you started, we’ve compiled a list of 40+ ideas, broken down into categories, to help you get the job done! 

Inform

• Hold a fundraising season kick-off dinner
• Give board members the option to give rather than fundraise
• Share 2021 Giving Tuesday Stats
• Stay in touch on fundraising goals and progress
• Share: How Nonprofits Build Donor Trust – Be Transparent
• Train on new fundraising software (like Bloomerang)
• Ted Talk: 3 Ways to Be a More Effective Fundraiser
• Provide best practices for fundraising asks
• Review: 7 Tips on Asking for Donations
• Invite them to sign up for Movie Mondays, weekly fundraising advice videos

 
Guide

• Create compelling fundraising collateral board members are proud to give
• Use fundraising progress visuals (enter the colored-in thermometer)
• Develop dashboard style reports to drive results
• Share: 6 Step Guide to Build Donor Trust
• Use board meeting time to brainstorm potential donors/prospects
• Provide easy-to-use phone call scripts and email templates
• Role play at board meetings to master organizational talking points
• Encourage board members to introduce potential donors to staff for follow-up
• Ask a board member to join you at lunch to observe a fundraising pitch
• Ask and remind board members to share social media fundraising posts

 
Motivate

• Invite a motivational speaker to a board meeting
• Make fundraising a friendly competition
• Ask a client (someone that benefits from your mission) to tell their story
• Watch: Don’t Underestimate the Ripple Effect of What You Do
• Touch their hearts with visuals of the service you (they) provide
• Ask each board member to share their passion for your organization at a board meeting
• Share weekly motivational quotes to keep your fundraising goals top of mind
• Watch: Simon Sinek, Empathy - Best Speech of all Time
• Offer prizes (donated items of course)
• Ask them to memorize and recite the organization’s mission
• Watch: Make an Impact – Inspirational Video

 
Recognize

• Tout achieving board members on social media
• Send them hand-written thank you cards
• Make them swag that say ‘fundraising hero’ with your logo
• Announce successes at board meetings
• Allow board members to make thank you calls to help them build relationships
• Recognize engaged board members at events
• Highlight board member of the month (of the week) in newsletters
• Give them opportunities to promote their own companies if applicable
• Ask them to say a few words of thanks to donors at your next event
• Offer a sponsorship to board members who match donations

 
How does this list strike you? Don’t feel overwhelmed. Remember that fundraising is not comfortable for most people, including your board members. Use this list to support them through the fundraising process. Make it easy and fun for them, touch their hearts, and give them some love. And don’t forget to shoot us an email and let us know how it’s going.
 
Happy fundraising season!

As we are an accounting firm, we would be remiss to ask if your financials are up-to-date and prepared for giving season? It’s difficult to plan where you’re going if you don’t know where you are now. That’s why our team of nonprofit gurus created this resource to help you get organized: The Ultimate Nonprofit Finance Checklist for Giving Season (it’s free to download).
 
As always, if your team could use assistance in your back office, just ask for help! Blue Fox services range from standard bookkeeping and payroll services, to coaching and consulting, to comprehensive virtual CFO services.

Well, according to the folks over at Intuit, " Classes represent meaningful segments in your company, like store departments or product lines." Here's a class tracking overview with more details and instructions on how to set up classes and get started. (If you need help, that's what we do at Blue Fox, so give us a shout!) 

Here's how we describe it: In the for-profit world, classes are often used for cost center or location-based tracking of revenue and expenses. Easy example: a retailer with more than 1 store. The management needs to see what stores are profitable, right? Here’s what a (very simplified) profit and loss report using classes might look like in that case: 
 
PROFIT & LOSS BY CLASS (LOCATION) YTD

Being able to analyze income and expenses according to location allows management to make better decisions about where to invest staff, time, and money to ensure profitability and sustainability.
 
Brilliantly, this same classes tool in QuickBooks can be used to track a nonprofit program revenue and expenses. (Can you feel the excitement building?? #nerdalert)
 
Using this method, you can allocate a percentage of staff salaries, general overhead, and direct program costs to each program WITHOUT adding a gazillion lines to your Chart of Accounts.
 
Here’s what that might look like for an environmental education nonprofit:

Do you see the leverage and empowerment that comes with this kind of accounting setup? If you were writing a grant for this organization’s adult programs, you’d be able to easily make the case for shortfall and demonstrate the need, right?
 
On the other hand, if you were writing a grant for the expansion of your K-12 programs, you could evaluate the estimated cost of that expanded reach based on the annual spend in that class.
 
Once you have your accounting system set up in this way, you can budget by class, run regular reports by class, and get valuable insights as to what is/is not sustainable from a revenue perspective. This not only assists with grant writing, but it will also lead you to have deeper and more honest conversations about things like program fees, fundraising goals and campaigns, and program budgets.

Bonus Read: Meet One of The Most High-Functioning, Financially Sustainable Nonprofit Organizations We Know: STARability Foundation (You guessed it, organizing this clients QuickBooks class structure was part of their transformation). By the way, we love our clients!!
 
How game-changing would this type of reporting be for you? Imagine the possibilities.
 
A couple of caveats and words of caution: 

• The use of classes can make reports unwieldy if your Chart of Accounts is large or, for lack of a better term, cluttered.
• Classes as a feature are not available in all versions of QuickBooks. You may have to upgrade to turn that feature on. Call us if you’re not sure what version you need – we can help you sort it out.
• When we onboard new clients, we often see classes in use. Unfortunately, they’re being used incorrectly. As a general rule, class labels and categories should be DIFFERENT from line items in your Chart of Accounts.

 
Does it sound like we know our stuff? We do! The Blue Fox team will help get those financials in order and make grant writing a breeze! 

Is your organization ready to outsource your accounting function?  Here’s how you know when.
Have you considered the benefits? Here are 10 of the most important  reasons.
​
If anything, let’s review your chart of accounts and class set up.  We are happy to include that in our free consultation Let’s schedule time! Call us at (321) 233-3311 or email hello@yourbluefox.com. 

Nonprofit trend alert: Enter the virtual CFO (that's us, meet our team)! ​​Chief Financial Officer. Head Honcho of All the Numbers.

​If you’ve ever met one, your mental picture of a traditional CFO is likely one of a middle-aged white guy wearing glasses, khakis, and a button down shirt hunched over a computer with paperwork all over his desk. Let’s call him Bob.
 
We’re happy to report that, while Bob lives on in many businesses, a growing trend in finance that's disrupting the C-suite for good. Enter the outsourced, virtual CFO, or vCFO. Virtual or in-office, here's what to look for in a nonprofit CFO. 
 
If you’re unfamiliar with the concept, vCFOs may be called outsourced, part-time, or fractional CFOs. Google those terms and be amazed at the number of results. We think that 2022 will be another banner year for outsourced CFOs everywhere, so we thought it might be time to break it down for you. [Bonus read: 10 Reasons to Outsource Your Nonprofit Accounting]
 
Here’s what you need to know:
 
(1) WHO
Virtual CFO's may either be a firm or an individual. Usually they are CPAs, senior accountants or bookkeepers, or other experienced and educated individuals who’ve held CFO or senior finance or accounting roles in the past. Likely female (more than half of all accountants in the US are women), these folks are highly skilled numbers nerds who can fill the CFO role just as well as (better than?) Bob.
 
(2) WHAT
What does an outsourced CFO do? They may be charged with a variety of tasks including bookkeeping, accounting, month-end closes, payroll, and financial reporting. But the real leverage in a Virtual CFO is the strategic guidance and financial planning she provides. Interpreting financial data in a way that makes sense to other members of the C-suite is job #1. The rest of the job is to take a proactive approach to finance with sustainability in mind. A vCFO helps organizations streamline its financial systems and processes, develop strategic budgets, manage financial risk, raise capital, and figure out exactly what is needed to get from where your business or nonprofit is today to where you would like it to go.
 
(3) WHY
A growing number of nonprofits (like our Fox-tastic clients)  turn to vCFOs for these reasons:

• They need the expertise that a CFO provides, but they don’t need it full-time.
• Resource constraints make hiring a qualified in-house CFO impossible. (Sorry, Bob. You just cost too much.)
• With so many vCFOs out there, you can find one whose niche is nonprofits or social enterprises and know that they will be experts in the challenges your specific industry faces.
• Unlike a new hire, professional vCFOs are used to jumping into a business mid-stream, so the time it takes for your investments in that role to yield results is 1-3 months instead of 6-12.
• Unbiased, impartial advice is a hallmark of the vCFO. Unlike an in-house staffer, vCFOs make decisions based on data and expertise. Their singular agenda is to make your organization sustainable and successful.

 So to sum up, you can get the expertise you need at a fraction of the cost.
 
(4) WHEN
When to hire a vCFO is something we covered in this blog, but a different type of when question we get about Blue Fox is: when can we call you? The answer is: anytime. One big bonus of a vCFO is that, in most cases, they are available to support you, ask questions, present at meetings, and generally do whatever you need them to do anytime. 100% uptime, to poach a tech industry phrase. That’s because vCFO firms like ours pair a bookkeeper and a senior accountant on each client’s work. You can always reach someone on your virtual finance team and you’re never left in the lurch. Again, our singular agenda is: support you and your organization to the best of our ability at all times.
 
(5) WHERE & HOW
This is an easy one – outsourced CFOs can be remote and tend to deliver their services through cloud-based technology. It’s actually the recent evolutions in cloud-based accounting tech that make what we do possible – 10 years ago, the tech just wasn’t there. But now we can work with any client anywhere at any time. As a vCFO client, that also means you can pick from the nation’s top service providers, rather than just your local market. You can source vCFOs who specialize in your industry, and they can work for you from anywhere. Video and conference calls bridge the communications gaps, and our cloud-based tools allow us to securely exchange data and provide live, real-time accounting information all day long.
 
Hopefully, now you can see why one the hottest business trends will continue to be the rise of the virtual CFO. Will your nonprofit be an early adopter?

Whether your nonprofit is seeking a full-service Virtual CFO or basic accounting services (we also offer payroll, tax and consulting), our team of nonprofit gurus at Blue Fox are ready to assist you! We serve our clients with exactly the right mix of services to support their back office operations. What does your organization need help with? 

Your next board meeting is a week from today. You open up the agenda, update the new date, and make a few changes. Each monthly meeting is hardly different than the next. Truthfully, you’re bored. And your board members feel the same.

Does this sound familiar? 

If your board members hit the snooze button during meetings, this will reflect in their commitment to fundraising, advocacy efforts, and follow through on assigned tasks. You’ve come to the right place for ideas to jazz up board meetings.

[Related read: How to Engage Your Board of Directors in Financial Conversations]

Let’s inspire your board members, keep them engaged and boost their productivity!

When planning for your next board meeting remember to:

• Add value
• Practice gratitude
• Be transparent with financial information (here’s why you should)
• Track progress
• Consider bringing in a guest speaker
• Use dashboard-style reports (here’s what they look like)

 
We also curated some valuable resources to help engage your board members from nonprofit leaders and organizations we trust.

(ARTICLE) – 12 Ways to Liven Up Your Board Meetings – And Your Board
(VIDEO) – How to Engage Your Nonprofit Board in Just 15 Minutes per Month
(WEBSITE) – The Board Doctor
(ON-DEMAND) – Effective and Engaging Virtual Board Members
(ARTICLE) – Are Your Board Members Bored? How to Inspire, Excite and Direct Your Board to Success
(E-BOOK) – The Board Engagement Playbook: 7 Tenets for Success
(BLOG) – Run a Productive, Fun Nonprofit Board Meeting​

Thanks for stopping by to read our picks for top nonprofit news this month! If you’re interested in hearing more from us, subscribe to our newsletter today!
 
About Blue Fox: Our team provides customized financial and back-office services for social impact organizations. Services range from standard bookkeeping and payroll services to coaching and consulting, to comprehensive virtual CFO services. Our mission is to disrupt the traditional accounting model through technology, innovation, and a radically client-focused approach that truly empowers nonprofits and social enterprises. For more information call (321) 233-3311, email hello@yourbluefox.com, and visit www.YourBlueFox.com.