10 Reasons to Outsource Your Nonprofit Accounting

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​Nonprofit organizations are famous for running lean when it comes to budget. But gone are the days of sacrificing service quality for cost. Here’s the secret (and it’s not so secret anymore). It’s outsourcing. A way for nonprofits to maintain control of costs AND benefit from high quality financial back office management.
 
With advanced cloud-based systems and virtual technology, outsourced financial services are more affordable and attainable than ever for nonprofits. It’s a win-win, especially if you partner with a company like Blue Fox (that’s us) that tailors service to the social impact sector. We employ experienced nonprofit gurus to get the job done – whether it’s virtual CFO service, controller-level oversight, bookkeeping, payroll, tax preparation, or financial coaching, outsourced service providers can provide you the insights and information you need at a fraction of the cost of an employee.

Here are 10 reasons you should consider outsourcing part or all of your nonprofit’s finance function.

1. Expert Resources & Peace of Mind – Welcome aboard a team of skilled accountants to seamlessly handle your back office financial operations with an expert eye. Gain accuracy, insights, and the ability to make data-driven strategic decisions.
2. Engage Your Board of Directors – Walk into your board room with confidence, accurate financials, and timely data. Engage your board members with dashboard style reports, improved financial understanding, and ultimate preparedness.
3. Consistency & Redundancy – When you don’t have staff turnover in your financial team or bookkeeper position, your data is more consistent year to year. Outsourced providers typically assign a team to your account, so there’s built in redundancy.
4. More Hours in Your Day – Yes, it’s possible! Outsourcing frees up time spent on data entry and pulling reports, fixes outdated time-wasting systems, and gives you more time to focus on the big picture.
5. Scalability & Sustainability – Financial management tasks will no longer drag your team into the weeds during high-activity times. Professional services help your team focus on mission-related work. Just because your organization grows doesn’t mean you need to hire more staff.
6. Process Improvement – Upgrade, professionalize, and standardize your financial processes with the latest and greatest technology. It’s time to revel in better efficiency and on-time data delivery.
7. Lower Risk – Implementing a third-party audit trail will squash internal financial risks of all kinds. Strong checks and balances come standard with outsourced accounting services.
8. Leaner & Greener – We’re talking about reducing your carbon footprint by adopting technology and virtual services. Say goodbye to piles of paperwork and chopping down happy healthy trees just to please your auditors.
9. Access, Access, & More Access – Meet us in the cloud where you have full access to your financial data anywhere, anytime. Outsourced virtual accountants update your data in real-time, so when you have questions or need reports, we respond at a moment’s notice.
10. Reduce Overhead Costs & Save Money – Outsourcing saves your organization money on: staffing and benefits, staff turnover and training, financial mistakes, software, hardware, and more!

So, when is the best time to make the change? 

There is no better time than the present! Remember the 10 benefits of outsourcing we just talked about? They can be yours, just make the call. And, when you’re ready, our team at Blue Fox will hold your hand through the onboarding process for a seamless shift of duties. Let’s chat soon! Give us a call at (321) 233-3311 or email hello@yourbluefox.com to request a quote.