OUR TOP PICKS: News and Resources for Social Enterprise Organizations and Social Entrepreneurs
If you’re like us, your daily inbox is jam-packed with newsletters and educational opportunities from like-minded social impact leaders. These spectacular humans work around the clock to foster positive change in their communities. Then, somehow, find time to share their story. We tip our hat to them! Here are just a handful of our favorite resources this month:
Thanks for stopping by to explore our picks for social enterprise news this month! If you’re interested in hearing more from us, subscribe to our newsletter today!
Our philosophy at Blue Fox is that social impact organizations will thrive if they pay as much attention to financial management as they do fundraising, events, and marketing. There are so many resources (conferences, webinars, ebooks, and consultants) in the “fun areas” of nonprofit management but not as many focused on nonprofit organizational growth through financial stewardship. Insert Blue Fox! We are that resource and are here to support your organization’s back office.
We know nonprofits meet regularly, some even monthly, with boards or finance committees to review the financial state of the organization. We’ve been in those meetings and we understand that financial literacy does not always span the entire boardroom. In fact, many new executive directors struggle to pinpoint exactly what financial information to discuss with board members. Side note: Our team can help with that!
But for now, we want to share a helpful article from our friends at Intuit Quickbooks. Per their advice, here are three financial reporting items your organization should keep a keen eye on.
1. Restricted vs. unrestricted funds. Instead of looking at funds as one big pool of money, there needs to be a designation between restricted (money that comes from designated giving) and unrestricted cash. A simplified way to decipher between the two types of funds is to create a P&L statement and balance sheet in three columns. The first column lists out the net assets without donor restrictions; the second column lists net assets with donor restrictions, and the third column is the total.
Pro tip: Use the location feature in QuickBooks to set this up and simplify reporting.
2. Revenue model structure. Reviewing your nonprofit’s revenue model monthly allows for adjustments to be made when funding is a little wonky. The next time you review your revenue model structure look for total income earned, total contributed income, then track what percentage of funds are coming from which area. Identify if there is too much funding from one revenue stream and then decide if income should be diversified.
3. True program cost. Now, this might seem more like an annual process activity but for nonprofit organizations where cash flow is tight and decisions need to be made about cutting programs, a true program cost needs a monthly review. [Learn more about the importance of cash flow for nonprofits.]
If you have any questions about the financial status of your nonprofit or about any of these reporting items before your next board meeting, feel free to give us a call at (321) 233-3311 or email us at firstname.lastname@example.org. We’ll get you sorted! Then you can focus on what really matters: your mission and serving your community.
Recently, QuickBooks surveyed 1,068 small business owners on the economic effects of the Covid-19 pandemic and their strategies to stay afloat. Roughly 88% of respondents said their business operations have been affected by the health crisis. It’s clear that business owners are focused on survival, putting growth strategy on the back burner.
Is it far-fetched to talk about growth as the pandemic lingers on?
The QuickBooks team doesn't think so. In this article, they offer three top growth strategies to consider, even now.
1. Keep sight of the big picture.
When you’re stuck in the day-to-day operations of your business, it can be tough to focus on a long-term growth strategy. This study found that small businesses are spending 31 hours a week the day-to-day, not allowing them to look at the bigger picture.
Of course, the dream is to spend time working on strategy, customers, and innovation. However, leaders are being pulled into e payroll, sales, human resources, marketing, customer service, and bookkeeping.
[Hey, we know of a really cool company that can help with two of those operations.]
2. Don’t be afraid to delegate.
Del-e-gate… it could be so nice! Leaders, it’s time to be honest about your strengths and weaknesses. Ask yourself, “Would I hire myself to do this job?” If the answer is no, delegate to an expert and focus on where your strengths lie.
98% of the business owners surveyed said they would prefer to focus more time on business growth or nurturing there a competitive advantage. Maybe you can relate to one or all of these but the three ways business owners surveyed prefer to spend their time are by developing business strategies, making a direct impact on customers, and innovating products and services.
3. Trust the experts.
Almost half of the business owners surveyed (45%) reported the top benefit of taking a step back would be less stress, and if they were able to outsource or delegate some of their work, within just 30 days, they would be less stressed. Pick your growth strategy and take a step back to prioritize the future over everyday tasks.
Just in case you need a good reason (or 10), here’s why you should outsource your accounting.
We know the past (almost year) for small businesses and nonprofits has been full of ups and downs. As your organization continues to recover, don’t lose sight of your vision and mission, And don’t lose hope; things will get better.
To read more insightful data from this survey, you can find it here.
If you’re looking to outsource any of your small business, nonprofit or social impact organization’s back-office operations, feel free to give us a call at (321) 233-3311 or email us at email@example.com. And bonus, our team of foxtastic bookkeepers are certified QuickBook ProAdvisors.
Welcome to the Blue Fox Blog! A fairly entertaining source of info and news related to our company, nonprofits, social sector trends, and, of course, accounting. Enjoy!
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