How Do Your Financials Measure Up?
Dust off those financial statements and put them to work! Our team at Blue Fox created this Magical Ratio Matrix to help your organization measure its financial health against industry standards.
So, how do you measure up? What are the red flags for each ratio? Is your organization in a healthy, sustainable position?
BUT FIRST! Before you start your calculations, make sure your financial data is current. Complete Step 1 on our Ultimate Financial Checklist. Check each box to ensure your data is squeaky clean. Remember: Accurate data = accurate insights = informed decision-making.
LET’S CRUNCH THOSE NUMBERS
How did it go? Are your ratios within the acceptable range? Did you get a red flag? If so, that’s okay. That’s important information to have. The question is: what are you going to do about it? Do you know what steps you can take to improve your nonprofit’s financial position?
If you have any questions about your results, our friendly team at Blue Fox will happily help. Feel free to schedule time with our CEO to get some answers.
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Blue Fox offers monthly back office financial services (bookkeeping, HR, payroll, tax) and financial consulting specific to social impact organizations. Our team members have broad expertise in the social impact space, with backgrounds as nonprofit leaders, board members and volunteers. The entrepreneurial spirit runs deep on our team. This means we manage your back-office from the same perspective as you would. Meet some of our clients!
Tech Thoughts From Our CEO, Chantal
When I started Blue Fox, I was delighted at the prospect of working from home and running a virtual, tech-based company. My list of pros was something like this:
- Yoga pants
- No high heels on the daily
- Unfettered access to the fridge
- A schedule that works for me
- Yoga pants
But I never imagined that one of the benefits of running a firm like Blue Fox would be that our services would remain operational during a pandemic. Zombie apocalypse might've been higher up on my list than pandemic. Sheesh. Talk about unexpected wins.
Am I glad we're operational during COVID-19? Of course. Thankful every day we can continue to provide for our clients and our team. But even with all our tech tools and infrastructure, we've still had to adapt to new and different needs, internally and externally, during the last 6 months.
Technology needs in today's business world are only intermittently static. They evolve, right alongside your business model and your team, over time. You ignore your ever-changing needs in this area of your business at your own peril. Cumbersome, inefficient technologies can become a huge internal burden if left in place for too long. And then it becomes extremely costly (time and $$!) when you finally transition.
Our tagline at Blue Fox is Agile Accounting for Impact. Agile is a tech industry term, in case you're unfamiliar. It has to do with developing and deploying software incrementally and iteratively, rather than just dropping a completed product in the marketplace.
So if we at Blue Fox don't practice an agile approach for ourselves, and support our clients in doing so as well, we aren't living up to our mission. So that's why we've put together a special tech-oriented newsletter curated just for you.
Enjoy & stay safe and healthy,
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!
Back to Basics: How to Set Up Your Nonprofit Chart of Accounts
How "Small" Payroll Mistakes Cause Multi-Year S#!t Storms for Nonprofits
Behind the Scenes, New Client Onboarding Call
When to Hire a Tax Professional - 10 Factors to Consider
40+ Ideas to Light a Fundraising Fire Under Your Nonprofit Board Members
Why Outsource Your Nonprofit Accounting to Blue Fox? Ask One of Our Newest Clients
Client CASE STUDY: One of The Most Financially Sustainable Nonprofit Orgs We Know
The Magical Nonprofit Financial Ratio Matrix
10 Reasons to Outsource Your Nonprofit Accounting
How to Make Your Nonprofit Recession-Proof
How to Engage Your Board of Directors in Financial Conversations
QB Tip of the Month: How to Use Classes for Painless Grant Writing
When to Hire an Accountant for Your Social Impact Org
Are You Paying Too Much for Payroll?
Blue Fox Teams Up With Bloomerang to Develop Nonprofit Resources
Blue Fox Earns Better Business Bureau Accreditation
Blue Fox Launches Protected By Logo
Blue Fox - The Origin Story