Financial Management Education Specific to Nonprofits Coming Soon Melbourne, FL (August 14, 2019) – Virtual accounting firm Blue Fox has partnered with donor management software provider Bloomerang to provide educational content to nonprofit organizations in the area of financial management. Alike in their missions, these companies provide back office services to nonprofits and charities; Blue Fox offers bookkeeping, payroll, and tax preparation, and Bloomerang’s platform focuses on fundraising support and donor management.
The first publication, How to Wow at Your Next Board Meeting: 4 Tips for Meaningful Money Conversations, written by Blue Fox CEO Chantal Sheehan, is now available at www.bloomerang.co. It can also be accessed through Blue Fox’s blog at www.yourbluefox.com. Blue Fox CEO, Chantal Sheehan said, “The majority of resources available to nonprofit leaders are dedicated to marketing and fundraising. And while those are important, it’s also vital for nonprofit executives to build financially sustainable organizations. There are not enough professional resources out there dedicated to nonprofit fiscal management. Blue Fox aims to change that as we share our expertise. We thank our partners at Bloomerang for giving us another platform.” In addition to their guest editorial for Bloomerang, the Blue Fox team regularly publishes on their blog at www.yourbluefox.com/nonprofit-social-enterprise-financial-blog. Article topics range from the importance of kindness in leadership to QuickBooks tips specific to nonprofits to how to get a clean audit. For more information about Blue Fox call (321) 233-3311, email hello@yourbluefox.com, and visit www.YourBlueFox.com. ### ABOUT BLUE FOX: Blue Fox provides customized financial and back office services for social impact organizations (nonprofits and social enterprises). Services range from standard bookkeeping and payroll services, to coaching and consulting, to full-blown virtual CFO services. The Blue Fox 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.
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Only 11% of Nonprofits Run Efficiently  Hold tight. What I’m about to tell you might make you cringe. If it doesn’t, we need to talk!
One of the last nonprofits I consulted for used an Excel database to record checks received. A part-time recent college graduate was in charge of retrieving the checks and compiling the bank deposit. Were there errors? Sometimes. Did this staffer have questions? Often. Did they have questions they never asked? Probably. Was this process efficient? No! Queue my broken record: There has to be a better way! I’ve worked in the social impact sector most of my life. I think nonprofit professional do-gooders are highly innovative, intelligent and creative. Truth: we are scrappy geniuses. Put that on your resume! So, why are some nonprofits still operating in the paper trail dark ages? Excuses of the past are no longer valid. Today’s back office technology is widely available, user-friendly, cost-effective and downright awesome! Fox-tastic, as we say at Blue Fox. [Don’t Let FinTech Scare You – Our Top 4 Back Office Tech Tools] Don’t feel bad if your back office is behind the times. You’re not alone. This Yale Insights article highlights a shocking fact, “According to NetChange’s long-running survey of technology use by nonprofits, only 11% view their organizations’ approaches to digital as highly effective.” Imagine what your nonprofit could accomplish if your back office was humming away in a highly efficient manner?! Theoretically, you could do more than 89% of other nonprofits. Not that it’s a competition. ;) Well, I take that back. I’m a competitive person, and let’s face it: all nonprofits are competing for market visibility and funding. These two functions directly affect your nonprofit’s ability to make a positive impact in your community. Moral of the story: free up back office inefficiencies and go after what really matters. So, how much time does technology and automation actually save you? Giveeffect, a nonprofit software provider found that automation can save an organization over 30 hours per month. That’s huge! I say, take those 30 hours and throw them at mission related work. Do I have you thinking yet? It’s almost 2020. People thought cars would fly by now. Even more, people thought they would fly by now. (I was promised a jetpack!) Technology advances are slow in some industries, but your nonprofit’s back office can and should be fully automated with today's proven tools. No excuses. Our team at Blue Fox uses the best-of-breed technology and we train our clients how to be FinTech rock stars. We understand, change is hard. That’s why we encourage you to invite a professional nonprofit-focused accounting firm to help along the journey. Wink, wink – that’s us! Make a virtual appointment with our CEO today. It’s time to get up to speed with the latest technology. Consultations are complimentary and often enlightening. Call (321) 233-3311 or email hello@yourbluefox.com. Blue Fox will get you sorted! Author: Chelsea Clementi, MBA, Director of Marketing & Business Development, Blue Fox Resources: Let's Upgrade Your Nonprofit Accounting Systems! Our team just came across a must-share article! Nonprofit leaders and friends - we urge you to read: Choosing a nonprofit accounting tool: top six questions to ask, published by NTEN and written by Pia Simeoni. It’s comprehensive and robust!
This article is for nonprofit organizations that may not have the latest and greatest financial technology. If it’s time to make a change, where do you start? Read the full article for answers to these six questions:
Our team at Blue Fox is always available to help you upgrade your systems. We bring you up to speed with software and processes that produce accurate and actionable financial data. And, that’s the kind of data that leads to insightful strategic decision making. Yes, we’re offering to make your life easier. Let’s make your systems talk! Call us at (321) 233-3311, email hello@yourbluefox.com, or simply schedule your free consultation!  [Data and statistics courtesy of QuickBooks Prospective Client Infographic] Did you know that most small businesses owners spend 10 hours per week balancing their books? That equates to about 25% of a 40-hour work week spent on non-revenue generating or mission-related tasks. We know social impact executives often work longer hours than most but still - 10 hours is probably 9 hours too many don’t you think? But are you ready to outsource your accounting function? How do you know when the time is right? Ask yourself these questions:
Most nonprofit leaders were not born to be CFOs. Many social impact executives come from a marketing or fundraising background. The choice to hire an accounting firm can give marketing-minded executives piece of mind. It’s like bringing on the perfect business partner with complementary expertise. A ‘balanced’ partnership (accounting pun intended). ;) So, what exactly can an outsourced accounting firm do for your organization?
Our team at Blue Fox offers all of those services and more! Blue Fox is an accounting firm specifically for nonprofits and social enterprises. 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. If you think it may be time to hire an accounting firm, let’s have a chat and see how Blue Fox can help you reach your goals. Call us anytime at (321) 233-3311 or email hello@yourbluefox.com.   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 with fellow nonprofit enthusiasts. We tip our hat to them!
Here are just a handful of our favorite nonprofit resources this month:
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, boutique 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.  A special note and key learning points from our long-time client, Karen Govern, Executive Director at STARability Foundation: ________________________________________________________________ Thank you so much for the wonderful opportunity to attend the NTEN conference! The learning opportunities were outstanding and each session was useful, interesting and practical. I hope you enjoy just a few of my notes and key learning points below:
I really cannot say enough about my experience at the NTEN conference. The presenters provided access to valuable resources and tools. Although it was a large conference, there was a lot of small “caring” details, such as the helpful attendee packets and wonderful meals and receptions. The app and website were also very helpful for daily planning. And, I truly enjoyed interacting with like-minded leaders to share information, tips, and experiences. I even connected with someone from an organization in Australia that serves individuals with disabilities. We compared our countries’ service delivery systems and discovered we faced similar issues and challenges. _________________________________________________________________________________________________________ The STARability Foundation’s mission is to, “transform the lives of individuals with disabilities through social, vocational and educational connections to the community, while strengthening awareness and respect for individual abilities.” There is no better person to lead these efforts than our long-time client and friend, Karen Govern. She is a truly kind and caring human who leads with thoughtfulness, strategy and focus. We cannot wait to see her continued success and achievements at STARability! We think of our client relationships as true partnerships. Trust, kindness, patience, and respect are forefront of our service delivery and client communications. That’s why our clients, more often than not, also become our friends. Read more about what makes us tick and our five pillars of service.   Does your information presented at board meetings go in one ear and out the other? According to recent reports, the human attention span is now shorter than a goldfish, down from 12 seconds to a measly 8 seconds. What the Fox?!
It’s now trickier than ever to capture the attention of your stakeholders. And without their attention how to you establish buy-in and encourage action? There has to be a better way! Enter financial dashboard style reporting. Charts. Graphs. Visuals. Infographics. With a little illustrative razzle dazzle, your board members are paying attention. Better yet, they can quickly see your overall financial position. Gone are the days of reviewing tedious financial statements and boards of directors are thrilled! Ruth McCambridge, Editor in Chief of the Nonprofit Quarterly explains it best, “A well designed dashboard shows whether a nonprofit is making headway on its critical variables… it organizes and focuses conversations.” So, what do you include on your dashboard? Well, ask yourself what drives the success of your organization? Do you have defined strategic objectives that are measurable? You might measure quantity of memberships or donations, clients served to date, cash on hand, program income budget vs actual, annual revenue by source, restricted vs unrestricted funds, and so on. The possibilities are endless – the question is: what key information matters most to you and your management team? Our team at Blue Fox builds dashboards for clients upon request. Some are more extensive and others are one-page snapshots. Customization is key and no two organizations have exactly the same needs. The common factor is that our clients present interesting, concise, actionable data to their stakeholders to make their board and management meetings truly useful moments. About: Our team at Blue Fox provides customized, boutique financial and back office services for social impact organizations. Services range from standard bookkeeping and payroll services, to coaching and consulting, to full-blown 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. Resources:
 Ready to have your mind blown? Go ahead and Google “The Future of FinTech”. Half of what you read might sound made up. And, no, the interwebs are not speaking Dothraki. Terminology like Blockchain, Ethereum, Insuretech, and robo-advisor are all real. Any Scrabble junkies want to pull out the dictionary and challenge us? Go ahead. Just know that new technology may take over before Merriman Webster can crank out a new print edition.
Constant change in the financial technology space can overwhelm small businesses, especially those in the nonprofit and social impact space. But rest assured that Blue Fox is hip to the newest developments. We stay up to speed on innovations in the FinTech space so that we can provide you with the most useful and reliable technology tools out there. Our favorite back office technology solutions?
The core of our Blue Fox philosophy is the marriage of technology and humanity – that’s why our tagline is Agile Accounting for Impact. We believe that the right mix of automation and human-touch makes all the difference. If your organization feels the same, we want to work with you! Don’t hesitate to call us at (321) 233-3311 or book a free consultation with us today! About: Our team at Blue Fox provides customized, boutique financial and back office services for social impact organizations. Services range from standard bookkeeping and payroll services, to coaching and consulting, to full-blown 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.  As usual, at the end of 2018 the IRS revised the mileage reimbursement rates for business, charitable, and medical/moving miles driven. The new rates are as follows for 2019:
Ever wonder: what goes into those rate changes? Is there just a dude sitting at Treasury somewhere who makes the call, or is there a formula of some kind in place? As satisfying as it might be to blame an unknown dude at Treasury, it turns out there are a few known factors that go into the mileage rate calculation:
Generally, when the costs above go up, we see an increase in the mileage rate. And when they go down, we see a decrease. As a consumer, though, it often feels to me like the best indicator that there will be an increase is gas prices. (If you want to geek out and compare historic fuel prices with historic mileage rates, have at it. We did!) In 2019, gas prices are expected to continue to rise so the IRS has provided a 3.5 cent bump to the business mileage rate. (Woohoo! Don’t spend it all in one place!) If you use an app like Expensify, MileIQ, or Motus to track your business miles, the apps should compute your mileage reimbursement correctly. If you’re old school and using a paper expense report to get mileage reimbursement from your employer, or to track your own business mileage deduction, then you’ll want to correct all your expense report formulas and forms to reflect the new rate. And stay tuned: word on the street is that there might be a 2nd mileage rate hike mid-year if gas prices aggressively rise this year. About: Our team at Blue Fox provides customized, boutique financial and back office services for social impact organizations. Services range from standard bookkeeping and payroll services, to coaching and consulting, to full-blown 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. Author: Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r)  Hello 2019! With a new year comes a fresh start – an opportunity to set financial and organizational goals. What’s better than starting with a clean slate? For next year, I encourage YOU, a change-making social impact leader to focus on financial sustainability.
Think about it from another perspective. Your benefactors are supporting your mission today, and in their eyes, to infinity and beyond. It’s vital to leverage every single dollar your organization brings in and become true stewards of the resources you already have. A monumental task? Yes, it is! Highly detail oriented? You better be! A long-term outlook? Time to adopt one! In the spirit of supporting your sustainability, here are 5 New Year’s resolutions for leaders of sustainable organizations:
Our team at Blue Fox provides customized, boutique financial and back office services for social impact organizations. Services range from standard bookkeeping and payroll services, to coaching and consulting, to full-blown 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. Author: Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r) Resources: BoardSource, 10 Common Benefits of Dashboard Reports National Council of Nonprofits, Nonprofit Sustainability Propel Nonprofits, Operating Reserves with Nonprofit Policy Examples Stanford Social Innovation Review, Building Financially Resilient Nonprofits: Lessons From the Field |
Our BlogWelcome 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! Top ArticlesNonprofits - It's Time to Automate Your Back Office
How to Engage Your Board of Directors in Financial Conversations How to Join the Social Enterprise Movement Kindness Leads to More Profit & Productivity Don’t Ignore This Nonprofit Management Advice Building Blocks for A More Just, Equitable, and Inclusive Work Environment QB Tip of the Month: How to Use Classes for Painless Grant Writing Nonprofit Leaders - Talk Finance and Empower Your Staff When to Hire An Accountant for Your Social Impact Org Why Outsource Your Accounting? That Time I Went to Cause Camp Impact Investments in Yourself Are You Paying Too Much for Payroll? Financial Dashboards - Capture Attention, Create Conversations, Drive Results! Don't Let FinTech Scare You - Our Top 4 Back Office Tech The Wonderful World of Micro-Donating! The Case for Kindness in Business How Nonprofits Build Donor Trust: Be Transparent 5 New Year’s Resolutions for Sustainable Nonprofits Why We’re on a Mission to Help Conservation Organizations Money Matters - So Why Aren’t More Nonprofits Talking About It? Tips to Get You A Clean Audit Every Year Company NewsBlue 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 Categories
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