A bookkeeper in a small office opens the top drawer on her desk over and over throughout the day. She opens it slowly, peers in at something, closes it, and then returns to her accounting on her computer. She does this multiple times a day. 

She locks the drawer every night before she leaves, and the other office staff gossip quietly every day about what's in the drawer. Chocolate? Can't be. It's not edible. A pet rock? Possibly. She's a little quirky. They speculate endlessly.

One day, the bookkeeper dies suddenly. The business owner gets her desk drawer keys from her family a few days later. The office gathers around as the big secret of the drawer is revealed. What's in it?

A simple piece of paper with the words "Accounting Bible" at the top. On the sheet is a strange coded set of words and symbols labeled "T-Accounts." The office staff stares in wonder, unable to make anything out of it. Then someone puts it back in the drawer and they walk away... Guess she really was an odd duck.

Get your very own Accounting Bible here ;)

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: 

• Social Entrepreneurs, Create A Startup Then Do Good Like These Companies
• Points of Light Announces the Civic 50 for 2019
• Moving Toward an Inclusive and Regenerative Economy
• 5 Ted Talks for Social Enterprise Leaders
• More Investors Exploring Nature-based Growth Opportunities

 
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!
 
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. 

[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:  

• Do I have the time to learn and/or manage the bookkeeping system?
• Am I able to stay up-to-date on new tax laws in order to avoid legal troubles?
• Is my time best spent managing the accounting system?
• How much does my bookkeeper’s time (or my time) cost compared to accounting firm fees?
• Does staff turnover affect our back-office efficiency?
• Is the board of directors asking me to provide financial data beyond my ability? And a corollary: do I spend at least half a day before each meeting prepping financial reports?
• Wouldn’t it be nice to wow the board with some snazzy reports like financial dashboards?

 
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?

• Analyze the financial big picture and offer strategic advice.
• Produce key financial documents and can help with annual tax filings
• Can act as a chief financial officer beyond tax season, to advise on financial strategies
• Perform day-to-day hands-on tasks like handling new hire paperwork and payroll, paying bills, submitting invoices, etc.
• Track company expenses accurately and maintain a healthy audit trail

 
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.

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:

• Nonprofit Quarterly & FMA, How to Build a Dashboard for your Nonprofit: A Critical Strategic Tool Reveals Itself
• Time, You Now Have a Shorter Attention Span Than a Goldfish, Kevin McSpadden

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? 

• Intuit QuickBooks Online – With over 5.6 million global users, QuickBooks Online breeds efficiency, accuracy, collaboration, organization, automation and oversight over all aspects of your organizations financial picture. Bank-level encryption, payroll processing, and the ability to integrate CRMs and project management apps make QuickBooks Online the leader in small business accounting software. 
• Bill.com – Automates and simplifies the way you pay bills, send invoices, and get paid. Electronic vendor payments and a perpetual audit trail are our favorite features of this revolutionary platform.
• Citrix ShareFile – 100% secure file storage with 24/7 file accessibility. Dropbox, Box, and Google Drive are good solutions, but Citrix security, encryption, and granular user privileges are unrivaled in the cloud storage space.
• Expensify - The world's leading application for expense management, receipt scanning, and business travel. Track your mileage, file an expense report, and use it for easy credit card reconciliations.

 
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:

• Business: $0.58 per mile
• Medical or moving: $0.20 per mile
• Charitable: $0.14 per mile

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:

• Fuel costs
• Vehicle maintenance costs
• Insurance rates
• Actual costs to purchase a vehicle

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:

• Start Utilizing Financial Dashboards: We Use Them!
  • A picture says a thousand words, and so do financial dashboards! Don’t bury your board members in pages and pages of financial statements. Why not used a condensed, visually-appealing, easy-to-read, informational, one-page snapshot of financial data? It’s like an infographic showing your organization’s financial performance and health.  Save time. Initiate data driven decision making. Quickly identify financial problems. Reinforce board oversight. The benefits of financial dashboards are abundant. Check out 10 Common Benefits of Dashboard Reports by BoardSource and tell me you’re not convinced.
• Multi-Year Budgeting is a Must
  • Do you want your organization to be thriving in five years?  Then it’s time to start long-term planning now. Nope, not the typical vague, text-heavy, idealistic strategic plan. We’re talking about an operational plan with benchmarks, metrics, checkpoints, trend analysis, economic forecasting, etc. If your organization receives money from grants, what does the future of grant funding look like? Will you hire a new bookkeeper or other staff member, or outsource some future operations? What decisions will you make this year that will significantly affect your organization over five years?
• Understand the Nonprofit Starvation Cycle & Avoid at All Costs
  • According to the Council of Nonprofits the Nonprofit Starvation Cycle is, “When a nonprofit is always catching up, but never has enough resources to cover its costs AND invest in its own infrastructure.” Does this sound familiar? Do you and your board have recurring, agonizing conversations about becoming a proactive, rather than reactive organization? At Blue Fox, we believe that you can break the cycle with deep financial knowledge that empowers you to truly leverage your resources and create accurate strategic and financial forecasts.  If you’re stuck in this rut, call us to help!
• Let Actionable Financial Data Lead Decision Making
  • Picture this: you’re called into an impromptu brainstorming meeting with your team to discuss a new partnership program. What do you bring? A pen? A pad? What else? Anything?  How about your financial statements? And, maybe your latest program profit and loss statement. At Blue Fox, we deliver actionable financial data to our clients because we believe that the topic of finance is critical to decision making if organizations are to be sustainable in the long-term. 
• Can you say Operating Reserves Policy?
  • Rainy day fund. Emergency fund. Hurricane fund as we say in Florida (ha-ha). Call your operating reserves what you will, but plan for its funding and use too. How much should you allocate per year? Are any of the funds restricted? What constitutes a withdrawal? Answering these questions in advance is a must! If you don’t have an operating reserves policy, round up your team and start writing. Find additional information and samples by Propel Nonprofits.

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

Just about 10 years ago, I was brought to a dinner party by a good friend. By way of introduction, my friend announced that I was visiting from Vermont where I was in grad school. Someone said, “Grad school in Vermont? With all the hippies up there?” My friend replied, “Yep, she’s a Tree Hugger!”
 
I remember bristling at the time, both because I worried the crowd wouldn’t respond well to the Tree Hugger label, and also because I never really thought of myself that way. (Truth be told, I bristle at pretty much any label applied to people – labels are for food and packages. Not for humans.) But I realized later that being called a Tree Hugger was actually a critical moment for me. From that point on, I started to embrace my innate passion for nature, conservation, ecology, and protection of our natural resources.
 
When I was a little kid, I was outside as much as I could be, especially after we moved from my birthplace of New York to North Carolina (mountains!) and then later to Florida (beach and climbing oak trees!). I was one of those kids who always came home filthy and was sent straight to the bath. I used to run around the woods by our house barefoot, delighting in the feel of grass and earth between my toes. I played outside in the rain constantly and stared out the living room window whenever a thunderstorm put on a lightning show for, in my mind, my own viewing pleasure.
 
My parents brought me up with a keen sense of respect for and love of all that nature has to provide. As I grew up, one of the only clubs at school I joined and actually liked was the Ecology Club. We studied the weather and hosted coastal cleanups around the Tampa Bay area, where I made collecting trash on the beach into a competitive sport.
 
I suppose that deep down it just always made sense to me that we should be the guardians and stewards of our Mother Earth – that if we fail, we will ultimately become extinct, or at the very least, homeless.
 
The fact that so many of my fellow Earth-dwellers simply do not accept their responsibility as caretakers and stewards of the planet drives me absolutely nuts. With all the data and scientific tools we have today, we know – we KNOW – that we are:

• Drowning in our own trash
  • Americans throw away their body weight in garbage every month on average
• Ignoring the effects of climate change and the security risks it poses, never mind the risks to life and property
  • The US Department of Defense has something to say about it, and it’s not good
• Recklessly polluting our water, air, and now (because we can?), space (NASA has to track space waste now!)

 
Needless to say, I continue to be a passionate advocate for the work done by conservation and environmental education organizations around the country, but especially at home here in Florida. As Den Mother at Blue Fox, I proudly support a focus on service to nonprofits and social enterprises that operate in these arenas. From electronic recyclers to conservation organizations to environmental engineers, each of these Blue Fox clients play a critical role in safeguarding and protecting our natural resources. We are honored to serve them and help magnify their impact in a small but meaningful way.
 
If you’re considering making a charitable donation this holiday season, please: send some (or all!) of your dollars to a nonprofit that you trust to make an environmental impact. The global focus on environmental improvements since the first Earth Day in 1970 are impressive! We can accomplish big, great things when we put our political and financial will to work for a cause.
 
I am a Tree Hugger – there’s no denying it. Question is: are you?

____________________________________________________________________________________

Author:  Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r)
​
Company Info: 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.

​Yesterday, I was wandering the interwebs looking for US-based conferences dedicated to nonprofit finance. Know how many I found? 1. Precisely – 1. Whaaaattt??? That can’t be right! Can it?!
 
In an effort to be charitable (haha – pun intended!) to any conferences I did not find, let’s handicap the wide world web’s results and offer that there could be some conferences out there that didn’t come up in a Google search due to some SEO-related reason. Let’s say there are 10, just for argument’s sake.
 
Now anyone, in any industry, but especially a leader in the social impact space, must know that there are 1000s of conferences every year. Indeed, there are ad nauseum lists online of the Top 10, Top 15, Top 20, even Top 65 nonprofit conferences each year. And yet, only a handful (or 1!) is dedicated to the financial-layperson-cum-nonprofit-leader?!?!
 
Reconcile that with constant hum in the social impact space that chants, “Be sustainable. Earn revenue, don’t just solicit donations. Insure your organization’s future. Be responsible stewards of your donor dollars.”
 
How do those two things line up for you? It’s a paradox, wouldn’t you say?
 
If you are a nonprofit or social enterprise leader, you know the value of a trusted accountant, bookkeeper, or board treasurer. If you’re lucky enough to have one of these magical, numerically gifted unicorns in your life, you know you need to treat them like gold.

That’s because without a good financial manager in place, your organization operates at its own peril. The wheels of the bus take no time to come off if you don’t understand your financials and are blindsided by unforeseen events.
 
So why, oh why, Sweet Universe, are there not more gatherings focused on nonprofit finance and financial leadership?
 
I offer two possible reasons:

1. Sexiness. Money, and talking about money, isn’t sexy. It’s hard. It’s uncomfortable. It’s raw. And if you’re lacking confidence in financial management, it makes you incredibly, painfully vulnerable.
2. Taboo. Money conversations in Western culture are taboo. Many of us are taught to avoid the subject in public as often as we can (it’s in the same category as religion and politics). Take the personal taboos around money and TRIPLE them when it comes to nonprofits and money. Got a cash flow problem? Tell NO ONE. Don’t know how to read your balance sheet? PLAY DUMB and defer to the finance committee chair at board meetings.

 
The ironic thing about our avoidance of finance as a topic is that the avoidance only serves to deepen our dysfunction with money and increase our feelings of incompetence. Nonprofit leaders and social entrepreneurs who fail to build their own capacity in finance are tying their own hands and blindly trusting someone else with “the numbers.”
 
Is that right? Is it healthy? Is it okay? I’m not one to judge. But it’s certainly not functional.
 
Major donors and institutional investors/funders everywhere want to see the impact of their investments. They encourage their grantees to network and learn how to be better leaders, better fundraisers, and better managers.

But, alas, no money, no mission. No money, no leadership needed.
 
Times are flush again for nonprofits. But remember about 10 years ago when they weren’t? Remember when organizations were shuttering and merging at breakneck pace? Remember when every funder didn’t want to be your only funder, and when “social enterprise” and “sustainable revenue streams” first came into nonprofit parlance?

The Great Recession spurred innovation and scrappiness from an already scrappy nonprofit sector. But where are we now? Where is the capacity building grant for financial education? Where is the investment in helping nonprofit leaders become A+ students in finance?
 
Answer: I have no idea.
 
Happily, that’s why I launched Blue Fox. Financial services for nonprofits and socially responsible business leaders and coaching to level up your financial knowledge. It’s all here.
 
You’ve come to the right place…  What we can do for you?

_______________________________________________________________________________________________

Author:  Founder & CEO, the Original Blue Fox, Chantal Sheehan, MS, CFP(r)
​
Company Info: 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.