 [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. 
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 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  A Few Quick Facts:(1) Businesses can no longer deduct entertainment expenses.
(2) Deductions like moving expenses, investment fees, and unreimbursed business expenses are GONE. (3) The Blue Fox team has been busy researching, attending IRS conferences and strategizing to help our clients maximize the deductions they can still take!! Earth Mother & Proud Tree Hugger: Why We’re on a Mission to Help Conservation Organizations11/30/2018  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:
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:
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.  Does the start of audit season fill you with a combination of dread and panic? When your auditor comes for a site visit are you nervous or stressed? Deep down, when it feels like this each and every year, do you say to yourself: there must be a better way?!
In theory, an audit is actually an AMAZING tool. (Yes, really.) Audits help management and external stakeholders (like investors and donors) to understand:
Ultimately, a clean audit can enhance your organization’s reputation in the community. That’s the goal anyway. Unfortunately for auditors, though, no one loves an audit. An audit is seen as a tedious, often painstaking process. Some nonprofits get audits every year just because it’s mandated by their nonprofit bylaws. It can feel like a mess of wasted time and money. But it doesn’t have to be that way. Here are 5 tips to help you thrive during audit season and get a clean audit! (And we feel pretty good about these because our clients get clean audits every year.) 1. Identify the cause of your audit stress We all internalize judgment and critique of our work in different ways. Whether it’s something as trivial as a Google review or as serious as an audit, there’s no getting around it: when a 3rd party delivers an opinion about your work it can be uncomfortable, especially if it’s not a good one. But if you can figure out the major causes of discomfort, you can work to resolve them for yourself in advance. Studies show that the simple act of naming the causes of stress or anxiety actually lowers stress levels all by itself. So figure out what it is that freaks you out about your audit, examine it, and start to consider how you can resolve it in the future. 2. Stay as organized as possible throughout the year Organization and preparation are key to a clean audit. If your desk looks like a tornado and your file cabinets are a mess, yes, of course audits will be a challenge. But basic, common sense record-keeping is essentially the foundation of a clean audit. These days, virtual financial record-keeping is easier than ever. With apps like QuickBooks Online and Bill.com, your office can even become paperless when it comes to accounting records. Ask us if you’d like a recommendation on the tools that’ll work best for you. 3. Be transparent Kudos to auditors everywhere: they can smell BS a mile away. We’re not kidding. It’s like their superpower. So listen up: you’re a good person. Your auditor is a good person. (Probably. Deep down anyway.) Don’t make them sniff out something you did wrong. If you goofed, or your staff goofed, just be up front about it. If you know something is amiss, chances are so will they. It will feel better to own it than to try to escape it. So turn it into a learning moment: “Look, Audrey the Auditor, I think we messed up our accounting for this event. I wanted to let you know in advance and ask if you have any advice or suggestions so that it doesn’t happen again.” Transparency and honesty are essential to a clean audit, and a good relationship with your auditor. 4. Follow up with your auditor for more feedback So, you pay your auditor a boatload of money each year and they spit out this report that your board reviews for, say, 10 minutes. Is that a win? Not in our book. So how about leveraging the knowledge and wisdom locked up deep inside Audrey the Auditor? Why not ask her questions, both in the middle of the audit and after it’s done? Good questions might be:
The auditor will be THRILLED that you asked and that you care, and will probably give you some mental bonus points just for taking such initiative. And questions will spark dialogue between you and the audit team, ensuring that you get the most bang for your buck all the way around. 5. Ask for help If you feel like you could use some extra help with your accounting workflow, or that you just can’t get organized for your annual audit without help, it might be time to begin outsourcing some of your financial functions. Ask your auditor what they think about that. Or just call us and talk it over. We won’t pitch you; we’re here to be a resource. So reach out at any time. A clean audit is possible. We see it all the time! Contact us if you want help preparing for your next audit. We’re here 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. |
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
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