When to Hire an Accountant for Your Social Impact Organization
[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 nonprofit 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
Ensure compliance with local, state and federal tax law
Set-up and integrate the best, latest and greatest financial technology solutions to maximize efficiency and save time
Assist with and ensure a smooth audit process
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. Not sure about it; just ask our clients and read what they have to say about us.
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 click here to request more information and/or a quote.
