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When to Hire an Accountant for Your Social Impact Organization

5/21/2019

20 Comments

 
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[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.

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20 Comments
Reem Al Hashemi link
6/28/2019 07:17:49 am

Thanks for sharing this informative content with us. specially the sarcastic image you is much attractive. keep Posting

<a href="https://alkhadim.ae/vat-registration.html/" rel="nofollow">online Bookkeeping Service</a>

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Blue Fox link
7/3/2020 10:56:09 am

Thank you for comments!

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PAT Finance link
4/11/2020 12:16:29 pm

but he also wants to know how much he owes to his creditors and how much he has to pay to his debtors. For this purpose, he prepares a statement in which all such details are recorded. This statement is known as Balance sheet. With the help of Balance sheet Financial position of the business can be Understood.

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Blue Fox link
7/3/2020 10:56:02 am

Thank you for your comments.

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rachel frampton link
5/11/2020 06:53:46 pm

Ever since my start-up business took off, handling the finances became more complicated, that's why I've been thinking of hiring a CPA. What you've stated is correct; since I am not up to date with the new tax laws, it'll be best to hire an accountant so legal troubles will be avoided. It's also great to know that an accountant will be able to analyze my financial status and come up with strategic advice.

Reply
Blue Fox link
7/3/2020 10:55:48 am

We would be happy to help with your questions about new tax laws. Give our Blue Fox team a call any time at (321) 233-3311 or email hello@yourbluefox.com.

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Braden Bills link
5/21/2020 11:57:10 am

My friend wants to open up a small business, but he's not sure how to keep track of information. It makes sense that getting the right accountant would be really helpful for him! That seems like a great way to ensure that he keeps track of his expenses. That would make taxes a lot easier for him.

Reply
Blue Fox link
7/3/2020 10:57:46 am

Yes, and we would be very happy to help you friend! Feel free to pass along our contact information: (321) 233-3311, hello@yourbluefox.com.

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Small Accounting Firms in Auckland link
6/16/2020 08:08:33 am

Thank you for sharing this useful article here, this is really something needed to be understood… I am happy to come across your article; you really have done a great job to your content. Would love to read more from you in future! If possible visit this website stuartsnowaccounting.co.nz to gain more idea or tips on the same.

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Blue Fox link
7/3/2020 10:59:27 am

Thank you for the comments! If you would like to subscribe to our blog and newsletter updates you can do so at this link: https://yourbluefox.us4.list-manage.com/subscribe?u=1255e5b9ff8f59461ee651448&id=e485df076a.

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Franklin White link
6/22/2020 03:31:14 pm

I had no idea that most small business owners spend 10 hours of their week balancing all of their books. I think so much time and money could be saved if they hired an accountant to do that for them. Then they could focus on other aspects of their company rather than looking at the books.

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Blue Fox link
7/3/2020 11:00:08 am

Yes, we agree! Thank you for your comment.

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Greg Hampton link
8/3/2020 11:16:18 am

I like what you said about using bookkeeping services since they'll be able to analyze the financial big picture for your business. My sister wants to make sure that her company is managed properly in the coming weeks. I'll share this information with her so that she can look into her options for bookkeeping services that can help her with this.

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Blue Fox link
8/3/2020 03:22:26 pm

Greg - Thank you for your comments! Please send your sister our way if we can be of help. You can also subscribe here to our newsletter: https://yourbluefox.us4.list-manage.com/subscribe?u=1255e5b9ff8f59461ee651448&id=e485df076a

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rachel frampton link
8/17/2020 05:19:18 am

I'm planning to hire an accountant who will be able to help me with my taxes because preparing these has always been a problem of mine. I agree with you that it would be too stressful for me to manage my own accounting system, knowing that I'm not an expert. Therefore, it's great to learn that outsourcing this type of service may help me with the annual tax filings.

Reply
Blue Fox link
8/17/2020 10:40:18 am

Rachel - Thank you for your comments! If you need tax prep help, please give us a call! (321) 233-3311 or email hello@yourbluefox.com.

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bookkeeping melton link
9/21/2020 02:28:57 pm

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
Thanks

Reply
Bookkeepers Mangawhai link
9/26/2020 01:38:06 am

Thank you for sharing about nonprofit social enterprise financial blog when to hire an accountant for your social impact organization, these will be really helpful for me. I love reading this blog; it talks so much about planning a great idea about it. Keep sharing such informative articles in future, will be appreciated.

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megan alder link
9/28/2020 02:36:27 pm

My boyfriend and I want to start a business together and we are looking for advice on whether hiring bookkeeping services or not. It's interesting how small business owners can spend 25% of the week managing bookkeeping services. It's interesting how much small businesses need an accountant to balance the company's books, I will make sure we hire an accountant.

Reply
Blue Fox link
9/28/2020 03:15:55 pm

Hi Megan,
Yes, very interesting indeed! Please feel free to reach out to our team if you would like to chat about how we can help! (321) 233-3311, hello@yourbluefox.com.

Thank you!
The Blue Fox team

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