If you are like most nonprofit businesses, you are keenly aware of the financial and bookkeeping challenges it takes to successfully run your business. A nonprofit’s day to day operations are the same as any other business but you need to make especially smart hires and sound management decisions.
Case in point- our Nonprofit client.
We received a call from a nonprofit company in frantic need of assistance. They terminated their current bookkeeper on short notice, and no one was paying their bills or managing the financial aspects of the business.
Nonprofits are required to have a yearly audit, release their financial statements to the public, share them with granters, donors, and supporters. Keeping track of the bookkeeping and financial statements is time-consuming and difficult to manage. But most frustrating is understanding and interpreting the financial picture from reports. These tasks were no longer being performed and there was no one who could do it.
Therefore, the board decided it was best to hire both a bookkeeper and a Finance
Administrator to tackle all of these arduous tasks. While they were working through the hiring process, they needed to get their finance department settled down and functioning. They contacted Capital CFO to work with them during this process and help them until a hire was made.
Quickly, we realized that we could offer them both a bookkeeper and a CFO/Finance Administrator for less than 15 hours a week.
Small to medium-sized and nonprofit companies can quickly find themselves in uncharted water. It is the day-to-day operations that can slip unnoticed while the business is working hard at communicating with donors, planning events, and running the operations. We settled in to understand the workings of this client and created an effective and efficient bookkeeping solution. We implemented QuickBooks online and introduced a financial process to manage all accounting and bookkeeping tasks. The situation was beginning to look better!
Now that the necessary tools were put in place, it was time to manage the situation.
Migration of all bookkeeping and accounting functions to QuickBooks.
Editing the General Ledger to accurately reflect their business.
Insuring all deposits were accounted for and accurately reflected in QuickBooks.
Vouchering for their grants and making sure there was a clear segregation of costs.
Finally, we paid the bills…on time!
Once all the accounting and bookkeeping functions were reviewed, edited, and shifted to perform better, all that remained was the audit. Because the nonprofit’s books were updated and accurate the audit was seamlessly performed.
Capital CFO suggested a continuance of the 12 hour per week agreement to perform the company’s bookkeeping, budget planning, and bill payments. The original plan to hire both a bookkeeper and a Financial Administrator would have cost them two annual salaries and about 55-60 hours of time. This was an easy decision.
Give us 30 minutes.
Monthly bookkeeping services such as Capital CFO provide small to medium-sized businesses and nonprofits with alternative and inexpensive bookkeeping solutions.
We specialize in assisting companies who simply do not need a full-time employee. We’ve got the solution – even if it is for just 12 hours a week. Contact us today and let’s have a conversation about your bookkeeping and financial needs. Mention this article to receive $100 off any service.
“Capital CFO becomes part of your company’s fabric; we are woven in and part of the solution.”