When conducting business, it’s been said that every penny counts. One could argue that this holds especially true for those who operate nonprofit businesses. Competition for federal funding and contributions by private donors have hit nonprofits hard over the previous few years, leaving them scrambling for ways to cut costs and improve efficiency. Outsourced accounting services in Bellingham, MA help your company achieve its goals with minimal disruption and expense. Ann Irons, CPA highlights important questions to ask as you decide whether to pursue outsourcing.
“What level of expertise can our current staff provide?”
A limited budget compels many smaller nonprofits to hire generalists, employees who are expected to perform several functions across multiple departments. While this reduces expenses for wages, it also means that not all of these functions are afforded the same expertise and attention. Accounting is one area in which no business should shortchange itself, yet we see it happen often. Anyone working in accounting should have more than a basic understanding of GAAP and financial reports. Equally important is an awareness of current regulations and reporting requirements, which often change from one year to the next.
“How confident are we in our hiring decisions?”
Ideally, anyone who would devote time to working at a nonprofit would also share its values and perform the job ethically. This isn’t always the case, however, as evidenced by the CharityWatch Hall of Shame. When a member of your organization acts in an unethical way, it doesn’t just affect your image—it also affects those who you work so hard to help. Entrusting your accounting to an unbiased third party translates into a vote of confidence in the eyes of donors, regulatory agencies, and your staff.
“How much are we currently spending for internal accounting employees?”
The cost of wages and benefits adds up quickly, especially if you employ several internal accounting employees. If you employ cross-functional workers, it becomes more difficult to determine what percentage of your resources is consumed by each department. Outsourced accounting makes tracking human resources expenses more accurate and efficient, often saving hundreds or even thousands of dollars yearly.
Saving cents just makes sense for nonprofits. To learn more about outsourcing your accounting functions, or to request a consultation with Ann Irons, CPA, LLC, contact our Bellingham, MA accounting firm at . We offer accounting, tax preparation, and financial services for businesses and individuals in Woonsocket, Milford, Medway, Boston, and the surrounding areas.
Ann spent over 25 years in the financial service industry, gaining knowledge and experience that allows her to provide an array of tax, bookkeeping, and accounting services for her clients. Relying on a stringent code of ethics and a dedication to maintaining the highest industry standards, Ann works hard to ensure her clients receive the quality service they’ve come to expect. A member of AICPA and MSCPA, Ann has also had an article featured in the renowned publication, Banker and Tradesman. 
