Nonprofits are driven by their commitment to make a difference, so they tend to focus on their causes rather than their finances. As a nonprofit, it’s essential that you closely scrutinize your numbers to improve your mission’s effectiveness and meet various funding requirements and limits. However, limited budgets, time and IT resources often impede proper accounting and financial management, introducing complexity to nonprofit audit preparation. This ultimately inhibits your nonprofit from furthering its core mission, but outsourcing your nonprofit bookkeeping services with Navitance can help.
Benefits of Outsourcing With Navitance
While your nonprofit may have elected a treasurer or financial officer to manage the organization’s finances, this person may not have the knowledge to accurately keep the books for a nonprofit. Navitance accounting professionals not only understand the nuances and complexities of nonprofit bookkeeping and accounting, but we also share our client’s passion. We specialize in nonprofit bookkeeping, so when you outsource with Navitance, you benefit from our extensive financial experience.
We’re well-versed in the specificity of nonprofit financial management and how it differs from the for-profit sector. This provides us with a unique understanding of how to most effectively get your finances in order, manage audits and track funds, including grants. We’re also experts in nonprofit audit preparation and representation. Our clients frequently benefit from that experience, seeing a significant reduction in the auditors’ field workdays and no need for adjusting journal entries post-audit.
Bookkeeping is a time-consuming process that can’t be pushed aside while you’re dealing with multiple responsibilities. Outsourcing your nonprofit bookkeeping gives you more time to focus on your organization’s cause and less time worrying about the accuracy of your books. Working with our financial experts provides you with consistently accurate data and more time to devote to mission-focused tasks.
Core Nonprofit Bookkeeping Services
As your outsourced bookkeeping services provider, we can handle all your nonprofit accounting needs. This includes preparing all necessary financial reports, such as:
- The Statement of Financial Position is basically a balance sheet for nonprofits and provides a rundown of your organization’s financials at any given moment based on the financial equation: Assets – Liabilities = Net Assets.
- The Statement of Activities is an operating statement that takes the place of an income statement to report how profitable your organization was over a specific period.
- The Cash Flow Statement tracks all the cash for your organization, similar to for-profit cash flow statements, and reports changes in cash and cash equivalents during an accounting cycle.
Despite being tax-exempt, nonprofits must still file yearly tax returns. These returns are often extremely complicated due to the many rules governing a nonprofit organization’s revenue and expenses. In addition to the nonprofit bookkeeping services provided, we also help locate a qualified CPA to act as an independent auditor for required accounting reviews and audits and preparation of Form 990.
Reliable Nonprofit Bookkeeping Services
When you need reliable bookkeeping services for your new or established nonprofit, trust the experts at Navitance. We help nonprofits of all sizes and offer flexibility and scalability, so you can tailor your service to cover specific bookkeeping tasks or let us handle all your financial recordkeeping needs. You may also want to add our virtual CFO solutions to assist with budgeting, cash flow and nonprofit strategies. Contact us at 978-809-3282 to learn more about our nonprofit bookkeeping services, or request a consultation online.
‘Don’t wait until you’re too big to bring in help. Put systems and an infrastructure in place so you can scale up without losing momentum and time.’ – Greg Flett, IEFT