Successfully Outsourcing Your Accounting Function
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For startup or small nonprofits, hiring the right financial expertise can be challenging. Outsourcing to a qualified firm allows you to focus your efforts on mission and fund raising, can strengthen internal controls and often results in significant improvements in your overall financial management and reporting. The keys to success are to clarify your expectations for outsourcing and identify the right outsourcing partner with whom your organization can build a collaborative relationship.
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Successfully Outsourcing Your Accounting Function
- 1. Successfully Outsourcing Your Accounting Function Pam Williams and Marci Moore December 4, 2013 Twitter Hashtag - #4Glearn Part Of: Sponsored by:
- 2. INTEGRATED PLANNING Advising nonprofits in: • Strategy • Planning • Organizational Development Part Of: www.synthesispartnership.com (617) 969-1881 info@synthesispartnership.com Sponsored by:
- 4. Today’s Speakers Pam Williams and Marci Moore Co-Founders Nonprofit Finance Pros Jamie Maloney Community Developer, 4Good Part Of: Founding Director of Nonprofit Webinars and Host: Sam Frank, Synthesis Partnership Sponsored by:
- 6. TAKEAWAYS: 3 Advantages of Outsourcing Your Accounting Function 3 Questions to Ask to Determine if Outsourcing is Right for Your Organization How to Find the Right Outsourcing Solution www.nonprofitfinancepros.com
- 7. POLL QUESTION 1: How many people on the call are involved with organizations with budgets less than $1M? How many people on the call are involved with organizations whose budgets are greater than $1M and less than $3M? How many people on the call are involved with organizations whose budgets are greater than $3M? www.nonprofitfinancepros.com
- 8. POLL QUESTION 2: What is one accounting function that can be successfully outsourced? www.nonprofitfinancepros.com
- 9. When Good Outsourcing Efforts Go Bad: 3 Examples www.nonprofitfinancepros.com
- 10. POLL QUESTION 3: In your opinion, what is the greatest advantage to outsourcing all or part of the accounting function? www.nonprofitfinancepros.com
- 11. 3 Advantages of Outsourcing : Cost-effectiveness Strengthened internal controls and improved segregation of duties Peace of mind www.nonprofitfinancepros.com
- 13. Is Outsourcing Right for Your Organization? Does the level of financial complexity require a full-time staff person or someone in the office on a daily basis? www.nonprofitfinancepros.com
- 14. Is Outsourcing Right for Your Organization? Do you and your staff have the discipline it takes to manage schedules and deadlines with an outside firm? www.nonprofitfinancepros.com
- 15. Is Outsourcing Right for Your Organization? Do you need more skill and expertise than your current staff can provide, but lack the funds to hire a full-time accounting staff person? www.nonprofitfinancepros.com
- 17. Finding the Right Outsourcing Solution 1. Understand and clarify your needs and budget before beginning your search. www.nonprofitfinancepros.com
- 18. Questions to Consider: a) What functions will you outsource (i.e. all functions, oversight, financial statement preparation, accounts payable, grants management)? b) What level of involvement will the outsourcing firm have with your board? c) What level of daily/weekly/monthly communication is right for your needs? www.nonprofitfinancepros.com
- 19. Finding the Right Outsourcing Solution 2. Cast a wide net to find a firm that is right for your needs www.nonprofitfinancepros.com
- 20. Use Your Network: a) Other Nonprofits – who are they using and what is their level of satisfaction? b) Your CPA Firm c) Your state or national association d) Other professionals who do business with your organization(i.e. attorneys, fundraising consultants) www.nonprofitfinancepros.com
- 21. Finding the Right Outsourcing Solution 3. Interview firms for competence and “fit:” www.nonprofitfinancepros.com
- 22. Questions to Consider: 1. What is the firm’s experience working with organizations of your size and complexity? 2. How does the firm stay up to date with changing nonprofit accounting regulations and guidelines? 3. What kind of lead time does the firm require for scheduling meetings or projects and what kind of access will you have to the person responsible for your accounting work? 4. Who will work on your account, and what will happen if there is turnover? 5. What are the www.nonprofitfinancepros.com results of their clients’
- 23. Finding the Right Outsourcing Solution 4. Conduct thorough reference checks before making a final decision. www.nonprofitfinancepros.com
- 24. Finding the Right Outsourcing Solution 5. Ensure that you fully understand the proposal and your responsibilities. www.nonprofitfinancepros.com
- 25. POLL QUESTION 4: In your opinion, what are your primary responsibilities after making the decision to outsource? www.nonprofitfinancepros.com
- 26. What timelines and deadlines are required on both sides? www.nonprofitfinancepros.com
- 27. How up to date will your accounting records be maintained? www.nonprofitfinancepros.com
- 28. Is there a setup fee involved? www.nonprofitfinancepros.com
- 29. What access will you have to your accounting records? www.nonprofitfinancepros.com
- 30. If paying a monthly fee, what is included? What is considered outside the scope of the engagement? What are the fees for those services? www.nonprofitfinancepros.com
- 31. What kind of time will it take for the firm to get up to speed? www.nonprofitfinancepros.com
- 32. How will data and information flow and where will work be performed? www.nonprofitfinancepros.com
- 33. What other expectations does the firm have of you and your staff? www.nonprofitfinancepros.com
- 35. Your Partner in CFO Search & Financial Transitions 727-393-2341 www.nonprofitfinancepros.com www.nonprofitfinancepros.com