Why Nonprofits are Outsourcing Accounting

Skilled accounting and finance talent is scarce and in high demand, especially for nonprofits who often struggle with expectations to keep “overhead” low.  These labor challenges are national and expected to intensify over time. Knowledge-intensive industries like financial and business services are expected to continue to be hit hard by the talent crunch.

Nonprofits also struggle with right-sizing the three-legged stool: people, processes, and technologies.

• Do you have the right people, with the right skill sets, for the right amount of time?
• Are your processes efficient, effective, and do they achieve adequate internal control to mitigate risks?
• Are your systems cloud-based, used to their fullest potential, and meeting objectives?

Outsourcing presents nonprofits with a viable solution.

Nonprofits outsource to AAFCPAs to:

• Gain access to the right people, with the right skill sets, for the right amount of time. Purchase a fraction of each level as needed—staff accountant, senior accountant, controller, and CFO. Avoid over- or under-hiring, and gain efficiencies & effectiveness.
• Ensure best practice accounting processes that are efficient, effective, and achieve adequate internal control to mitigate risks.
• Implement remote-access, cloud-based technology that enables your team to access the tools from anywhere with internet access.
• Alleviate the burden that comes with talent sourcing, onboarding, training, and other administration-related distractions and better utilize your time to focus on mission-critical activities.
• Customize the scope of our services to meet your needs and budget.
• Avoid over-hiring or under-hiring.
• Access specialized professionals with specialized skill sets as needed and as projects demand. We find the right person for the project; our bench is deep.
• Achieve scalability, and dial-up or down outsourced services as needed.
• Access specialized skills as needed in the areas of analytics, digital technologies/process automation, and other core business operational competencies.
• Gain access to a vast network of nonprofit peers and business resources.

The finance function includes the interconnected components: people, process, and technology. These components are a three-legged stool, that when optimized in an interconnected ongoing effort, can effectively address evolving organizational needs. Outsourcing with AAFCPAs ensures clients have the right people, process, and technology—at the right time! We have a full understanding of each one independently. However, the most powerful impact comes when we apply our knowledge of best practices of how the three interrelate to address your situation.

AAFCPAs has been serving nonprofits since our founding in 1973 and understands the myriad of regulatory reporting requirements and how decisions related to opportunities and challenges may have implications on tax-exempt or funding source compliance. We also understand how-to best fine-tune cost allocation methodologies to ensure accurate AND meaningful financial reporting.

To learn more about the benefits of outsourcing your accounting & finance function, please contact Joyce Ripianzi, CPA at 774.512.9042, jripianzi@aafcpa.com; or your AAFCPAs Partner.