Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
Today’s non-profit organizations are virtual navigators. As the pace of change continues to accelerate, non-profits are perfecting the art of virtual fundraising and volunteering—and in this complex landscape, operations need to be as simple as possible.
Non-profit leaders have been forced to spend more time on day-to-day tasks and less time on strategic thinking. The balancing act of being a part-time CFO while fully running a non-profit isn’t cutting it anymore. To be true visionary leaders, non-profit executives need real-time financial information to make the right decisions that can embolden their organizations’ missions.
If you’re trying to do everything yourself, it’s time to stop and find a partner who can give you the people, proven processes and software to handle your finances so you can focus on strategy. Here are three reasons why non-profit leaders need access to better financial data and how outsourced accounting services can help.
Decisions for a non-profit organization need to be founded on both data and the leader’s instinct. When a non-profit leader is making decisions for the organization based on gut feeling alone, it’s time to rethink the decision-making process. In a recent study of nearly 700 business leaders, companies that are lagging in the industry base as many as 70% of their strategic decisions on gut instinct alone. The only path forward for non-profit leaders is to back up gut feelings with real-time financial information.
When non-profit leaders make big decisions, they need to access and interpret data quickly. This gives them the information that they need to evaluate all possible scenarios and outcomes. If their finance team is using manual processes that leave you drowning in a sea of disconnected spreadsheets, moving quickly becomes impossible.
Spreadsheets rely on too many manual keystrokes that raise the risk of inaccurate reporting, fail to create and deliver dashboards leaders can use to view their success and inhibit the ability of leaders to take their organization to the next level. They don’t give non-profit leaders the level of transparency into the organization’s finances that’s necessary for planning programs and fundraising initiatives that will resonate most with key constituents.
If your non-profit is experiencing any of these challenges, it’s time to consider how an accounting outsourcing partner can help you take finances off your plate.
Having financial data that is as accurate as possible isn’t a nice-to-have in the non-profit sector; it’s a necessity! It takes just one error or omission to put an organization’s tax-exempt status in peril. Any noncompliance issues can jeopardize an organization’s grant eligibility.
That’s where it gets hard for leaders. If your organization is like many non-profits, you may not have the budget for a CFO, let alone a large, in-house financial staff. Then, if turnover occurs, your organization could lose that trusted financial professional. Spending money on the headcount can be challenging for a non-profit, especially in today’s highly competitive job market where for-profit organizations will easily outbid non-profits for talent.
If you’re spending too much time on operational tasks and not enough time on strategic thinking, you need outside expertise. At Doeren Mayhew, we provide outsourced accounting services that help non-profit leaders recapture lost time, increase financial efficiency, improve data accuracy and accelerate their mission’s success. Let us serve as a true financial partner, helping you brainstorm new ways to expand your mission impact and accelerate your success.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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