Not-for-profit organizations are swamped with financial obligations, from navigating often-altered government policies and managing cash flow to meeting compliance standards and so much more… not to mention the daily necessities of running a business.
When time is spent managing financial stressors and planning for the future, time is lost for the nitty-gritty details of hour-to-hour management, marketing, brainstorming fundraising opportunities, navigating volunteers, etc. Or, hourly management is taken care of and any semblance of fiscal strategy is forgotten. Some not-for-profits can balance these needs and stay afloat. However, considering the ways that financial consulting can help your organization is important, because “staying afloat” is not enough to successfully navigate the financial future.
Identify Financial Vision
The future of the not-for-profit industry is here. A financial vision is necessary for staying ahead, gaining a competitive edge, and establishing fiscal strength. Not-for-profit financial consulting can save your organization time and resources by eliminating wasted opportunity. Working with a firm that holds similar values can be invaluable for advancing the goals of the nonprofit.
Develop + Organize Performance Measures
Cohesive, clear reporting is important. An excellent, forward-looking financial consultant will develop new performance measures based on your not-for-profit goals, then organize those performance measures into clear reports that accurately display how your organization is performing.
Review + Revise Internal Systems
Financial consultants should constantly augment internal systems to consistently add greater value to your process. Your day-to-day operations can always be strengthened and improved. Allow a professional team of consultants to guide you through that process, supporting you year-round with internal control analysis, financial statement audits, and audits under OMB Uniform Grant Guidance.
Train, Support + Implement Accounting Software
Your not-for-profit financial consultants are the experts, but that doesn’t mean you are helpless. A great agency will train your organization to utilize the best accounting software. Klein Hall, an accounting firm of the future, integrates and supports Intacct.
Intacct is a cloud-based system, ideal for collaboration among your entire team. Created for small to medium-size businesses, Intacct automates many processes, freeing you and your team to focus on daily goals and tasks. Intacct is flexible, able to adapt to an organization’s specific needs. Klein Hall also values support through training via QuickBooks. Klein Hall trains each organization with customer data, once more targeting the specific needs of the charity. Training to use QuickBooks includes the study of reconciling accounts, printing estimates and invoices, tracking accounts receivables and invoicing, running profit and loss reports, and so much more. The goal is to help you get on track and stay there.
Klein Hall: The Accounting Firm of the Future
Klein Hall is not your typical accounting firm. Klein Hall is a team of client-oriented individuals, driven towards the future, dedicated to excellence. We love working with not-for-profit organizations, walking alongside charities to help accomplish their goals by taking care of their financial livelihood. To get in touch, call us at 630-898-5578 or shoot us a message.