Below are the four challenges.
Simplify complex accounting processes
You deal with different accounting rules and standards than a commercial organization with multiple projects to administer at the same time, a non-profit’s accounting needs are complex.
Ensure financial accountability
Strict requirements governing your organization’s activities mean that having access to accurate, detailed transaction information for any given fund or project is necessary for compliance. You need to make sure your organization and all its activity is totally transparent down to the last detail. Keeping on top of it all without the right processes, can be a major headache. It is vital that your organization stays open and accountable to ensure supporters and stakeholders are fully engaged with your work.
Keep stakeholders informed
For non-profits, reporting is critical. With multiple reports to prepare, for supporters and stakeholders as well as for authorities and regulatory agencies, an ability to easily provide accurate, detailed financial information is extremely important. Providing reports for board members, contributors, and regulatory bodies in order to trace funds received to specific program expenditures—can be extremely time-consuming.
Put your purpose first
Routine administrative tasks and manual processes can take up valuable time—distracting your focus on mission critical decisions and strategic initiatives. All the while disrupting your team’s ability to get on with the work they care about. With tightly constrained budgets and limited personnel resources, it’s vitally important that your people are able to focus on your core mission—helping others.
Michaud Accounting Solutions has been working in the non-profit world for over 6 years. We specialize in understanding the unique challenges that non-profits face in being able to access the right information, at the right time, to provide to donors, boards, and agencies they receive funding from. We truly understand the unique challenges our non-profit clients face, and we have developed an excellent reputation for being a true partner.
We offer 3 services tailored to our non-profit clients challenges:
Outsourced Accounting Services
As a non-profit you are used to doing more with less, and we’re here to help. We can take care of your books to free up your time to focus on your mission. We manage your day to day bookkeeping within a cloud-based solution so that you can have access to your information anytime, anywhere, with robust dashboards and reporting that can be easily generated at the click of a button.
Outsourced Controller/CFO Services
Are you a large organization that is big enough to have a CFO or Controller on staff, but you don’t have the budget for a full time person, or the budget to hire someone who has the right experience? You need to make the most of the money your organization brings in, therefore outsourcing these services to experts insures you are efficient and get the guidance you need without hiring a full time staff member. We have a team of CPA’s on staff with over 50 years of experience in public, corporate and non-profit accounting that can provide these services at an hourly or monthly rate.
Project Management/Accounting Projects
Are you reworking your chart of accounts for an upcoming software conversion? Do you need a project manager to help with a finance or business process related project? Do you need help with business process automation or evaluating business solutions for your organization? We have extensive experience helping non-profit organizations streamline their processes, their charts of accounts, and determine the best solutions to run their organizations. Our team has the breadth of experience and knowledge to handle any finance or process related project you might have.