Outsourced Bookkeeping Services
Proof of Impact
In today’s world, nonprofits are increasingly pressured to prove their effectiveness. Nonprofits can tell stories about individuals and groups they have helped, but stories are no longer enough. Nonprofits need to collect increasing amounts of information to demonstrate to others the effect they are having on their service recipients. Donors, especially younger ones, increasingly want [...]
End of Year Challenges for Nonprofits
Although the economy has bounced back a bit this year, experts predict a difficult end-of-year climate for nonprofits, especially for smaller organizations with less than three months of operating reserves. There have been some significant events this year that may cause would-be donors to change their behavior. The recent presidential election has generated anxiety concerning [...]
Year-End Tax Tips for Small Businesses – Part Three
If your business has followed the first four year-end tax tips, then it is probably in a pretty good position for tax time in April. However, the last two tips are ones that we simply cannot stress enough. Without these, you may have a difficult time proving you followed the others. Pay close attention to [...]
More Cost Cutting Ideas for Your Nonprofit
There are always ways to save money in your organization. No matter how small it may seem, each reduction in expense will help your bottom line and in turn help your organization fulfill its mission. Here are some more ways to cut costs: Put the board to work The board of directors should be helping [...]
Year End Tax Tips for Small Businesses – Part Two
No one wants to face an unpleasant surprise come tax time, so the end of the year is a perfect time to get your business finances optimized for taxes. We covered a couple of tips last time that dealt with expenses, income and inventory. This time our tips center more on giving. Check these tips [...]
Cutting Costs in Your Nonprofit
In a nonprofit organization, saving money is just as important as increasing revenue. One way to perk up your financials is to institute some cost cutting measures. Reducing expenses, even just a little, in a variety of areas can really add up. Here are some ways to cut costs: Partner with local businesses Ask if [...]
1099 Changes Guaranteed to Cause Confusion
Now is the time to begin reviewing your vendor files in preparation of issuing 1099 reports required to be mailed to vendors by January 31, 2013. There are a couple of major changes in reporting requirements for 1099s established by IRS for 2012. These may impact how you process your company’s 1099 reports and which [...]
What to Expect During the Audit Process
For many nonprofits, the annual audit is an essential component for closing the fiscal year and demonstrating that donated financial resources were properly used. If your organization undertakes an audit, it is important that your organization understands the audit process and ensures the audit is conducted by an independent, objective third party. Some of the [...]
Construction Companies: Managing Receivables
Managing construction receivables and payables can be challenging due to the nature of the business cycle. A customer may give a partial payment upfront with the balance being paid weeks or months later at project completion. Meanwhile, supplies and fees for rental equipment have to be paid. One receivable strategy that works well with many [...]
Ways to Maximize the Audit Process
Smaller nonprofits are less likely to hire an external auditor than large organizations. If your nonprofit is small and you choose to do an audit, make sure you are maximizing your dollars on the audit process. Keep the following in mind to get the best audit for your money: The board should drive the audit [...]