In a perfect world, every nonprofit organization would have access to an experienced CPA, a reliable bookkeeper, and a trusted financial advisor. But in the real world, many organizations can’t afford to employ an entire in-house team of finance professionals. When a full-time accountant is out of reach, what’s a nonprofit to do?
Virtual CFO services are a cost-effective way to expand your organization’s resources. Whether you need expert advice, a flexible way to scale your operations, or just a little extra help now and then, remote CFO services can be customized to fit your needs – and budget.
Of course, a virtual solution isn’t right for every organization. But if the situations below sound familiar, you might find that outsourcing your accounting can position your organization for future success. Here are a few ways that virtual CFO services can help your nonprofit.
You Need To Grow – But Not Too Fast
If your nonprofit is growing, you may need to hire new staff to cover the workload. But many organizations are wary of overextending themselves and have difficulty knowing when the time is right to add a new position. Virtual CFO services are a great way to bridge the gap. You can add extra support without committing to a permanent position, and simply discontinue the service if your needs change.
Your Work Is Seasonal or Intermittent
Not all nonprofits have regular hours year-round. If you have busy seasons and slow seasons – or if you’re just getting off the ground – a virtual bookkeeper can help on an as-needed basis. No need to worry about layoffs, overtime, or schedule management.
You’re Already Telecommuting
Many organizations are doing away with centralized offices in favor of home offices, co-working spaces, and other flexible work environments. Other nonprofits might still have a “home base,” but their staff members are frequently on the road or in the field. If you already do most of your work in the cloud, it makes sense to bring your accounting there as well. Remote CFO services are not restricted by geographic location – so you can still get your bills paid no matter where you happen to be that day.
You’re Tired of Training New Employees
The nonprofit sector often struggles with staff turnover. This can be a big problem in the finance department, where continuity of service is crucial to avoid missed deadlines and late fees. If you’re spending too much time training new staff members or sifting through job applications, try outsourcing the position until you find the right long-term fit for your team.
You Need Help With The Little Stuff...
Do you often find yourself digging through a mountain of crumpled receipts and old credit card statements? Are you pulling all-nighters before board meetings and funding deadlines? When was the last time you properly reconciled your bank account? When there are so many demands on your time, bookkeeping is all too easy to push down to the bottom of your priority list. But as usual, the little things have a way of piling up. A remote bookkeeper can help keep your books up to date so you can focus on more important things.
…Or The Big Stuff
Virtual CFO services go far beyond basic bookkeeping. Many remote accounting services provide access to an entire team of accountants, CPAs, and financial professionals with decades of combined experience. Even if you have an in-house accountant, you may still encounter tricky financial problems beyond their expertise. But with a team of specialists at your fingertips, you can get answers to complex questions, training and advice for best practices, and an independent opinion on ways to improve your fiscal environment.
If you think virtual CFO services are right for your nonprofit, we encourage you to learn more about our CFO Solutions for nonprofit organizations.