Understandably most non- profits run on a tight budget. As a result, they often use minimum staff and depend on volunteers to help them with routine tasks and responsibilities. While this may be fine with most areas of running and managing a non- profit, it can be disastrous when it comes to bookkeeping and accounting. Here is why you need professional help with your non- profit bookkeeping.
- Meet Non- Profit Filing Requirements– There are a couple of things that non- profits have to compulsorily do with diligence to maintain their 401(c) status- reports to file, satisfy boards with in depth analysis and reports of donations, expenses, accounting etc. All this requires a dedicated bookkeeper rather than changing volunteers. Non- profits need stability to keep things running smoothly and depending on volunteers will rarely give you that.
- Save Money– Yes, you save money when you spend money on small business bookkeeping services. Hiring professionals will not be as expensive as you would like to think. Professionals tend to be quick and thorough with their job, which means work gets done faster and also leaves everyone, including the IRS, satisfied. Plus an experienced small business bookkeeping services bookkeeper will also be able to spot areas where expenses can be curbed, where you are losing money etc, thereby allowing you to make informed business decisions and save money.
- Efficient Grant Proposals– Non-profits need grant money and for this you need reports that clearly state what the money is being used for and how it will be used. Small business bookkeeping services will ensure you have thorough and accurate reports for your grant proposals. A volunteer isn’t likely to put together a convincing and efficient report for this purpose.
- Minimize Fraud– Non- profit organizations are probably the most hit by fraud and embezzlement. By using small business bookkeeping services, you ensure you have reliable and honest bookkeepers and accountants at hand. The multiple layers of security that professional bookkeeping agencies employ also ensures that your records and books are kept safe and free from tampering.