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Successfully Outsourcing Your
Accounting Function
Pam Williams and Marci Moore
December 4, 2013

Twitter Hashtag - #4Glear...
INTEGRATED PLANNING
Advising nonprofits in:
• Strategy
• Planning
• Organizational Development

Part
Of:

www.synthesispar...
Coming Soon
Part
Of:

Sponsored by:
Today’s Speakers

Pam Williams and Marci Moore
Co-Founders
Nonprofit Finance Pros
Jamie Maloney
Community Developer, 4Good...
Successfully
Outsourcing Your
Accounting Function

www.nonprofitfinancepros.com
TAKEAWAYS:

3 Advantages of Outsourcing Your
Accounting Function
3 Questions to Ask to Determine if
Outsourcing is Right...
POLL QUESTION 1:
 How many people on the call are involved with
organizations with budgets less than $1M?
 How many peop...
POLL QUESTION 2:

What is one accounting function that can
be successfully outsourced?

www.nonprofitfinancepros.com
When Good Outsourcing Efforts Go Bad:
3 Examples

www.nonprofitfinancepros.com
POLL QUESTION 3:

In your opinion, what is the greatest
advantage to outsourcing all or part of
the accounting function?

...
3 Advantages of Outsourcing :
Cost-effectiveness
Strengthened internal
controls and improved
segregation of duties
Peac...
www.nonprofitfinancepros.com
Is Outsourcing Right for Your Organization?
Does the level of
financial complexity
require a full-time staff
person or so...
Is Outsourcing Right for Your Organization?
Do you and your staff
have the discipline it
takes to manage
schedules and
de...
Is Outsourcing Right for Your Organization?
Do you need more skill
and expertise than your
current staff can
provide, but...
www.nonprofitfinancepros.com
Finding the Right
Outsourcing Solution
1. Understand and
clarify your
needs and
budget before
beginning your
search.
www.n...
Questions to
Consider:
a) What functions will you outsource
(i.e. all functions, oversight,
financial statement preparatio...
Finding the Right
Outsourcing Solution
2. Cast a wide net
to find a firm that
is right for your
needs
www.nonprofitfinance...
Use Your Network:
a) Other Nonprofits – who are
they using and what is their
level of satisfaction?
b) Your CPA Firm
c) Yo...
Finding the Right
Outsourcing Solution

3. Interview
firms for
competence
and “fit:”
www.nonprofitfinancepros.com
Questions to
Consider:
1. What is the firm’s experience working
with organizations of your size and
complexity?
2. How doe...
Finding the Right
Outsourcing Solution
4.

Conduct
thorough
reference
checks before
making a final
decision.

www.nonprofi...
Finding the Right
Outsourcing Solution

5. Ensure that you
fully understand
the proposal and
your
responsibilities.
www.no...
POLL QUESTION 4:

In your opinion, what are your primary
responsibilities after making the decision
to outsource?

www.non...
What timelines
and deadlines
are required on
both sides?

www.nonprofitfinancepros.com
How up to date
will your
accounting
records be
maintained?

www.nonprofitfinancepros.com
Is there a setup
fee involved?

www.nonprofitfinancepros.com
What access will
you have to your
accounting
records?

www.nonprofitfinancepros.com
If paying a monthly fee,
what is included?
What is considered
outside the scope of
the engagement?
What are the fees for
t...
What kind of time
will it take for the
firm to get up to
speed?

www.nonprofitfinancepros.com
How will data and
information flow
and where will
work be
performed?

www.nonprofitfinancepros.com
What other
expectations
does the firm
have of you and
your staff?

www.nonprofitfinancepros.com
www.nonprofitfinancepros.com
Your Partner in CFO Search & Financial Transitions
727-393-2341
www.nonprofitfinancepros.com

www.nonprofitfinancepros.com
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Successfully Outsourcing Your Accounting Function

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For startup or small nonprofits, hiring the right financial expertise can be challenging. Outsourcing to a qualified firm allows you to focus your efforts on mission and fund raising, can strengthen internal controls and often results in significant improvements in your overall financial management and reporting. The keys to success are to clarify your expectations for outsourcing and identify the right outsourcing partner with whom your organization can build a collaborative relationship.

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Transcript of "Successfully Outsourcing Your Accounting Function"

  1. 1. Successfully Outsourcing Your Accounting Function Pam Williams and Marci Moore December 4, 2013 Twitter Hashtag - #4Glearn Part Of: Sponsored by:
  2. 2. INTEGRATED PLANNING Advising nonprofits in: • Strategy • Planning • Organizational Development Part Of: www.synthesispartnership.com (617) 969-1881 info@synthesispartnership.com Sponsored by:
  3. 3. Coming Soon Part Of: Sponsored by:
  4. 4. Today’s Speakers Pam Williams and Marci Moore Co-Founders Nonprofit Finance Pros Jamie Maloney Community Developer, 4Good Part Of: Founding Director of Nonprofit Webinars and Host: Sam Frank, Synthesis Partnership Sponsored by:
  5. 5. Successfully Outsourcing Your Accounting Function www.nonprofitfinancepros.com
  6. 6. TAKEAWAYS: 3 Advantages of Outsourcing Your Accounting Function 3 Questions to Ask to Determine if Outsourcing is Right for Your Organization How to Find the Right Outsourcing Solution www.nonprofitfinancepros.com
  7. 7. POLL QUESTION 1:  How many people on the call are involved with organizations with budgets less than $1M?  How many people on the call are involved with organizations whose budgets are greater than $1M and less than $3M?  How many people on the call are involved with organizations whose budgets are greater than $3M? www.nonprofitfinancepros.com
  8. 8. POLL QUESTION 2: What is one accounting function that can be successfully outsourced? www.nonprofitfinancepros.com
  9. 9. When Good Outsourcing Efforts Go Bad: 3 Examples www.nonprofitfinancepros.com
  10. 10. POLL QUESTION 3: In your opinion, what is the greatest advantage to outsourcing all or part of the accounting function? www.nonprofitfinancepros.com
  11. 11. 3 Advantages of Outsourcing : Cost-effectiveness Strengthened internal controls and improved segregation of duties Peace of mind www.nonprofitfinancepros.com
  12. 12. www.nonprofitfinancepros.com
  13. 13. Is Outsourcing Right for Your Organization? Does the level of financial complexity require a full-time staff person or someone in the office on a daily basis? www.nonprofitfinancepros.com
  14. 14. Is Outsourcing Right for Your Organization? Do you and your staff have the discipline it takes to manage schedules and deadlines with an outside firm? www.nonprofitfinancepros.com
  15. 15. Is Outsourcing Right for Your Organization? Do you need more skill and expertise than your current staff can provide, but lack the funds to hire a full-time accounting staff person? www.nonprofitfinancepros.com
  16. 16. www.nonprofitfinancepros.com
  17. 17. Finding the Right Outsourcing Solution 1. Understand and clarify your needs and budget before beginning your search. www.nonprofitfinancepros.com
  18. 18. Questions to Consider: a) What functions will you outsource (i.e. all functions, oversight, financial statement preparation, accounts payable, grants management)? b) What level of involvement will the outsourcing firm have with your board? c) What level of daily/weekly/monthly communication is right for your needs? www.nonprofitfinancepros.com
  19. 19. Finding the Right Outsourcing Solution 2. Cast a wide net to find a firm that is right for your needs www.nonprofitfinancepros.com
  20. 20. Use Your Network: a) Other Nonprofits – who are they using and what is their level of satisfaction? b) Your CPA Firm c) Your state or national association d) Other professionals who do business with your organization(i.e. attorneys, fundraising consultants) www.nonprofitfinancepros.com
  21. 21. Finding the Right Outsourcing Solution 3. Interview firms for competence and “fit:” www.nonprofitfinancepros.com
  22. 22. Questions to Consider: 1. What is the firm’s experience working with organizations of your size and complexity? 2. How does the firm stay up to date with changing nonprofit accounting regulations and guidelines? 3. What kind of lead time does the firm require for scheduling meetings or projects and what kind of access will you have to the person responsible for your accounting work? 4. Who will work on your account, and what will happen if there is turnover? 5. What are the www.nonprofitfinancepros.com results of their clients’
  23. 23. Finding the Right Outsourcing Solution 4. Conduct thorough reference checks before making a final decision. www.nonprofitfinancepros.com
  24. 24. Finding the Right Outsourcing Solution 5. Ensure that you fully understand the proposal and your responsibilities. www.nonprofitfinancepros.com
  25. 25. POLL QUESTION 4: In your opinion, what are your primary responsibilities after making the decision to outsource? www.nonprofitfinancepros.com
  26. 26. What timelines and deadlines are required on both sides? www.nonprofitfinancepros.com
  27. 27. How up to date will your accounting records be maintained? www.nonprofitfinancepros.com
  28. 28. Is there a setup fee involved? www.nonprofitfinancepros.com
  29. 29. What access will you have to your accounting records? www.nonprofitfinancepros.com
  30. 30. If paying a monthly fee, what is included? What is considered outside the scope of the engagement? What are the fees for those services? www.nonprofitfinancepros.com
  31. 31. What kind of time will it take for the firm to get up to speed? www.nonprofitfinancepros.com
  32. 32. How will data and information flow and where will work be performed? www.nonprofitfinancepros.com
  33. 33. What other expectations does the firm have of you and your staff? www.nonprofitfinancepros.com
  34. 34. www.nonprofitfinancepros.com
  35. 35. Your Partner in CFO Search & Financial Transitions 727-393-2341 www.nonprofitfinancepros.com www.nonprofitfinancepros.com
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