Why Outsourcing Makes Sense

Why Outsourcing Makes Sense

For many nonprofits, finance and accounting aren’t core competencies, so outsourcing your accounting functions can be an effective strategy.

There are many reasons why nonprofits of all types and sizes may consider outsourcing, including: 

  • Nonprofit organizations need a chief financial officer, controller, accountant or bookkeeper, but might not have the budget to hire one.
  • Nonprofits need these functions, but not on a full-time basis. 
  • Nonprofits need to strengthen internal controls and separate responsibilities; for example, differentiating between who handles money and who accounts for it.
  • The organization is having trouble accounting for restricted funds. 
  • The key finance person is learning on the job and needs support to take the organization to the next level. 
  • The organization is growing but can only afford to hire new employees to raise funds or deliver services – not to do finances. 
  • Nonprofit leaders need to be strategic about delegating and allocating limited resources. 
  • Executive Directors and CEOs have to make complex decisions due to the current economic climate, but don’t have correct cost accounting to articulate program and department operating costs. 

Outsourcing provides an opportunity for organizations to get help with short-term challenges such as succession planning, unplanned transitions, or special projects. It’s also a cost-effective way to supplement and support an organization’s existing finance functions.

Outsourced accounting, through firms like Your Part-Time Controller, provide nonprofit leaders with the peace of mind that their finance department is being run the way it should.  

Through outsourcing their accounting functions, clients quickly come to think of us My Part-Time Controller. 

Interested? Contact us. We’re ready to help you get the job done.