Accounting Services for Nonprofits

We combine proactive and personalized service with tailored communication processes to cultivate a collaborative relationship, so you feel like we are just down the hall. After we review your information, we will provide you with a proposal for services tailored specifically to your needs and budget. You will be asked to complete a questionnaire and provide additional information so we can understand your current accounting and finance function. Chazin provides in-depth industry knowledge that allows us to provide strategic guidance related to finance, accounting, technology, and how to best protect your organization against internal and external threats. Let’s schedule time to talk about your needs in order to create a win-win situation.

Annual Audits for Non-for-Profits

• Having the right tools and implementing the best strategy in various situations specific to non-profits can offer extensive growth opportunities that reach far beyond just accounting for non-profit organizations.
• Let’s walk through a few accounting best practices that nonprofit professionals should implement.
• This regular monitoring helps catch issues early and ensures proper fund management.
• Effective financial management is the backbone of a thriving nonprofit, ensuring stability, transparency, and informed decision-making.
• Our focus is on receiving the best education possible and then turning it around and providing the best education possible to our clients.

Nonprofits in the United States who function as public charities must pass the IRS public support test in order to remain classified as a public charity. Failing the test will have serious consequences as it will cause the public charity to be reclassified as a public foundation. Learn how to calculate your nonprofit’s public support in order to properly file your annual tax return. The experts at Profit Matters are well-versed with a number of valuable accounting technology tools, meaning they can adapt to the system your organization is already using.

Audit Assistance

By accounting for restricted funds correctly, your nonprofit can stay accountable to and keep its promises to stakeholders, making them more likely to support you long-term. Treat the 65/35 “rule” more like a guideline to direct as Financial Forecasting For Startups much of your nonprofit’s funding toward its programs as is reasonably possible. If you have to cut costs at your organization, see if you can reduce overhead spending before taking any funding away from your programs. These categories are based on the Unified Chart of Accounts (UCOA), a standardized COA model that aligns with nonprofit reporting requirements.

Empowering Your Mission Through Accounting

• Tiffany Couch, a CPA and the CEO of forensic accounting firm Acuity Forensics, recommends keeping your staff and board members updated on what your accountants do and discover.
• To guide your organization in the years to come, your future leaders need skills in operations, finance, leadership, communication, strategy and process improvement.
• The Jitasa team ensures that every organization it works with has all of the tools it needs to effectively record financial transactions and take appropriate action with its mission in mind.
• Nonprofits also use fund accounting, which tracks funds based on donor restrictions, unlike for-profits that focus on overall revenue.
• We are passionate about supporting the nonprofit sector and contributing to the success and sustainability of organizations that make a difference in our communities.
• At Telos CPAs, our bookkeeping services for nonprofits go beyond basic data entry.

For the most part, however, cash flow statements for non and for-profits are very similar. If you’ve dealt with for-profit cash flow statements before, this should look very familiar. When you reconcile your bank accounts, all you’re doing is comparing each transaction from your bank statement with the ones you have in your books.

Simplified Reports For Impactful Decisions

This type of accounting tracks and manages the funds received through grants, ensuring that the money is used according to the terms outlined by the granting organization. Nonprofits must carefully account for these funds to meet reporting requirements, track spending, and avoid compliance issues with https://www.bookstime.com/ funders. Managing cash flow effectively is key to the sustainability of nonprofit organizations. We provide expert advice and strategies to help you optimize cash flow and mitigate financial risks.

A sound and reliable network needs a technology provider who can keep your organization running and safeguard it from hackers, viruses and other threats. Our goal is to continually improve your organization and help it run more accounting services for nonprofit organizations smoothly. That means we’re constantly working to increase our knowledge and the level of service you receive. Contact us to help you with your foreign tax needs today, and watch your business grow. Finally, the collection, remittance and reporting of state and local-level taxes depend on the governments that levy the taxes.