If you’re running a nonprofit, odds are you’ve considered outsourcing all or a part of your accounting and finance function. That makes perfect sense. Outsourcing is a cost-effective way to access expert nonprofit accounting and finance resources and create a high functioning accounting and finance department. One of the common myths listed below, however, may have prevented you from choosing an outsourced option.
Myth #1. Outsourced means outside the United States.
Not at all. Outsourced simply means that the services are performed by professionals outside of your organization. If you are ever unsure, you should ask a prospective outsourced provider if all their work is performed in the U.S.
Myth #2. Outsourcing is expensive.
It is not expensive when compared to hiring and managing staff with the knowledge and experience required to effectively deliver the accounting and finance oversight a nonprofit needs. A reputable outsourced firm specializing in nonprofit accounting can often deliver high-quality services that are also very affordable.
Myth #3. Outsourcing means that I can’t have any internal accounting staff.
Not true. In addition to serving as your complete accounting and finance solution, an outsourced firm should be able to work closely with your internal team. There are times when it is beneficial for the outsource provider to supplement, complement, or provide training for your accounting staff.
Myth #4. Outsourcing means conforming to the provider’s mold.
Cookie-cutter accounting services are a thing of the past. Services provided by an outsourced firm should be tailored to meet the specific needs of your organization including, but not limited to, the level of services provided, the frequency of the services provided, the reports provided, and accommodating your organization’s Board and committee meeting schedule.
Myth #5. I will have limited access to my outsourced accountant.
Nope. With today’s technology there is no reason why you cannot have regular, if not daily, interactions with your outsourcer’s primary point of contact. You should feel like they are right down the hall, even if they aren’t.
Ready to dispel the myths? Contact Chazin & Company for a free consultation to learn how outsourcing will improve your organization’s accounting and finance function.