Will you be ready for your next audit? If your answer is “no” or “I don’t know,” you need a provided by client (PBC) checklist. What is a PBC? A PBC checklist is a list of all documentation, spreadsheets, and schedules that your auditing firm expects your organization to provide as part of your annual…
3 Keys to Being Prepared for Your Next Nonprofit Audit
3 Keys to Being Prepared for Your Next Nonprofit Audit For many nonprofits, going through an annual audit is like undergoing a root canal—it’s a painful, stressful, and expensive experience. The good news is that it doesn’t have to be that way (the audit, that is.) Through advance planning, organization and knowledge of the audit…
What’s So Different About Nonprofit Accounting?
What’s So Different About Nonprofit Accounting? If you’ve never worked in the nonprofit environment, you might assume that the accounting is fairly simple and straightforward. In actuality, proper accounting for a nonprofit is much more complex than accounting for a for-profit business. Why? For starters, most nonprofits operate on an accrual, not cash, basis. This…
What Your Nonprofit Should Look For In An Outsourced Accounting Firm
4 Tips to Help Nonprofits Find the Right Accounting Partner For nonprofits, outsourcing accounting functions is a big deal. And just as you wouldn’t choose a new tax preparer or investment manager for yourself without doing some research, you’ll need to do your homework to find the right accounting firm to meet your nonprofit’s needs….
Why Your Nonprofit Should Outsource Accounting
Rare is the nonprofit that looks forward to finance and accounting tasks, from bookkeeping to budget reviews and reporting. At a minimum, such tasks are a headache, and sometimes—as when an audit takes place—they become the bane of many executives’ existence. The difficulty of managing finances internally is one of many reasons nonprofits are increasingly…