At many nonprofits, managers may be spending much time trying to decide if it’s worth the money to engage a CPA firm to help the organization with its finances. After all, resources are often very limited at nonprofits. However, managers would do well to consider all the advantages—indeed, an accounting firm may pay for itself in the long run.
What Does an Accounting Firm Do?
Before going any further, let’s take a closer look at what a CPA firm does. In essence, these firms offer a variety of accounting-related task management and consultation services, many of which can be of great use for a nonprofit due to the larger complexity of accounting and reporting required.
The specific services offered by these firms include, but are not limited to: assurance and auditing, forensic accounting, information technology, business consulting, outsourced accounting services and of course, services related to tax and financial planning.
On or offsite accountants may help the client organization with some or all of these tasks, including daily accounting tasks, the handling of monthly, semi-annual and annual reporting requirements, and anything else the organization will need in order to operate properly and legally.
The fact is that a nonprofit needs to be especially compliant with GAAP and various rules and regulations. Even a small firm might benefit from having a CPA serve as a virtual CFO. For larger organizations, however, audits will be of paramount importance, which of course demands a CPA firm well-versed in auditing nonprofits.
We understand not-for-profit accounting and auditing needs. Contact an MCB Advisor at 703-218-3600 or click here. To review a summary of recent articles related to exempt organizations, click here. To learn more about MCB’s not-for-pprofit practice and our experts, click here.