In Pursuit of Profit
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![]() Do nonprofit organizations need the same level of accounting support that for-profit entities do? Absolutely! Accounting and finance support is critical for nonprofits looking to receive funding because it increases their likelihood of both securing funding as well as utilizing that funding to drive organizational growth afterwards. Let’s explore the many ways in which accounting support can benefit nonprofit organizations looking for funding! ![]() Accounting company vs CPA firm – what’s the difference? There’s a lot of confusion regarding this topic among non-accountants, so we’re going to answer it for you by breaking down the differences and explaining the similarities. While they may sound similar (and some people may even use them interchangeably), an “accounting company” is distinctly different from a “CPA firm.” Often, the confusion results when people refer to a CPA firm as an “accounting firm,” which makes it sound very similar to an “accounting company.” So, how do they differ? The main differences are seen across credentials, regulations, services, and price. ![]() The biggest challenge we hear about every day is being behind in ongoing accounting activities! We hear it over and over, “We’re so behind on _________. I feel like we’re never going to catch up because we just don’t have the people or time to do it all!” You can fill in that blank with almost any bookkeeping or accounting activity and it would describe the kinds of conversations we have with prospective clients. Whether it’s payables, receivables, close, reconciliations, reimbursements, payroll, or reporting, we have heard it all! ![]() When we talk to prospective clients, we’re always amazed at the types of myths that are going around out there about working with an accounting services provider. After almost two decades of doing accounting work for clients, we’ve heard it all from the silly to the downright bizarre. But throughout it all, the same few myths have stuck around over the years. So, we’re taking the time to address them now to set the record straight. ![]() Think you won’t need interim accounting help this year? Think again! It’s time to recognize the fact that your accountant probably won’t be around forever. With the trend of accounting professionals changing roles every 3-5 years and the current accounting exodus that the industry is facing, the odds of your current accountant staying in their role for the next 3 years is only moderately likely, the next 5 years are very unlikely, and the next 10 years is almost certainly not going to happen. That means you need to be prepared to utilize an interim accounting services company sooner rather than later. Don’t put off for next year what you should address this year! Starting out in public accounting as a fresh-faced graduate, I naively thought there was a reasonable chance I would find fraud as part of an audit. Assessing fraud risk was always part of the prep work, but after years of auditing, no fraud had turned up. Turns out I shouldn’t have been surprised. ![]() The 2024 Report to the Nations by the Association of Certified Fraud Examiners (ACFE) sheds light on the persistent threat of occupational fraud. According to the report, only about 3% of occupational fraud is actually discovered by external audit. Turns out that employee tipsters are responsible for the lion’s share of fraud detection. This proved true in my experience. The one real instance of fraud I ran across wasn’t discovered through the audit process. I can’t even remember if the organization had been audited before. In this case, the fraud had already been uncovered by the organization and now they wanted to understand its scope. Turns out that the Executive Director of a nonprofit was submitting invoices from a fictitious vendor and also turning in personal expenses for reimbursement. This resulted in about $250,000 in stolen funds. The mind-blowing part was that this person had stolen money from a previous employer! The former employer hadn’t charged the individual, probably to avoid bad publicity, nor had they been contacted during the ED’s hiring process. Learning from their error, the nonprofit did bring charges this time around. When the culprit was located, they were in another state already working at yet another nonprofit. 5/27/2024 Is Remote Work Hurting Accountants?![]() When done wrong? Yes. But when done right, it doesn’t have to negatively affect them. In recent years most of the workforce has gotten used to working from home. However, that doesn’t mean that their employers have gotten wise about how to best manage these remote employees. Too often companies are leaving the management of remote skilled employees up to the employees themselves by failing to invest in their ongoing development and facilitate the kind of true collaboration that lifts them up. ![]() When your business is growing and requires additional capital to keep it moving in the right direction, it will need to decide how to come by that funding. This is a complicated decision that can benefit substantially from the expertise that an experienced financial leader like a CFO or Controller can provide to the business’s owner or CEO. But, regardless of which avenue a business takes, it will need to be prepared to open itself up to scrutiny by funders. Companies looking for funding need to have the right essentials in place to land the money they are hoping to secure. Whether the funding will come from a bank loan, grant, angel investor, VC or private equity firm, corporate investor, or other type of financier, applying requires the right kind of financial planning and preparation. Simply put, you will need to not only have your financial house in order but be able to prove it! This is where your accounting team is instrumental in the process. 5/13/2024 How to Stretch in Hiring![]() As recruiters, we often talk with clients that have an extensive list of everything they would like in their next hire. Sometimes this includes items that cause employers to voluntarily get in their own way of filling their open roles. We hear things like, “We want an up-and-comer that can grow with the company” or “This person needs to be 100% on-site” or “They need to have an accounting degree.” While it’s good to know what you want, more often than not these kinds of limitations lead employers to pass on candidates who are actually well qualified for their roles. For this reason, it may be worth stretching your hiring parameters to get an open role filled. We all know that unemployment continues to be at near record lows (and it’s even lower in the accounting and finance field!), which means you need to be prepared to be flexible. Removing the assumptions of what you need from your mind may be the first step in the right direction of getting your role filled. Even if it feels a little bit uncomfortable at first, stretching is good for your hiring efforts! |
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