Nonprofits operate for a mission and often to serve people, and while the eventual goal is never money, keeping track of finances is critical. If you wish to know how your organization is performing, you must go back to your financial reports and books to find relevant details. Unfortunately, many nonprofits in Myrtle Beach continue to work through spreadsheets to handle their data, and most of them don’t have the resources to afford an accounting team. That’s where outsourcing comes in handy. Besides saving money, you get a team of experts at your disposal. If you are hiring an accountant for nonprofits in Myrtle Beach, SC, for the first time, here’s what you can expect.
Essential bookkeeping
Bookkeeping is all about reording, managing, and organizing financial transactions with an eye for accuracy and transparency. Managing bookkeeping manually and without knowledge can lead to mistakes, errors, and omissions, which are either tough to detect or hard to fix. When you hire an outsourced accounting team, they will start by establishing a proper system to include all inputs. Each transaction, no matter how small, will be recorded, and because experts are doing the job, they will always double-check everything.
Track expenditures and donations
Donations are necessary for nonprofits to thrive and serve the community, and knowing where each donation is coming from can help make critical decisions in time. Your accountant and booking experts will track contributions and ensure each donation is tracked to the source. The information can help you streamline your efforts. For instance, if your organization has been receiving more donations from a particular event, you can spend more resources on that in the upcoming year. Similarly, the accounting team will track expenditures by programs and funds, ensuring you never fail to spot where the donations and money are going.
Bookkeeping cleanup
Your accounting firm is also responsible for helping you with IRS 990 filing and other critical tasks, such as preparing for an audit. They will ensure your books are reconciled with your bank accounts regularly, restructure the chart of accounts, and find out what’s due in terms of payables and receivables. In fact, regular reconciliation can also help detect internal fraud and discrepancies that are otherwise not visible. If the team finds any error with bookkeeping work, they will take immediate steps and make necessary corrections.
Payroll Services
Many nonprofit accounting firms also specialize in payroll solutions. The experts can help select the right payroll service that is best suitable for your needs and will offer guidance on implementation. The accountants can also process payroll, assist with state and federal tax filings and deposits, and complete work related to 1099 & W-2 preparation & filing.
QuickBooks services
As we discussed earlier, managing data for nonprofits through spreadsheets is never feasible, especially as the volume of data continues to grow. You can expect the accounting firm to work as your QuickBooks advisory, where they will help you decide whether QuickBooks is ideal for your nonprofit. They will guide you on the initial implementation, train your team to use the software, and handle any issues that may arise in the future.
Find the right accounting team now!
Only selected firms specialize in nonprofit accounting, and you must dig deeper to choose one that aligns with your needs. Start by making a list of accounting services in Myrtle Beach, and you can shortlist a few names based on recommendations. Online reviews can also help sort options, and you can also visit the websites of respective firms to learn more. If you can get virtual services and support, that is always beneficial for immediate assistance on demand.
