CFO | CONTROLLER | STAFF ACCOUNTANT
Non-profit
& not for profit
organizations
Long-term, Scalable & Sustainable Global Impact
Non-Profit vs Not For Profit:
What is the Difference?
Non-Profit Organizations
- Non-Profit organizations operate explicitly for social benefit and public good.
- Non-Profit employees may be paid salary, but income cannot come from company fundraising. Non-Profits may also hire volunteers, but they do not benefit from organizational income.
- Any revenue exceeding operational expenses must be recommitted to organizational purposes.
- Non-Profits can apply with governments to be tax-exempt.
- Non-Profits are accountable to company shareholders, donors, volunteers, founders and the general public.
Non For Profit Organizations
- Not For Profit organizations operate to pursue whatever objectives have been outlined by the founder(s). Organizational objectives are usually in support of niche demographics or social movements, more specific than “public good.”
- Not For Profits are run by volunteers, not paid employees. NFP’s are usually founded by philanthropists who work pro bono.
- Typically, smaller than their Non-Profit counterparts due to having a more specific mission or operating in support of a smaller demographic.
- Not For Profit organizations may include charities, hospitals, religious groups, clubs, trade unions, welfare societies or sports clubs.
- Not For Profits must follow strict guidelines on how donor money is spent.
How Does NOW CFO help nonprofits?
Nonprofits are turning to outsourced accounting to achieve a long-term, scalable, and sustainable global impact. Not for profit organizations provide vital and fundamental resources that meet the needs of our communities. Driven by their purpose, they tend to focus less on their profit margins and more on their cause.
Focus on my Nonprofit’s Mission
NOW CFO is an expert in reviewing processes and helping internal accounting teams become better in their position. Streamlining financial processes which is key to achieving organizational goals – a more efficient workflow results in a more productive staff. With an outsourced solution, employees are no longer overwhelmed with managing their finances, allowing nonprofits to prioritize missions-focused tasks like keeping existing funders engaged, improving program development and delivery while planning for future growth.
- Streamlined financial procedures
- Reduced stress on employees
- Prioritize missions-focused tasks
contribute Nonprofit Sector expertise
Using an outsourced agency removes the guesswork involved in nonprofit accounting. This will help stabilize the organization by improving operations, increasing transparency, and minimizing costs, along with providing access to the necessary skills and experience without the expense of a full-time employe.
- Improved Operations
- Experts in internal accounting
- Wide Range of Insights and Experience
Provide Checks & Balances for superior and Accurate Data
To deliver accurate financials, nonprofits are held to a higher standard. Accurate Financials play a crucial part in the operations and overall performance of managing a nonprofit’s future. Given the importance of adopting internal controls, many nonprofits opt for outsourcing their finance processes. Producing standardized practices and enabling the organization to obtain accurate data
Outsourcing your Nonprofit’s accounting saves money and time while providing insight on exactly where the money is being spent.
- Accurate Finanacials
- Planning for future growth
- Insights into Cashflow
Create a compelling story with financial data
Nonprofits have a government-mandated obligation to prove their value. Inaccurate accounting results in inefficient processes and can significantly impact fundraising and government reporting. Donors and stakeholders are less likely to donate to a nonprofit that have unclear or inconsistent financial reports. If there are multiple findings during the review or audit, it will reflect poorly on the nonprofit and hinder its ability to raise funds or qualify for grants.
- Efficient processes
- Increased fundraising & government support
- Insight into future results
CLIENT HIGHLIGHTS
Our nonprofit clients are happy and they don’t care who knows it
HOW IT WORKS
We’ve streamlined the process of finding the perfect finance & accounting consultant for your nonprofit.
No job postings, No interviews, No headache.
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the right tasks
Accountability & Visibility
We are with you all the way to the end
Why should I work
with NOW CFO?
Our biggest value proposition is looking at a company from the bottom up, not the top down. We show reporting on the entire lifecycle of your customers journey, starting from where your users are coming from to becoming a lifelong customer.
What is different
about NOW CFO?
Our consultant’s transaction services provide a unique, seamless follow-through from strategy to execution of your deal. Their tailored approach begins with listening and understanding your needs to provide you with the right balance of functional, regional and industry expertise and resources on each of your deals to ensure the quality and scope of deliverables are appropriate for your needs.
