Charity FAQs

Ensuring prompt and precise financial documentation stands as a crucial obligation for every charity organization. However, accomplishing this task accurately can be quite time-consuming, given the intricate nature of the regulations involved.
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Introduction

Bookkeeping can be an overwhelming task, to the point where 40% of small business owners express their discontent with it, considering bookkeeping and taxes as the most challenging aspects of owning and operating a business. When it comes to charities, the percentage of those feeling this way is even greater.

Finding a balance between fulfilling your organization's crucial needs and avoiding excessive consumption of time and resources can be challenging. When bookkeeping becomes burdensome for your organization, considering outsourcing may be a wise choice. Before arriving at a decision, let us explore the various advantages of outsourcing bookkeeping services:

• Dedicate additional time to your mission's success
• Reduce risk for your charity organization
• Ensure precise submission of tax filings
• Gain access to high-quality accounting software
• Receive expert advice and guidance
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Dedicate additional time to your mission's success

Administrative tasks are a vital component of a thriving organization. While they may not be the most enjoyable or fulfilling aspects of running a charity, neglecting them is simply not feasible.

Considering this, the time allocated to administrative tasks detracts from your mission-focused endeavors. Imagine redirecting the hours spent on managing your organization's financial records towards activities like grant writing, fundraising, or nurturing relationships with donors. By outsourcing your bookkeeping responsibilities to experts, you regain the freedom to dedicate the time previously spent on bookkeeping to your mission. Reduce the time invested in non-specialized tasks and increase your capacity to make a meaningful impact on your community.

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Reduce risk for your charity

Similar to businesses, charities are vulnerable to fraud and mismanagement of funds. This risk is particularly heightened for smaller charities that rely on volunteers and part-time staff to operate.

While the presence of negative activity in charities is often unintentional, relying on inexperienced individuals to reduce expenses can have long-term costs if your financial records are inaccurate or outdated. By opting for outsourced bookkeeping services, your charity can benefit from the expertise of a seasoned and impartial professional who will ensure the accuracy of your financial data. This arrangement helps mitigate the risk of fraud or misleading reporting, safeguarding the financial integrity of your organization.

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Ensure precise submission of tax filings

By now, the importance of maintaining precise and up-to-date financial records for the success of your charity should be evident. However, it is crucial to recognize the significant consequences that can arise from flawed bookkeeping practices. Even the slightest inaccuracies in your accounting records can lead to erroneous reporting to provincial and federal agencies, causing significant downstream consequences.

It is a common scenario for clients to approach us for counsel after several years of managing their own books and filings, or relying on non-professionals for these tasks. Unfortunately, the consequence of inadequate bookkeeping is inaccurate filings. As time goes by, this issue tends to compound, exacerbating the negative impact.

Collaborating with an accounting professional well-versed in charity matters can safeguard you from this cascading nightmare.

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Gain access to high-quality accounting software

In today's digital age, we have a multitude of apps and software tools that can greatly enhance the efficiency of our tasks. The world of charity bookkeeping is not exempt from this reality. Quickbooks ProAdvisor, an exceptional accounting software, is a prime example of such tools. These programs enable you to effortlessly keep your books up-to-date while on the move, and they facilitate direct access for professionals to consult with you regarding your specific accounts.

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Receive expert advice and guidance

Deliberately kept for the finale, the pinnacle of value lies in professional advice and guidance. One of the key advantages of engaging a third-party expert is their capacity to provide invaluable counsel on crucial financial matters that directly impact your charity. Whether it involves the detection of questionable transactions or financial activities by your bookkeeper, the identification of opportunities for improvement and enhanced efficiency, or simply addressing inquiries about compliant best practices, your outsourced professional stands ready to guide you every step of the way.

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Conclusion

In conclusion, outsourcing bookkeeping needs for your charity organization offers a multitude of compelling advantages. By entrusting this critical aspect to experienced professionals, you can redirect your focus and valuable time back to your core mission. Outsourcing ensures accurate and up-to-date financial records, minimizing the risk of fraud or errors. Access to top-notch accounting software streamlines processes and allows for remote accessibility. Moreover, the expertise and guidance provided by outsourced professionals offer invaluable insights, enabling your charity to navigate financial complexities, adhere to best practices, and make informed decisions. Embracing the outsourcing option empowers your organization to thrive, knowing that your financial foundation is in capable hands, leaving you free to make a lasting impact on the community you serve.

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