Nonprofit Accounting Services

Financial management and accounting functions provided to support the unique needs of not-for-profit organizations. Services may include general ledger management, account reconciliation, accounts payable and receivable, payroll, month-end close, financial reporting, budgeting and forecasting, grant and contract billing, and CFO or controllership support. Outsourcing these functions can give NFPs access to specialized accounting expertise and technology without having to build and maintain a full in-house team.

When evaluating an outsourced accounting provider, consider the following: 

• NFP industry experience and an understanding of not-for-profit accounting, reporting and compliance requirements 
• Range of services that can support both day-to-day accounting and more complex financial needs 
• Scalability and flexibility to adjust support as the organization's needs change 
• Technology capabilities, including experience with modern ERP platforms 
• Reporting and financial expertise that can provide accurate, timely information for decision-making 
• Ability to work alongside existing teams and advisors, including auditors, tax professionals and other service providers 

Cherry Bekaert's NFP team combines industry-specific knowledge with accounting, advisory and technology capabilities to provide support tailored to each organization's needs. 

The cost of outsourced accounting varies based on the scope and complexity of services needed. Factors can include the size and intricacy of the organization, number and type of accounting functions being outsourced, transaction volume, reporting requirements, technology needs, grant and fund accounting requirements, and the level of support required — from specific accounting functions to a fully outsourced finance function or CFO and controller services. 

Because outsourced accounting can be tailored to an organization's needs, NFP’s can choose a level of support that aligns with their current resources and scale it as those needs change. 

Not every NFP needs to employ a certified public accountant (CPA) as part of its internal staff. However, they may benefit from access to CPA expertise for complex accounting matters, financial reporting, tax compliance, audits, and other specialized needs. The specific requirements depend on the organization's size, activities, reporting obligations, and applicable federal and state requirements. 

Outsourcing can give NFP’s access to CPA and other accounting professionals without requiring the organization to maintain all that expertise in-house. Cherry Bekaert's NFP team provides accounting, tax, advisory, and audit services to help organizations address these needs.

Bookkeeping generally focuses on recording and organizing an organization's day-to-day financial transactions, such as maintaining the general ledger, processing accounts payable and receivables, and processing payroll. 

Accounting services encompass a broader range of activities, including financial reporting, budgeting and forecasting, grant and fund accounting, compliance support, financial analysis, and strategic advisory services. For NFPs with more complex financial needs, an outsourced accounting provider can provide both day-to-day bookkeeping and higher-level accounting and financial expertise.