Several years ago I received a call from the Executive Director of this non-profit organization who’s bookkeeper had just quit. Payroll was approaching and they needed help that day to calculate and prepare their payroll checks. We were able to do that in a matter of a couple of hours. But they needed much more help than that. They were receiving funding from several sources and needed to maintain the integrity of their bookkeeping and cost allocation plan (such as it was).
After getting into the details of how their books were organized we determined that changes needed to be made to more reasonably allocate costs to cost centers and to better manage unexpended balances so that a closer monitoring of spending was possible. We ended up becoming their full-charge bookkeeper handling daily transactions, monitoring grant spending and providing on-going financial reports for their executive director and Board of Directors. We were able to essentially replace the full-time person they had employed for many years with a flat, monthly fee that not only saved the company over $12,000 in annual accounting costs, but ended the situation at year-end of being required to send grant funds back to the funder because of under-spending.
Better information with less hassle and headaches for a lower cost. That’s one of the advantages of using a professional, online bookkeeping company that has the experience to do the job efficiently and effectively.