Optimized CFO & Controller Services strives to fill in the gaps for both businesses and non-profits. Many nonprofit organizations have unique accounting needs, which includes the need to provide reporting to a variety of partners and funding sources. Nonprofit organizations often have grant and contract tracking requirements. Specific reporting of fund uses may be required for governmental or other grant funding purposes. Many times, multiple funding sources need to be tracked to ensure appropriate use of funds. Additionally, nonprofits often utilize budgets to ensure appropriate revenue and expense tracking. We often notice that nonprofit organizations may have more administrative and reporting requirements than for-profit businesses.
Optimized CFO can help ensure that nonprofit organizations are on the right track with both their external and internal reporting functions. This assistance can include assistance with budget generation and tracking; serving as a resource for the nonprofit organization’s internal accounting department; assistance with specific funding source reporting requirements; or other accounting duties that may be desired from the organization. Oftentimes OCFO serving as an outsourced accountant for nonprofit organizations provides the organization with a higher level of accounting knowledge at a fraction of the cost of hiring a full-time CPA. This also helps ensure smoother audits (if required) and reporting.