Outsourced CFO Services for Not-For-Profit
Not-for-profit retains LCW CPAs for outsourced CFO services, expense management, and accounting services.
A not-for-profit had a generalist handling human resources, finance, and accounting responsibilities. When an audit was behind schedule and needed accounting expertise, management contacted LCW CPAs and hired them to get the audit completed.
After successfully completing the audit, LCW CPAs was retained for all accounting work including bill payment, cash flow forecasting, payroll, and outsourced CFO services. Like many businesses, including not-for-profits, this company realized they needed financial and accounting expertise, but the need did not warrant a full-time role. Additionally, it was unlikely one individual would have the breadth of skills and experience to offer both strategic thinking and day-to-day accounting services cost-effectively.
Services Provided by LCW CPAs
Shannon Lee leads the LCW CPAs team for this not-for-profit client, providing the outsourced CFO services. She works closely with the Executive Director and Chief Operating Officer on strategy, budgeting, and cash flow forecasting. Additional LCW CPA professionals provide accounting services including bill payment, payroll, reconciling bank statements, journal entries, and general ledger management.
The results of working together can be measured in a variety of ways. Efficiency has increased as has accuracy with knowledgeable and experienced accountants completing monthly accounting. The leadership team has peace of mind knowing they have retained a highly qualified team to provide strategy including forecasting and budgeting as well as ongoing accounting services.
The year prior to LCW CPAs providing outsourced CFO services and accounting services, there were approximately 30 adjusting entries that had to be made after the auditors completed the audit. The next year, adjusting entries were cut in half. Most recently, adjusting entries were limited to standard adjustments for tax purposes.
Today, annual audits go smoothly, the budget process is improved, and cash flow forecasting is in place, enabling the Executive Director and COO to make timely and informed decisions. They have confidence in relying on their outsourced CFO for strategic insight and advice.