No matter what a nonprofit’s mission is, it must run like a business. Like other businesses, nonprofits have to pay bills, reconcile accounts, manage payroll, and more. And the stakes often feel high. After all, if an organization fails to bring in more donations or grants than they spend, it puts its mission at risk.
Accounting firms can bring efficiency, valuable advice, and best practices to their nonprofit and religious institution clients, solving critical problems and helping to ensure others don’t arise. They can help guide them into a next-generation approach to expense management - one that can bring in new sources of cash, real-time visibility into their spend, and the ability to enforce budgets via spend management.