Effective financial management is essential for the success of any non-profit organization. When faced with challenges or new opportunities, outsourced CFO and controller services from PBMares provide the expertise and support needed to achieve financial stability and growth.

Challenge
A non-profit foundation struggled to find a CPA with expertise in Uniform Guidance who could provide internal accounting services within their budget. To address this, they engaged PBMares for fractional accounting services.

Our Approach
The foundation partnered with PBMares’ Outsourced Accounting team to deliver tailored fractional accounting services. Key solutions included:

• Accurate Financial Reporting: We provided timely, precise monthly financial statements, ensuring the foundation had a clear understanding of its financial position. This included tracking critical figures such as net assets without donor restrictions and expenses by function, in compliance with generally accepted accounting principles.
• Comprehensive Financial Analysis: Our team delivered detailed analyses comparing actual figures to budget and prior-year data. This enabled the foundation to monitor revenue and expense variances, plan for future spending, and identify additional grant funding needs.
• Optimized Resource Allocation: By accurately tracking grant spending and contributions with restrictions, the foundation ensured funds were fully utilized before expiration.
• Informed Decision-Making: Financial insights allowed the foundation to evaluate the profitability of various locations, leading to strategic decisions about resource allocation.
• Audit Preparedness: Clients receiving our services have consistently achieved favorable audit outcomes, with unmodified opinions and no significant deficiencies or material weaknesses.

Results
The foundation experienced significant benefits, including improved financial confidence, streamlined operations, and the ability to focus on its mission. Initially intended as a temporary solution, the foundation chose to retain PBMares’ fractional accounting team for ongoing support, eliminating the need to hire an in-house accountant.

Additional Value
Beyond the scope of the project, our team provided actionable tax guidance on bonus compensation. This included advice on timing payroll and ensuring compliance with retirement plan contributions, offering the foundation practical insights to support its employees.

Client Return on Investment
By outsourcing their accounting functions, the foundation achieved:

• Cost savings by avoiding the need for a full-time accounting team
• Enhanced efficiency through optimized accounting systems
• Greater confidence in financial reporting for leadership
• Access to advanced tools like Bill.com, Sage Intacct, Tallie, and Expensify

Learn More
Explore how PBMares can support your nonprofit organization with outsourced accounting and financial services. Contact us today to learn more.