Consulting Services • Published 1/11/2019 Budgeting for Next Year? Why You Should Budget for Outsourced Services

Non-profit budgeting is a tricky thing. On one hand, organizations must dedicate as many funds as possible toward the core mission and cause. On the other hand, funding administration and back-end processes is just as important for keeping that mission going. Because of this tension, non-profits have to carefully question what they spend on themselves.

Are you wondering where you can save costs and where new investments will have the largest impact? Those decisions are probably looming large as you prepare next year’s budget. As you begin weighing options, consider how outsourced accounting services can become a part of your plan. While you may have never considered outsourcing before, it offers unique advantages for any non-profit:

• Focus on What Matters – Non-profit organizations strive to promote worthy causes and address important issues. While accounting is essential to the organization’s success, it is typically not the focus. Outsourcing lets non-profits shift these responsibilities outside the organization so you can dedicate more time and energy to the mission.
• Keep Costs in Check – Maintaining an in-house accounting department is an expensive proposition. Outsourcing all or part of your accounting function provides access to world-class professionals, often at at a fraction of the cost. You can get the resources your organization needs while lowering costs through flexible and scalable solutions that can grow and adapt in the future.
• Gain Immediate Access to Knowledge – Non-profits occasionally need guidance on specialized and complex topics. Adding someone to the staff is probably not an option, but neither is moving forward without a clear strategy and smart solutions. Outsourcing partners have experienced staff to answer complex questions and provide insight.
• Protect Against Today’s Threats – Non-profits face two big threats – regulatory non-compliance and cyberattacks. Protecting against them requires extensive technical knowledge, which of course is not cheap. An outsourcing partner who addresses compliance and cybersecurity helps non-profits manage these risks without busting the budget.
• Build a Safety Net – The non-profit world can be unpredictable. When the unexpected happens, non-profits may not have the resources to adapt quickly or completely enough. Outsourcing provides exactly those resources. If and when you need something more than you have in-house, there is always a partner to rely on.
• Upgrade Your Tech – Upgrading enterprise technology is an expensive and time-consuming process. Working with an outsourcing partner provides access to today’s best-in-class accounting technology while saving valuable time and effort for your staff.

Outsourcing makes a lot of things easier, including budgeting. You can streamline your financial planning by making outsourcing a bigger part of your outlook. You can even rely on outsourced accountants to help you evaluate and improve your budget. In any case, now is the ideal time to investigate outsourcing in-depth. Contact our team to discuss your options.