Outsourcing Your Finance Department as an NFP

Maybe you’re a smallish charity, working hard to make a difference and your team/board have little to no bookkeeping or accounting knowledge or skills to prepare financial information or to meet the ACNC & ATO requirements.

Or perhaps the bookkeeper in your NFP has just resigned and you are struggling to find someone to replace them.

Or maybe your faithful volunteer that has been helping with admin & bookkeeper has reached her capacity and needs so more specialised help.

There comes a time for many Non for Profits when they must consider outsourcing.  And given that you’re reading this article,I’m guessing you might just be one of those who are asking:  Why would your Non-for-Profit organisation want to outsource their Finance department?

Well, here are 7 good reasons why:

1. ‍Freedom – Outsourcing the finance department allows your organisation to free up its team members to focus on what they are gifted in and passionate about, which leads to greater job satisfaction & often better productivity.
2. ‍Mitigate Audit Risks – By enlisting a team of experts in their field to take care of the compliance requirements of your organisation will greatly reduce the risk of the organisation getting caught out at Audit time.‍
3. Timely & Accurate Reporting – With a whole finance team partnering with your organisation, you can be confident that the Management & Board will receive timely & accurate financial information for making decisions for the betterment of your organisation.‍
4. Mitigate Financial Risks – Your organisation will have access to sound professional advice to help with setting up stringent financial controls & safeguards that reduce the risk of fraud & fund misuse. ‍
5. Separation of Duties – Rather than having one finance person who has most of the financial control in your organisation, the load can be spread across a multiple people, reducing the burden on the individual and safeguarding against misuse of control. ‍
6. Long term stability – Outsourcing the financial department means that your organisation can avoid the common & often expensive challenge of needing to find new appropriate & experienced finance staff each time someone leaves the organisation, providing your organisation with long time financial management & stability.‍
7. Get more for less – If this wasn’t enough, one of the greatest benefits of outsourcing your organisation’s finance department is that the organisation will have a whole team of experts at their disposal for the price of single bookkeeper. Now that’s value for money!

If you’re interested in finding out more about how outsourcing the finance department could benefit your organisation, please contact our friendly team at Business Lighthouse on 03 5955 2042 or info@businesslighthouse.com.au