Generally speaking, the role of most not-for-profit organizations is to deliver community, social or educational services. Because of that mission and structure, accounting rules for these organizations are considerably different than for regular, profit-driven businesses. At Soren McAdam, our team is highly knowledgeable about these distinctions, largely because we have decades of experience providing accounting services to regional not-for-profit groups. Furthermore, many members of our team have served on boards of various charitable organizations.
Revenue generation is critical for most non-for-profits, since it fuels service or mission-driven goals. However, if gifts or grants have been received for specific purposes, those funds must be tracked to ensure they are used for the intended function. In this area, we can provide QuickBooks or financial reporting support, which can help organizational leaders comply with restrictions while fine tuning revenue-cycle forecasting and cash management. In addition, we offer a full range of advisory services – such as budget preparation and analysis, compliance reviews, internal audit services, internal control reviews and tax planning – that can optimize the overall performance of any not-for-profit organization.