Are you thinking about starting a nonprofit? Besides a good accounting firm you will need strong ideals, an important mission, and great determination. And these are just some of the common factors you’ll need to start a nonprofit. However, what many fail to realize is that nonprofit does not mean ‘money is not a factor’. According to an article from Alliancetrends.com, more than 100,000 nonprofits will fail in the next two years. This is an arresting thought.
Though extremely intelligent and equipped with good intentions, many founders of such failed organizations start with bold ideas. But they lack fine-tuned accounting and business planning for their nonprofit. With only ideals and vision, but no business planning and accounting, a nonprofit quickly becomes non-existent. This is certainly a scary prospect for those interested in starting a nonprofit organization. but should it deter you?
The short answer is an emphatic ‘no’. If you get equipped with the right tools, you can proceed with enthusiasm. Decide that your organization will be a lasting success. When an individual goes down the path of starting a nonprofit, they need to look at their organization like any other business. Applying the same level of scrutiny, detailed accounting, and business planning for your nonprofit is essential to ensuring sustainability. This sounds like an easy solution. But it’s not if you’re working on your own. Accounting is complex; tax law is arguably even more so. Having a business plan for your nonprofit is the first step…
A business plan is more than just a mission statement and a chart of projected earnings. Though it typically includes these. A useful business plan should be detailed and precise. You need to start with the basics of what your organization does. How does it maintain funding/revenue? And what costs are expected for start-up, and ongoing? A few exceptions aside, you should not write the business plan on your own!
At Business & Financial Solutions, we’ve witnessed too many cases where a plan simply was inadequate. They did not serve the intended purpose. Because they were not written by qualified professionals. Hindsight may be 20/20, but forethought works that much better. Collaborate with a team of dedicated CPAs and professionals. You will find those at Business and Financial Solutions. We will craft a detailed Business plan that is customized for your organization’s needs and characteristics.
Your organization may not be built around gathering profits. Yet it does have to remain solvent and sustainable. Expenses have to be paid. Funds must be accounted for. And employees have to be compensated. BFS can assist you with the numbers so you can focus on the people. Our accounting and bookkeeping services provide a great value for nonprofits. Therefor you can focus on the important work ahead. And your accounting team ensure that nothing falls through the cracks financially. We are also able to offer beginner and advanced level tutorials where needed. Additionally, we have the expertise to setup your QuickBooks accounting software. This is an essential piece of the puzzle if you’re looking to eventually do the bookkeeping yourself.
Though potentially rewarding and extremely gratifying, there are complexities involved with starting a nonprofit such as preparing articles of incorporation which must be filed with the state, by-laws maintained, and meeting minutes kept. BFS is here to make these tasks easier and to help make your nonprofit’s startup a smooth and successful one. When you avoid the pitfalls that others have stumbled into and are able to focus on the work that you have a passion for, building a nonprofit can be a real joy. Give us a call today at 1-855-557-2222. Let our business be the foundation for your success.