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Mahatma Gandhi: Be the change you wish to see in the world.

About

Oversight Management constantly strives to deliver services to our clients at the highest level of competence. We concern ourselves with the issues of our clients, utilizing our wealth of knowledge to address the demands placed on the nonprofit sector.

 

As part of our commitment to the nonprofit community, we provide training, assist nonprofits in an advisory capacity and encourage networking among our clients, which establishes relationships that become invaluable resource tools.

 

We only work with nonprofits. Nonprofit accounting is unique. Accounting in this sector requires a specialized knowledge. There are nuances to maintaining a tax-exempt status, accurately recording and tracking grant funds and establishing their policies and procedures. To initiate and maintain these nuances requires specialized knowledge and experience of financial, accounting and bookkeeping needs in the nonprofit sector. We take care of the financial and regulatory details so nonprofits can stay focused on their missions.

 

We hope to take care of your financial needs.

 

Malauna Steele

Principal

 

 
 
 
 

Portfolio

GREAT CAUSES WE'VE WORKED ON

Weighing the pros and cons

As your nonprofit strives to use its resources as effectively as possible, you might, at some point, consider outsourcing the functions that fall under your accounting and financial umbrella. But there are key elements that need to be considered.

How does this benefit my organization?

Nonprofits often outsource work in areas that require specialized knowledge or a significant number of hours, such as payroll processing and payroll tax preparation. Outsourcing some or all accounting functions also can provide benefits — if it matches up with your organization’s needs and its budget. One potential benefit is accessing a higher level of expertise and greater resources than you could if you hired your own accountant.

 

Outsourcing allows you to work with financial professionals of varying levels of experience and expertise tailored to the functions they’ll perform.

 

These responsibilities could include:
     » Processing payables, receivables and cash transactions
     » Reconciling accounts at the end of the month
     » Preparing financial statements, budgets and forecasts
     » Assisting with tax and grant reporting requirements
     » Adequately communicating financial matters to your board

 

But you don’t have to outsource all of these functions; depending on your needs and budget, you can outsource only the ones that make sense for your organization. You also may benefit from occasionally using other firm experts — investment advisors, HR and IT support, and valuation specialists, as necessary. If you don’t currently have another expert, we can refer you.

 

Some accounting firms offer outsourced CFO services, while others work closely with small firms that provide general accounting services. Many nonprofits turn to outsourcing accounting functions at times of significant personnel transition or workload increases. For the nonprofit that can’t afford the day-to-day expertise of a director of finance or CFO, outsourcing certain financial oversight functions, such as review of bank reconciliations, may enhance its system of internal controls.

 

When considering outsourcing any accounting function, make sure you’re working with a manager or partner who’ll become familiar with your operations. This will help provide continuity of service as well as a resource to your senior management and board of directors. This manager or partner will also supervise junior firm members, providing an added layer of oversight.

Employee or not?

Depending on your organization’s size and complexity, the cost of outsourcing accounting functions might equal or even exceed what you’d pay an experienced accountant internally — or it may cost less. With an outside firm, you pay only for the amount and level of services you require. With an on-staff accountant, he or she may spend some time doing work that someone at a lower pay level could handle equally well. Outsourcing also will spare your nonprofit the expenses associated with a regular employee, such as payroll taxes and health insurance.

 

A benefit that many smaller organizations derive in working with an accounting services firm is reduced fees for audit and tax services — because of the professional attention to accounting functions you receive during the year. And most of the accounting questions that typically arise in an audit already will have been resolved.

How to implement?

A common concern is that there won’t be a CFO or business manager whose office you can walk into unannounced whenever a financial question arises. Meetings with Oversight Management will need to be planned and scheduled. It’s important for your nonprofit and the CPA firm to understand availability expectations.

 

You also need to determine how financial data will flow. For example, will your nonprofit send information to the accounting firm, or will firm personnel come on-site to perform bookkeeping? If the firm is unfamiliar with your accounting software, it may need to perform some tasks on-site, at least initially.

 

Finally, you must be prepared for some commitment of time during the transition. There will be a learning curve as Oversight Management familiarizes itself with your policies, procedures and systems.

The final word

Even with Oversight Management handling your accounting functions, you won’t be able to absolve yourself of financial decision making. Remember, while an external firm can assist and advise you on financial matters, those charged with governance at your nonprofit (typically, the board of directors) must continue to have the last word on making significant financial decisions.

Services

Oversight Management is dedicated to nonprofits and is fully versed in the special needs of nonprofit financial management. We can help track your ratios for allocating costs to your Program, General& Administrative and Fundraising activity. We ensure your chart of accounts is setup to make preparing your 990 easy for your CPA firm to file.

 

Conflict-resolution

We’ve bring over 10 years of financial management experience working in domestic and global development working on fund accounting, policies and procedures, training staff in QuickBooks, working directly with donors from proposal to implementation to reporting. Whether you are an experienced Executive Director of a nonprofit or a startup, Oversight Management can assist you.

Virtual bookkeeping

Many nonprofits are taking advantage of the opportunities presented by virtual services and cloud technology. Offsite bookkeeping is a great option for our clients who hire us to manage their books. After a short meeting where we learn about your business and ask you a million questions, we will be able to quote you a fixed monthly virtual bookkeeping service fee. This is a fantastic option for business owners who don’t want to worry about our log of hours, and are comfortable with the cyber-setup.

On-site bookkeeping

For some nonprofits, the virtual option is not viable. In those cases, we offer on-site bookkeepers on a scheduled basis that fits the needs of the client. We have bookkeepers who visit with clients once or twice a week, or as seldom as once per month. It’s up to you! On-site bookkeeping is the best option for small businesses with a great amount of detail, paperwork and information. As well, some nonprofits are simply not comfortable with their books being updated virtually. Onsite bookkeeping service is provided at an hourly rate on a contract basis.

Reporting and Analysis

Bookkeeping does not begin and end with a balanced checkbook and an Accounts Receivable report. Our bookkeepers keep a close eye on your financial statements and the overall health of your business from a managerial and decision making point-of-view. You can count on us to alert you of any noticeable trends in your books. As well, we communicate often with our client’s auditors, as the work we do has a direct impact on their year-end reporting to the IRS, in addition to other agencies.
Oversight Management also offers:
     »Streamlined Tax Preparation, Payments, and Filings
     »Prepare and file year-end W-2s and 1099s, as well as monthly, quarterly and year-end federal and state tax filings.
     »Provide online access to employee records, past pay stubs, past tax filings and tax payment records.
     »Help new employers get started with the registration process with the various tax agencies
     »Supply clients with W-4s, I-9s and any other tax agency forms

Job-Specific Profit Tracking

Our qualified experts can help you identify and track specific expenses in your job cost estimates – a critical aspect of effectively managing your company’s profits. Taking this extra step improves your ability to measure the profit potential of each and every job.

Expert Training For Your Staff

Oversight Management’s consultants can train your staff to become proficient in QuickBooks to help better manage your company’s finances. Our professionals have experience in establishing organized and systematic accounting processes.

Customized Financial Reports

Our experts can create and teach your staff to use unique QuickBooks reports to help you effectively track your company’s financial performance. Whether you need a partner to manage your accounts or a certified expert to train your staff, our consultants can provide the reporting tools you need.

 

Some of the areas Oversight Management can assist your nonprofit organization are the following:
     »Monthly accounting
     »Grants management
     »Pre-audit workpaper preparation
     »Budget preparation for organization and proposals
     »Internal financial statement preparation
     »Cash flow analysis
     »Key performance indicators
     »990 tax return preparation in special instances
     »Accounting system setup and training

 

Together, we’ll let your financials paint a picture that illustrates your organization’s hard work!

Training

Oversight Management has shared their insights with the nonprofit community through the provision of board training, financial management and nonprofit startups guidance.

 

Interior of the training room with marker board and chairs.

Training: Board of Directors

We make available training sessions for Boards of Directors that address topics that are meaningful to those charged with governance.

     » Budgeting

     » Understanding Nonprofit Financial Statements

     » Roles and Responsibilities of Governance

Training: Individualized Client

Recognizing that each nonprofit faces unique needs, we are also available to conduct training at the client site. These trainings are tailored to the organization’s special concerns about business and its financials.

     » Budget Building Basics

     » How to understand your financial statements

     » Understanding Endowments / Permanently restricted assets

     » Donor restricted funding and reporting

     » Starting a nonprofit: A checklist of before & after questions

     » Organizational conflict

 

If your organization or an individual is interested in one of our workshops, please complete the form below. We’re here to help.

 

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