Industries

Home » Industries » Nonprofit

Nonprofit

Having accurate, timely information can provide potential funding sources the confidence needed to make strategic decisions based on the financial health and success of your organization.

Limited funding. A lack of reliable financial information to help make crucial decisions. Not enough staff. Rising costs and shrinking revenues.

These are just a few of the challenges nonprofits in nearly every industry increasingly face.

Maybe you’re applying for a grant for which you’ll need quality financial information or communicating your financial standing to your board or general membership. Having accurate, timely information can provide potential funding sources the confidence needed to make strategic decisions based on the financial health and success of your organization. This often requires going beyond basic bookkeeping services.

Budget constraints can oftentimes lead volunteer boards and nonprofits to operate “blind” from a financial standpoint. However, aligning with strategic advisors can help you establish better leadership and administrative structures, which can result in improved systems and controls to support financial success.

The Ericksen Krentel team can help your nonprofit, whether you’re a startup or well-established organization, small or large entity, with a variety of financial services, including:

Outsourced Services

By nature, the special projects handled by a chief financial officer or controller are critical to your growth and success. However, when the CFO or controller is pulling double duty – or you’ve assigned a lower-level employee to handle your nonprofit bookkeeping responsibilities – something suffers and usually it’s the day-to-day accounting operations.

One of the benefits of outsourcing is while you may hire a CFO or controller with experience in your specific industry, you gain a range of experience by outsourcing with an accounting firm, including their business, professional and banking contacts. Outsourced accounting can also free your nonprofit’s board and staff from IRS and other compliance concerns so you can focus on achieving your mission, while having more solid financial information to make your audit cycle easier.

Whether it’s completely outsourcing your controller or CFO services or cosourcing to boost your team’s efforts, Ericksen Krentel can provide you with the necessary support.

Our outsourced and co-sourced services include:

Compliance Services (Cloud-based accounting and bookkeeping services)

Our team can provide cash receipts and cash disbursements transaction processing, such as electronic payment of bills using Bill.com or online transactions through your bank, physical check writing and recording all cash receipts and cash disbursements in your general ledger software, such as Intaact , QuickBooks, Restaurant365 or another cloud-based application.

Vital compliance services available through Ericksen Krentel also include payroll processing, whether it’s outsourced to a third-party provider or performed in-house. Finally, our month-end closing services include:

  • Maintenance of fixed asset records and depreciation schedules
  • Reconciliation of all bank accounts
  • Recording of general and adjusting journal entries in general ledger software
  • Preparation of schedules to support significant general ledger balances
  • Preparation of monthly or quarterly financial statements under SSARS 21 standards

Regardless of your size, the key to growth is understanding your organization in real time so you can quickly make the right decisions. Streamlining your accounting procedures in the cloud can give you 24/7 access to real-time, custom financial reports that include key performance and financial indicators.

Performance Services (Outsourced controller services)

  • Real-time accounts payable and accounts receivable management
  • Real-time cash management reports
  • Compilation and review of monthly or quarterly financial reports
  • Variance analysis and comparative financial reporting

Strategic Services (Outsourced and virtual CFO services)

  • Budget preparation, analysis and advice
  • Historical financial analysis and advice to management
  • Financial strategy and modeling (forecasts/projections)
  • Real-time cash flow analysis and advice
  • Market analysis
  • Strategic planning (financial and organizational)

Assurance

Your organization will always need to provide third parties with financial information, oftentimes in the form of an audit. Since you focus on providing top-quality services to your community and constituents, working with an experienced auditor to provide an independent opinion on the validity of your financial standing is important so that mission remains priority No. 1.

That includes everything from agreed-upon procedure engagements to single and annual audits, employee benefit plan audits to comprehensive annual financial reports audits. Maybe you need something less thorough such as a preparation, review or compilation of your financial statements. With nearly 60 years of experience, we are ready to help with your attest and assurance needs.

Tax Planning

Achieving tax savings is a universal financial goal. When tax burdens decrease your available financial resources, you need advice and guidance from financial professionals who know how to address tax challenges and seize tax-saving opportunities.

An effective tax strategy has the power to reduce expenses, safeguard your assets and provide your management team with the assurance necessary to make solid business decisions. To succeed, you need a professional who stays informed of the latest legislation and other fiscal complexities.

Ericksen Krentel’s tax professionals understand the intricacies of tax management. Whether you are balancing your business books or something more complex, our specialists can lead you through the maze of tax management. Working with our tax professionals will help you identify critical issues and benefit from a wealth of technical experience.

We view accounting and tax services not as compliance services but rather strategic services. A personal approach to every engagement is not just a mission statement at Ericksen Krentel; it’s the strategy we follow for all clients. The end goal is a more efficient process to provide you with the best possible outcome for future success. And that performance doesn’t stop when the report is issued; we’re here with you now and beyond.

Blog

Your knowledge source for achieving your business and personal financial goals.

Hurricane Ida Update

Our thoughts and prayers are with all of the people affected by Hurricane Ida. Ericksen Krentel team members have spent this week checking in on each other, our families, and our clients to ensure that everyone is in a safe position. Our New Orleans and Mandeville offices are currently closed due to power outages. We expect our Mandeville office to re-open shortly and will post the status updates of both offices on our website and social media as we know more details. We will do our best to assess the situation of our clients and people, and intend to return to each office as quickly as possible.
We have learned through our experience with past disasters and the ongoing pandemic to be adaptive to new technologies and have implemented cloud-based applications that allow us to efficiently operate remotely. In the interim, we are available to the extent that is possible in working remotely with our many affected clients and their personnel.
As recovery operations begin to take shape and progress, please do not hesitate to call on us to assist in your financial, tax, and other needs. You can reach your Ericksen Krentel professional directly through their normal email address or if you need immediate assistance, send a message through communications@ericksenkrentel.com to receive a return call from one of our professional team members. We look forward to a complete recovery and once again working directly with our clients.

What to Know About Restaurant Revitalization Grants in the Rescue Plan Act

As the COVID-19 pandemic and its economic devastation continues, the $1.9 trillion American Rescue Plan Act of 2021 (ARPA), which was signed into law March 11, 2021, expands relief provisions first introduced in the Coronavirus Aid, Relief and Economic Security (CARES) Act from March 2020 and introduces new measures to help businesses and individuals.