Why Nonprofits are Moving to Outsourced Accounting
There are many reasons nonprofit organizations are moving to outsourced accounting services (OAS). The one most cited by top managers of fast-growth organizations is being able to focus on the mission, programs, and fundraising while having the assurance that finances are being competently managed.
Additional points to consider when noting why nonprofits are moving toward outsourced nonprofit accounting include employee turnover, audit issues, and inadequate accounting technology.
But what about the cost of purchasing outsourced nonprofit accounting services in relation to maintaining an in-house staff? Are the benefits worth the cost? There’s a perception that outsourcing accounting services are more expensive than maintaining an in-house staff. Let’s examine that by looking more closely at the cost components. [Read more…]