The Denver-based, American Cheese Society (ACS) is the leader in promoting and supporting American cheeses. With nearly 1,500 members in the United States, Canada and beyond, ACS provides the cheese community with educational resources and networking opportunities, while encouraging the highest standards of cheesemaking focused on safety and sustainability.
The nonprofit’s accounting challenge:
In 2010, the American Cheese Society transitioned from an association management company to a self-managed association. The nonprofit’s previous management company grew the chart of accounts to 20 pages.
In order to obtain meaningful financial information, ACS needed to simplify the chart of accounts. In addition, the newly self-managed association needed to set up all business functions. Namely, the nonprofit needed to hire staff, set up an accounting system and accounting policies and procedures. Furthermore, the nonprofit needed to jumpstart banking, payroll and tax filings, insurance, and association membership systems.
The nonprofit’s accounting solution:
NFP Partners began providing full accounting services to ACS in 2010. With help from NFP Partners, ACS was able to simplify the chart of accounts.
The nonprofit did so by creating program and administrative designations. Additionally, NFP Partners implemented the new chart of accounts in QuickBooks and created unique and meaningful administrative and program reports. NFP Partners also established internal accounting policies and procedures and linked the association membership information to the accounting system. This greatly improved the efficiency and accuracy of the financial report generation. It also built credibility between the accounting team and the Board of Directors.
The impact of outsourcing nonprofit accounting services:
ACS benefited from outsourcing accounting services to NFP Partners by gaining dedicated accounting professionals experienced in nonprofit financial management and compliance. Here is the what the American Cheese Society’s executive director said about NFP Partners.
“NFP Partners was instrumental in establishing our accounting systems when we transferred to self-management in 2010. Their expertise, overseeing our routine accounting tasks, and preparing reliable financial reports that lead to an uneventful audit each year, is invaluable. They understand the reporting needs of a nonprofit association and ensure the data our Board of Directors receives is easy to understand and accurate.”
ACS is one of the first accounting services clients and remains a loyal client to this day. To learn more about outsourced nonprofit accounting, click here.