No matter the cause, there is one trait that always characterizes nonprofit organizations: Passion. From volunteers to board members, everyone involved in nonprofit work is passionate – however, this usually doesn’t extend to the bookkeeping.
Managing the complexities of pledges, dues and grants can distract from a group’s mission and even result in burnout. Believe me, I know. As a former treasurer for a large national society, I share your dedication and understand your challenges. And that’s exactly why my firm, Covington+ Associates, specializes in serving nonprofits.
Running a nonprofit, or not-for-profit, is different than managing a conventional business. There are different rules, compliance and accounts to consider, which all call for an expert.
Our team has experience with a range of nonprofits, from career associations all the way to fraternities and sororities. This means we can jump into your organization fast and get straight into the heavy lifting.
Here’s how we do it:
Bringing in an outside firm can be intimidating. So the first thing we do is talk with you and the leadership team – such as the Chairperson, President, CFO, Treasurer, Marketing Manager or Board members.
Together, we cover your current processes, funding performance and cashflow. This discussion opens the door for us to streamline the day-to-day work.
At Covington+ Associates, we’re a fan of smart technology. We use Xero online accounting software as our accounting platform – which is securely in the cloud and accessible anytime, anywhere.
We set-up your Xero account and then customize it with special time-saving features. For example, many nonprofits wrestle with bill payments and storing important documents – especially when it comes to tax time. Our team recommends two solutions, Bill.com and Hubdoc. We connect these applications to your Xero account and the data flows in automatically.
Member training and support
It’s tough to take on new technology and processes – which is why Covington+ Associates provides helpful hand-holding.
Our product training includes Xero videos and webinars, many available on-demand to fit your schedule. But beyond the how-to instructions, we also show you how to run reports for local, state and national meetings – a great benefit come fundraising time.
Passing off the financial compliance of your nonprofit to Covington+ Associates has so many benefits – but the biggest is the time you get to refocus on your passion. With the accounting cared for, books in order and tax needs satisfied, the entire organization can channel their energy to really making a difference.
Interested in better accounting for nonprofits? Check out our Nonprofit Services, or click the button to view our pricing.