Why Budgets Are Not Enough for Rapidly Growing Nonprofits

Why Budgets Are Not Enough for Rapidly Growing Nonprofits

From individual households to large corporations, budgets are crucial to maintaining fiscal health. Knowing what income you can expect and how you want to allocate that income is key.

However, that’s not where your cash flow management should stop. Budgets are not enough, especially for nonprofit organizations that want to expand their impact.

Growing nonprofits need better fiscal techniques to help them spend less time doing their books and more time helping others.

Good Steward Financial Company provides virtual bookkeeping services that are designed specifically for growing 501c3 organizations. We understand your nonprofit’s needs, and we are ready to take you to the next level.

Own Your Numbers 

As a nonprofit, you have to own your numbers, or you are setting yourself up for fiscal disaster.

Budgets are not static. The best budgets are periodically re-evaluated and compared with your actual cash flow management records.

Your organization may get an unexpected donation or need to pay for emergency repairs to facilities or equipment. When that happens, you may need to make adjustments to your budget.

However, you can’t amend a budget or even begin to create one, without informed forecasts based on accurate data about your organization’s income and expenses.

Our full-service bookkeeping and accounting services provide your organization with an accurate financial picture that can be used in budgeting, grant applications, and board meetings. 

Good Steward Financial leverages our fiscal expertise to not only keep your books up-to-date but also to help you create better financial projections and allocate your nonprofit’s resources effectively and efficiently.

Expand Your Toolbox

As your organization starts to scale, it is time to expand your toolbox and consider outsourcing to a virtual bookkeeping service like Good Steward Financial.

Small, medium and large nonprofits alike can benefit from Good Steward’s QuickBooks bookkeeping services. QuickBooks Online is an easy-to-use and accurate alternative to old-fashioned written ledgers.

QuickBooks Online gives you access to real-time expenditures, actionable insights, and quick cash flow management, all with the click of a button.

Good Steward Financial’s knowledgeable staff can help you make the most of QuickBooks’ bookkeeping services. We will help you set up the software and provide training, tune-ups, and any assistance you need along the way.

Especially as your nonprofit expands, you will need a dedicated financial professional. If you don’t have the resources for a full-time CFO, consider fractional CFO services.

A fractional CFO:

  • Provides a professional, objective perspective on your organization’s finances
  • Improves cash flow management
  • Educates staff about financial literacy 
  • Crafts a plan for long-term fiscal health
  • Represents the company to insurance providers, banks, and law firms

Good Steward also supports your nonprofit with common bookkeeping tasks, such as payroll processing, and annual audit assistance.

Case Study: In4All

How do these virtual bookkeeping services work in the real world?

In4All, an educational nonprofit which helps teachers and businesses help underserved demographics, hired Good Steward Financial to overhaul their entire bookkeeping and accounting systems.

The result? We took their antiquated and unnecessarily complicated accounting system and streamlined it.

Good Steward Financial leveraged all the tools in our toolbox to take In4All from writing paper checks and navigating bureaucracy to integrating QuickBooks bookkeeping services to save time and money.

In4All also benefits from our fractional CFO services. They now have a dedicated financial professional without having to pay the associated taxes, benefits, or vacation time. It’s a win-win. 

Grow Your Nonprofit with Good Steward Financial

Your 501c3 organization deserves the expert fiscal support that Good Steward Financial provides. Our success is our success, and we are dedicated to helping you realize your vision.

Contact us today to learn about the ways we can take your organization beyond basic budgeting.