Finding the Right Financial Partner for Your Nonprofit: What to Look For

Choosing a bookkeeping or accounting partner is a pivotal decision for any nonprofit. This partner plays a crucial role in your financial health and your ability to demonstrate transparency and accountability. You need someone who not only understands the numbers but also the unique landscape and requirements of the nonprofit sector. Knowing what to look for in a financial partner can make a significant difference.

Beyond basic accounting skills, consider partners who have experience working with nonprofits. They should be familiar with nonprofit reporting standards, fund accounting, and the specific compliance issues your organization faces. This specialized knowledge ensures your financial records are accurate and meet the requirements of donors, grantors, and regulatory bodies.

Transparency in pricing and service offerings is also key. A good partner will clearly outline their fees and the scope of their work, avoiding hidden costs or surprises. They should be communicative and proactive, keeping you informed about your financial status and any potential issues.

Beyond those keystones, look for an advisor to add to your team who can act as a valuable thought partner. This means they are available to discuss financial strategies, offer insights, and help you navigate complex decisions. A partner who is invested in your mission and willing to provide guidance can be an invaluable asset to your nonprofit's long-term success. 

Something less discussed is finding a partner you will enjoy working with. Number crunching is not the most fascinating part of a nonprofit’s story by any means, but it is the part of the story that makes all the best parts possible. Securing team members for this financial role that are knowledgeable AND you can enjoy talking with and be comfortable asking questions to is underrated, but a game changer after the fact when you’ve experienced it (or so our clients tell us!). 

By carefully evaluating all of these qualities, you can find a financial partner who truly supports your mission and strengthens your organization's impact.