How has the war on talent impacted financial leadership in not-for-profit organizations and what can you do about it?
Outsourced Accounting and Not-for-Profit Financial Leadership
Being the CFO of a not-for-profit in many ways is more difficult today than ever before. Most not-for-profit accounting departments are under tremendous budget pressure and struggle to implement available technology fully. On top of it all, it has become difficult to find and retain qualified accounting talent to support the effort.
CFOs often spend so much time getting the books closed that they do not have time to focus on planning and strategy. Does your organization lack the resources to close monthly accounting in a timely manner? Do you struggle with the separation of duties or lack of access to FP&A and advanced reporting tools? What if you could find solutions to all those challenges for less than the cost of a full-time employee (FTE)?
Many CFOs are turning to outsourced options such as our Outsourced Accounting Services. Outsourcing can provide access to a deep bench of accounting professionals, technology to streamline processes and tools to facilitate forecasting and modeling. Outsourcing month-end close, first level review or preparation of professional timely reporting can free up a CFO to focus their time on higher value initiatives.
Outsourced Accounting and Not-for-Profit Talent Gaps
The shortage of accounting professionals has been developing within the last decade or so. Fewer college graduates are choosing accounting as a profession than in the past, while more senior accounting professionals are choosing earlier retirements than ever before. The low supply and high demand have created a vacuum for talent, higher salaries and looming questions about how not-for-profit organizations can compete for the next generation of accounting professionals.
Attracting, training and retaining qualified financial professionals is more difficult now than ever, when most not-for-profits were at a financial disadvantage before the war on talent. Even professionals who value mission first find it harder to reduce the large salaries available in other industries. In today’s marketplace, many organizations face high turnover, a lack of qualified candidates and strained budgets that cannot grow fast enough to cover increased wages. Companies that are blessed with long-tenured professionals face serious challenges with succession planning.
With all these challenges, many not-for-profit organizations are moving toward managed accounting solutions as they provide organizations access to premium talent, business continuity, cost savings and effective risk mitigation. It eliminates the need to find, train and retain talent, reduces overhead costs and gives you access to proven processes and technologies.
How Can Schneider Downs Help?
Schneider Downs Managed Accounting provides growing organizations access to highly qualified CFOs, Controllers and Accounting Professionals at a reasonable cost to provide strategic solutions and timely and accurate financial reporting, as well as fully outsourced solutions, including transactional accounting, accounts payable, accounts receivable and invoicing.
Through our extensive experience with the not-for-profit industry, our financial professionals understand that every organization is unique. We begin with a comprehensive assessment to identify your goals, processes, technology usage and pain points. Based on this, we provide tailored recommendations to enhance your accounting efficiency, whether by supporting your existing team or offering a fully outsourced solution.
Partnering with Schneider Downs grants you access to technology solutions that optimize your accounting functions. We evaluate your current tools to maximize their potential and recommend new software as needed. Our approach ensures you receive polished reports and effective forecasting for accurate cash management and budget analysis.
For more information on our Managed Accounting Services, contact us at [email protected] or visit www.schneiderdowns.com/managed-accounting.
About Schneider Downs Business Advisory
The Schneider Downs Business Advisory team empowers organizations to make informed decisions across accounting, financial, legal and operational areas. From the ground floor to the C-suite, we provide strategic guidance to help clients succeed in today’s rapidly evolving business environment.
