In the not-for-profit and property management world, CPA firms have moved beyond annual audits and tax filings. The evolution of client accounting and advisory services (CAS) can be traced to several factors:
- Difficulty to recruit and train internal finance staff
- Better work-life balance to retain internal finance staff
- Pressure to reduce overhead expenses
- Staying up to date on new accounting standards and compliance
- Requirements to improve internal controls
- Executive and board preference for outsourced accounting
Regardless of the reasons, CAS can offer many advantages for not-for-profit and property management. Besides their deep knowledge and training in not-for-profit and property management accounting, look for CAS leaders who offer operational and development guidance.
1. Focus on Strategy and Forecasting
By outsourcing the accounting function to a CAS team, not-for-profit and property management executives and board members can focus on big picture goals and implementation. They can rely on accurate and timely accounting and forecasting to improve productivity and make faster strategic decisions.
2. Access Advanced Technology
An experienced CAS team can leverage not-for-profit and property management accounting software and technology upgrades. The CAS arrangement offers advanced technologies for data security and more sophisticated reporting and analysis.Â
3. Enjoy Flexible and Scalable Services
Accounting needs evolve. Smaller organizations need basic bookkeeping and reporting. Larger organizations often require controller or CFO guidance. Even if the organization has an in-house finance leader, staffing can change over time. CAS services support accounting and advisory consistency during leadership transitions. Services can also scale up as part of mission advancement.
4. Manage Risk and Compliance
Internal finance leaders can wear multiple hats such as human resources or development. The CAS team can assist with compliance research and updates while handling critical filing deadlines. CAS CPAs can also identify potential financial issues before they become significant problems in an audit. Experienced finance leaders often appreciate their relationship with CAS professionals to share ideas and confirm decisions.Â
5. Support Mission-Critical Planning
Over time, not-for-profits and property management companies face big decisions such as debt reduction, buying or constructing a building, expanding programs into other states, starting an employee benefit plan or establishing an endowment. A CAS team can run scenarios and help the organization plan ahead on the realities and timing of these decisions.
LvHJ now offers CAS+ services to our non-audit clients in the not-for-profit and affordable housing sectors. The plus in CAS+ stands for our years of experience conducting audits as well as our work to establish national accounting standards. We apply our knowledge to the accounting needs of your organization, offering the benefits in this article…plus more.
