Learn more about how working with an outsourced partner allows you to focus on what you do best, while still getting these all-important function areas taken care of.
The COVID-19 pandemic has been tough on organizations of all types but has been particularly hard on non-profits. Non-profit organizations are used to being asked to do more with less, but in today’s climate that couldn’t be more true. The pandemic has forced some non-profits to lay off or furlough employees, and has led to a decrease in donations. In some cases, non-profits have had to cease activities due to the circumstances. In order to survive in this climate, non-profit organizations must constantly be on the lookout for ways to control costs, increase efficiency and boost donations.
As organizations continue to do more with less, now, more than ever, organizations are understanding the importance of real-time financial data and how they can leverage this data to make more informed decisions. Whether it is making sure you have the right data to quickly apply for a PPP loan to getting real-time labor costs – having access to this information is vital in this new environment.
Here is where working with a managed services partner on some of an organization’s day-to-day operations – often referred to as back office – can prove critical to the success of a fledgling business. By having a managed services provider work on tasks like payroll, HR functions, IT and accounting, your organization can truly focus on advancing its goals, reducing overhead costs and ensuring that employees and volunteers are spending their time and energy on the mission.
By outsourcing necessary but time-consuming tasks such as bookkeeping, tax return processing, auditing and year-end financial reporting, your organization can concentrate on what you do best. Along with financial tasks, technology has been a challenge for non-profits during this pandemic. Non-profit leaders should be spending their time on the mission, not working to ensure remote work capabilities or examining cyber security protocols for their staff that is working from home. By working with a managed services team, they will be able to take on these tasks that are hindering their organization from spending its full effort on its mission.
Finding the right employees in the fields of accounting and finance, HR, and IT can be not only tough, but costly for non-profit organizations. Firms that offer back office as-a-service employ seasoned non-profit financial, IT, and HR experts; they utilize the most up-to-date software and are fully versed in local Rhode Island and federal financial and employment rules and regulations. Unfortunately, with COVID-19 uncertainty has become part of the new normal of the business environment. By outsourcing your back- office functions you can eliminate some of this uncertainty and the risks that come with it, including hiring, turnover, layoffs and rehiring.
This model also offers financial stability during these challenging times. When working with a managed services partner, you are working within a defined, fixed budget that is designed specifically with non-profit budgets in mind. With this, you know exactly what you are spending, allowing you to dedicate resources to other parts of your organization. However, as the environment changes at such a rapid pace, so can your needs. A partner can provide you with on-demand resources to meet your changing needs. They can quickly react and adjust to your needs at that precise moment, giving you the right amount of resources at a reasonable cost when you need them.
As your non-profit organization continues to deal with the impacts of COVID-19 it’s time to focus on your mission – not the back-office functions that take up your time. Learn more about how working with an outsourced partner allows you to focus on what you do best, while still getting these all-important function areas taken care of.