Accounting departments often waste time waiting for employees to turn in expense reports before closing accounting periods. Lack of reporting tools. Many organizations have difficulty extracting data from their general ledgers or other systems for needed reports, requiring additional time to create spreadsheets. Not having to re-enter data and linking those transactions electronically to our accounting system improves efficiency. Outsourcing supporting functions, such as accounting, to specialists so you can focus on your core mission.
Some nonprofits outsource their entire accounting function to CPA and consulting firms.
Rely more on budget control limits and sample reviews. Document simple accounting processes to help new employees operate more efficiently. Then create procedures manuals outlining basic steps for many of the tasks. Segregate processes by transaction size. Not all transactions should go through the same approval process.