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Not for Profit

A not for profit organization was looking at their current bookkeeping system when their bookkeeper retired. In the hiring process, several issues were identified and the association was looking at change as well as replacing the vacant position.

Identified issues:
  1. The organization had an outdated accounting system and computer system and did not want to invest in buying a new system as they did not budget for it in the current year. The bookkeeping position was done by the administrator and they needed someone with a good financial background to help with financial information and processing at a senior level to work with the auditors. They could afford to hire any more that what their budget allotted.
  2. The directors wanted current month financial statements that were reliable and accurate for monthly board meetings. They previously would receive them three months later. They needed these statements for planning and cash management.
  3. The organization also needed to streamline the processes with current technology that was available. Since the board of directors were from all across Canada, it was difficult to get all that information on a timely basis.
Solution:

Penny & Associates Inc. provided the following solution by implementing the following and staying within the allotted budget:
  1. Setting up their accounting department remotely, an internal clerical staff emails and scans invoices and information for off-site processing at Penny & Associates Inc.
  2. Developing accounting policy and procedures for control and responsibility for each parties understanding:
    1. A team leader was assigned to manage the account, and the board of directors financial reporting schedules were defined and financial information was emailed one week before schedule.
    2. A recommendation was made that the organization set up on-line banking to assist in cash-flow management.
    3. Copies of all transactions and monthly reports sent in encrypted email, followed by actual documents sent to the office by courier if required.
    4. The bookkeeping and audit preparation is managed by Penny & Associates.
Results:

Client is happy and receives information on a timely basis to make effective decisions on a weekly basis and good information is provided to The Board of Directors. They have gained significant savings by outsourcing their bookkeeping and received good direction in adapting accounting policies and procedures. The service is remote and seamless. A good relationship has been developed with the bank for cash management and advice on investments for this client. Now with the recommended solution both the client & Penny & Associates Inc. can access financial information over the internet at the same time to discuss any financial management matters.