April 16, 2021

Why wearing too many hats will stunt the growth of your NFP and can a virtual CFO be your answer?

You once had a dream to fight for a cause whether it was a people group, an animal group or a core belief of yours. Before you know it you are now running a not for profit for that very cause you once dreamt about. Things are going great and you are growing both financially but more importantly impact on this world. But before you know it, rather than being out there in and amongst the community you find yourselves sitting at a desk, in front of a computer writing up contracts, dealing with payroll, writing grant papers, crunching numbers, running reports and dealing with compliance.

I’ve known some people depending on the time of day can be the Director…IT manager… Office Manager… HR manager… Admin Manager… Fundraiser… Grant Writer… Finance manager and this is all in just Monday…

Does that sound familiar?

Let me begin by saying, you are not alone! This has happened to so many before you and will continue to happen to many after ygou.

What’s going to make the difference is what are you going to do about it?

Some may chose to engage in volunteers to help with some of the tasks and duties but often find themselves picking up jobs half done because their volunteers are unreliable.

Some chose to do it all themselves and soon find themselves burnt out and disengaged because they are simply just overworked.

But some will actually seek the professional help they need.

One of they areas that organisations struggle with the most is their accounting & finance function. For one reason or another, its one of those functions that most people think they can do themslves and to a certain extent they can but as NFP’s get larger and become more complex, this function quickly outgrows most peoples knowledge and expertise.

If you were to implement a new IT system, you are likely to engage a third party expert to do it for you but why is it when it comes to accounting a lot of people think they can do it themselves?

Here what I think… most people think accounting is bookkeeping and reporting which it is but if you want your NFP to grow, its much more important to know how extract the insight from those numbers and this is where a virtual CFO can make a world of difference.

A virtual CFO will be able to help with the following and more allowing you to focus on what matters:

  • A VCFO provides leadership: identify and manage your bookkeeper to produce reliable results but also interpret the results so you get the insights you need to make fast and informed decisions.
  • A VCFO is your trusted business partner: act your sounding board, your coach, someone who knows you and knows your business to help you navigate the market and your internal challenges.
  • A VCFO is your the finance expert who can also help with:
    • Identify KPI’s and measure
    • Manage annual budgeting process + periodic forecast if needed
    • development of annual strategy
    • Cashflow management
    • Strategic planning

Is it time you engaged a Virtual CFO? schedule your free call with us today to discuss how we may be able to help.