Nonprofit Improves Efficiencies and Accuracy by Outsourcing to SD Mayer
The Salesian Boys’ and Girls’ Club (the Club), is a nonprofit that celebrates the modern youth and is located in San Francisco, hosts athletics, library resources and more.
The team at SD Mayer helped to take us from early startup mode, running accounting with Excel and lump-sum journal entries, to proper audit-ready accounting practices. Highly recommended for a bootstrapping startup that needs to up their game. Great team to work with! Friendly, responsive and accurate. Just what you need.
THE CHALLENGE
In the past, the Club struggled with their internal record bookkeeping process and lacked the organization needed to produce timely and accurate financial information for management and the board. When SD Mayer began working with the Club in 2014, the Club had no established accounting procedures in place and no accounting system. The record-keeping was all done manually. There was a lack of records for the financial transactions which made it difficult to accurately determine the flow of money on a monthly or even daily basis.
The general ledger accounts were not reconciled on a timely fashion which resulted in the lack of financial information that is needed to run the Club’s operations effectively and efficiently. Accordingly, the board was not set up to properly understand and make informed decisions based on the available financial numbers.
HOW SD MAYER HELPED
We assisted them in transferring their financial data from the manual system to the computer-based system and explained to them the reconciliation process of bank statements and investments in QuickBooks. We trained their staff to use QuickBooks Online to generate financial reports and helped them get organized in using the necessary procedures to analyze expenses and keep supporting documentation of all major expenses.
With a non-profit receiving donations from trusts and estates, the accounts became challenging to sort through. SD Mayer started compiling a list of assets and, in doing so, uncovered a number of assets that the Club was unaware of their existence.
SD Mayer acted as consultants on how to establish sound internal controls and how to log in information in a computer-based accounting system. SD Mayer worked closely with the Club to speed up closing the books and to implement monthly closing procedures on to review the journal entries, the reconciliations, and the bank accounts on a timely basis.
SD Mayer began the journey with the Club as consultants until the Club managed to handle their internal accounting competently. But later on, we changed the scope of our services and became the auditors. We continued to perform their audits with delivery date of about three months after the close of their annual financial books and records.
THE RESULTS
At SD Mayer we understand the challenge and confusion that can come with accounting and financial management, so we serve to simplify and explain the numbers so that you feel confident in your own work.
With Salesian specifically, they improved their efficiencies using the audit procedures we put in place and they have an accurate portrayal of finances due to the technology we implemented. Finally, they have a complete accounting of accounts and assets, which can be complicated by donations by trusts and estates.
DISCLAIMER:
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. The services of an appropriate professional should be sought regarding your individual situation.
