Community Support Nonprofit Organization Engages SD Mayer for Financial and Accounting Assistance
SD Mayer has created a fully integrated, payroll, bill pay and reporting platform that will help Bayview Hunters Point Foundation now and into the future.
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
Bayview Hunters Point Foundation reached out to us in mid-2020 looking for nonprofit expertise, specifically helping with finance and accounting assistance. At the time, they were struggling to deal with city grants, their accounting system was outdated and complicated to use, there were cashflow issues and reporting was non-existent. Our team was happy to get involved and create an outsourced accounting system that took the stress off of their team on onto ours.
HOW SD MAYER HELPED
When nonprofits work with our outsourced accounting practice, the first thing we do is audit your systems, procedures and processes and interview your team to find out what works, what doesn’t and what your vision and goals are for the future. With Bayview Hunters Point Foundation, we immediately implemented QBO and Bill.com, replacing their complicating accounting platform and integrating it with bill pay. With everything “in the cloud” keeping track is as easy as checking your mobile device. We also replaced most of their payroll team and outsourced the payroll to our team in order to tracking payroll, benefits and other expenses properly. Our team established an invoicing and reporting system so that the management team would understand their current financial status on a timely basis. And in order for program directors to understand their spending, we developed budget vs. actual reports. We finally, established controls and processes that were previously missing.
THE RESULTS
It’s been over a year and they went from barely being able to make payroll to now having a sizable surplus. Their current accounting team is able to keep up with the expansion of the organization, increasing revenues and doubling the number of grants. The program directors have input on budgeting and spending now, and have the tools to be able to fully utilize their available budgets without guessing. Our audit team has also just completed their first audit. Things are looking bright for Bayview Hunters Point Foundation.
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.
