Insightful Outsourced Nonprofit Controller and CFO Advisory Solutions in Carmel

When it comes to the long-term financial success of nonprofit organizations, precise accounting plays a critical role. Getting help from an experienced controller or CFO can make a world of difference for your organization. Financial Technologies & Management helps nonprofit organizations across Carmel, Indianapolis, and the surrounding communities with outsourced controller or CFO advisory services tailored to their needs.

We combine accounting skills and financial understanding with an organized and honest approach to help your organization grow and accomplish its mission. Our skilled CPAs also offer experienced insight and practical strategies customized to your unique entity. We can work with you remotely or come to your office as needed. So, if you're looking for dependable financial help for your nonprofit, schedule your free consultation today!

Call Us: (317) 819-0780 Book a Consultation

Outsourced CFO Advisory vs. Outsourced Controller Services

Our outsourced financial controller is a senior-level executive who can head your accounting department and oversee the preparation of financial reports. Besides preparing reports such as balance sheets and income statements, our controller may handle compliance audits, budgeting, analyzing financial data, and monitoring internal controls. Depending on your processes, our financial controller may be involved in evaluating and selecting accounting technology for use within your finance department and related departments in your organization.

Our outsourced chief financial officer (CFO), on the other hand, can be responsible for managing your company's financial actions. The key duties of our CFO include tracking cash flow and financial planning. Additionally, we can analyze the financial strengths and weaknesses of your organization and propose corrective actions. To some extent, our CFO services are similar to those of a controller or treasurer because we manage your company's finance and accounting divisions to ensure that financial reports are precise and completed promptly.

There is a lot of overlap in the functions of a CFO and controller. Your nonprofit may need our controller or CFO service, and not both. To simplify the process, our team works with you to determine the level of our involvement based on your financial requirements and long-term goals. You can trust us to only recommend the solution that gives you the most benefit.

When to Hire Our Financial Controller

Having understood the difference between a controller and a CFO, here are some situations that might prompt your nonprofit organization to hire our outsourced financial controller:

• Accuracy of financial reports - You'll need our controller if your in-house bookkeepers can't identify the root cause of inaccurate financial numbers or remedy the situation.
• Fixing delays in the close process and report delivery - Sometimes, your bookkeepers may have trouble completing your close process on time, and you may need our outsourced controller's support during your monthly close.
• Supervision of bookkeeper - If your organization doesn't have a CFO and you lack time or skills to monitor bookkeeping, reaching out to our outsourced controller is often a great option.
• Preventing fraud, errors, and security breaches - Our outsourced controller has the training and skills necessary to implement critical internal controls to prevent fraud, errors, and security breaches.
• Better support for your CPA - Our experienced controller can furnish your CPA with essential data and assistance during tax season or an audit.

Our financial controller will be there for you throughout the year to do monthly, quarterly, and year-end closing. We'll ensure everything is accounted for, including preparing for audits and working with an external audit firm to complete the annual audit.

Controller is the third level of service.  Our professional staff are trained accountants and has controller level services to perform these higher-level controller advisory services.  Our controller services allow you to achieve a fully outsourced accounting department to include these executive level services.  We can assign an additional higher-level staff to review the bookkeeping and accounting work at least monthly to provide you with financial reports and insights.  Our controller can work directly with your board, finance committee, and management.  With the first three levels of service, we serve as your dedicated accounting department.

• Bank and Account Reconciliations
• Audit Preparation and completion
• Budget Development/Preparation
• Grants Management/Cost Allocation
• Monthly, Quarterly, and Year End Closings
• Financial Statement and Reporting Design and Presentation
• Tax Return Preparation
• Developing and Implementing Financial Policies and Procedures including accounting practices, systems, and financial controls
• Implementation of New Accounting Standards
• Project and Staff Management to include oversight of accounting function

When to Hire Our CFO

Sometimes, hiring a controller doesn't just cut it. Here are some situations that can prompt your nonprofit organization to hire our CFO instead of or in addition to our controller.

• Financial strategy and guidance - Our CFO may provide help with a financial strategy such as long-term projections, strategy formulation, and more. We will become part of your executive team and participate in or lead important planning sessions, depending on your desires.
• Maintaining compliance and reporting - Our CFO will provide reliable data to boards, banks, and benefactors to ensure you remain compliant with all applicable regulations.
• Supervision of finance team - Your finance staff, such as your bookkeeper, requires professional guidance and oversight. Our CFO can provide oversight and direction to your team so that you know all your processes are accurate and optimized.
• Insightful guidance to your metrics - Our top-notch CFO can identify and interpret numbers and decide the best actions to take to drive positive impact.
• Fundraising assistance - Our CFO can join your team to support fundraising efforts and round out your company's C-level expertise.

Overall, our CFO advisory can be an excellent option for special projects, even if you don't need us full-time. Our goal is to help you reach your long-term goals to ensure you're able to achieve your mission.

CFO Advisory services is the fourth level of service.  Our strategic CFO Advisory services are available as needed and requested by our clients.  We serve as your strategic CFO to provide you with the necessary financial leadership to allow you achieve your financial goals.  As an extension of your management team, we are here to serve your organization when you need us.  Your CFO will oversee all financial aspects and deliver financial intelligence you need to make more informed decisions.

• Financial Systems Review
• Cash Management, Analysis and Projections
• Financial Statement and Reporting Analysis and Presentation
• Financial Management Consulting and Strategy
• Tax Return Consulting
• Designing and Improving Accounting Practices, Systems, and Financial Controls
• Implementation of New Accounting Standards
• Cost Containment and Vendor Negotiations
• Compliance  Assistance and Training
• Board and staff presentation or training
• Certified Fraud Examination services for Forensic Accounting and Fraud Prevention
• Nonprofit Merger, Acquisition, and Dissolution
• Project and Staff Management to include oversight of accounting function

Your Reliable Outsourced Nonprofit Controller

As you prepare for next year's budget, our outsourced financial controller will work with you through budget planning and administration. When preparing, executing, and tracking budgets, you'll be dealing with voluminous financial data, which may create a cumbersome and time-consuming budgeting process that could hamper your effectiveness. That's where our controller is able to streamline your processes and take complicated tasks off your plate.

Additionally, our controller will help you with monthly closings and get you ready for your yearly audit. We'll ensure that you give accurate data by reviewing, recording, and reconciling all account information.

Exceptional Outsourced CFO Services

As your outsourced CFO, Financial Technologies & Management is committed to supporting your nonprofit's future growth. The first task we'll complete is assessing your bookkeeping to ensure accuracy and clarity. After verifying that everything is in order, our CFO will evaluate your accounting processes and optimize your accounting system to streamline your day-to-day operations.

Additionally, our CFO will help you understand your accounting data and generate accurate monthly reports that you can rely on to support critical business decisions, including expansion, budgets, purchases, and delegation of funds.

More importantly, we offer financial projections and forecasting by evaluating your cash flow and predicting growth. With a projection based on solid facts and experience, you'll be able to evaluate your goals and adjust accordingly to fit realistic expectations.

Receive Dependable Outsourced Controller and CFO Advisory Services

Whether your organization needs help to develop financial strategies, organize the books, or set attainable goals, our experts at Financial Technologies & Management can help you do all this and more. We're passionate about helping nonprofits across Carmel and our surrounding communities. Get in touch with us to schedule your free consultation today!

Call Us: (317) 819-0780 Book a Consultation

Case Study

When it comes to satisfying your outsourced accounting needs, we recommend and use MIP accounting fund software. As our firm’s primary nonprofit accounting software solution, we know that it is capable of consistently meeting the needs of your organization.

Please click here to download our client case study