At AcctTwo, since our team comes from the faith-based community, we not only understand how important it is for you to focus on your mission, we help you do it!
The Benefits of Outsourcing Church Accounting
Outsourcing is all about opportunity. The opportunity to focus on life transformation instead of administration. Whether that means outsourcing your HR, payroll, IT or accounting, you can expect to gain the freedom to focus on your mission and the lasting outcomes. And many already do.
How? One example is by helping you connect your mission to quantifiable outcomes.
In fact, according to a recent survey of over 100 leaders at faith-based organizations, 72.1% say that they outsource one or more of the following at their organization – payroll, HR, IT, or finance. Of those 72.1%, here are some of the benefits they said they receive:
- Focusing on organization mission
- Obtaining a bigger network of industry expertise
- Gaining access to best-in-class services, technology, and partners
- Improving organizational efficiencies and streamlining processes
- Gaining real-time access to your data
- Staying up-to-date on regulatory compliance, new legislations, and security
Here are some of the options you might want to consider and why.
Professional Employer Organizations (PEOs) like TriNet, Insperity, Oasis, or Justworks specialize in providing services like human resources management, payroll processing, state and federal tax compliance, and benefits administration. Nationwide, more than 150,000 organizations use PEOs, including AcctTwo! “PEOs provide a unique co-employment model that grants small businesses access to Fortune 500-level benefits, standardized HR policies and practices, risk management support, and workers' compensation coverage, plus an extensive library of training resources to educate employees and partners on an array of topics.”
When you want to provide the best benefits to your employees, sometimes when you’re growing, and don’t want the stress of managing an HR department, using a PEO is a perfect solution. “Having a dedicated HR advisory consultant with TriNet has allowed me to focus on the day-to-day strategic work of my role while leaning on her to support us as we build out the policies for a rapidly growing organization. I can give her the framework of what we need in a policy, and she builds on it, helping us mitigate risk and stay compliant while we focus on growing our business” Amanda McNeil, Manager of Recruiting and Employee Retention at AcctTwo.
Interested in a PEO? Check out this list from Business News Daily >
Generally, faith-based nonprofits are not in the business of providing Information Technology (IT) support as their mission. If IT is not central to your mission, it might make sense to outsource IT and free up resources for other more strategic functions. “IT is a mission critical operation for every modern company. It provides security, support, and allows for important strategic decisions to flourish. But small to medium sized businesses all too often overlook this department when building their business due to costs and energy required to create a decent IT department.” Church financial management leaders agree that mitigating risk, keeping up to date on technology, and hiring qualified IT professionals can be time consuming and costly. In this ever-connected world of Internet of Things devices (IoT) (e.g. Amazon Echo, Google Home, Nest security camera, etc.) and bring your own device (BYOD) (e.g. iPhones, iPads, etc.), it can get complicated and unfortunately leave yourself open to vulnerabilities. Can your organization handle a data breach? Your reputation is everything.
Interested in outsourcing your IT? Check out this article from Business.com for 6 benefits >
Outsourcing Your Accounting Department
Outsourcing your accounting department is all about balance and outcomes. You need to provide your leadership team with an up-to-date status of the financial health of your organization; but at the same time, you are responsible to leading your mission. The work you do, and the lives you impact, has so much more long-term value to your organization than processing daily transactions. You’re fighting a daily battle between the business side of your organization, the spiritual side of your organization, and the daily challenges of old technology and inefficient processes. By outsourcing your accounting, it allows you to focus on your mission while the daily accounting activities are being cared for.
Going outside your organization can be difficult for many leaders. Will the outsourced accounting team truly understand our mission and the flexibility involved in the day-to-day work? What draws our customers to our Faith-Based Managed Accounting Services is our passion in building a true partnership with them while being flexible and adaptable to the nature of their business. We walk alongside them with the same desire to make a difference in this world and offer up our expertise as a contribution to their cause.
Interested in outsourcing your accounting? Check out this article from Boston Business Journal to learn additional benefits >
We Want to Know
Does your Organization Outsource? Talk to us in the comments!