Any organization that comes into existence intending to benefit society instead of making profits is called a nonprofit organization. Normally, this kind of organization is formed to promote a specific social cause or for supporting a particular perspective. Nonprofit organizations strive to make our community a more livable place, unlike profit-making companies that always tend to make profits only for their owners. These organizations include hospitals, health care clinics, human rights groups, charitable schools and colleges, animal rights organizations, and orphan care institutes, etc., that always tend to achieve their goal of betterment of the society.
Key Difference between Profit Making and Nonprofit Organizations
The nonprofit organizations do not distribute their surplus funds to the partners or shareholders of the organization rather than using surplus funds for further promotion of their missions and objectives. While in the profit-making organization, all the profits or surpluses are divided into the partners and the shareholders. This is the key reason behind the adoption of a nonprofit legal structure as it helps owners and partners to avoid tax implications, especially to get income tax exemptions.
Challenges for Nonprofit Organizations
This kind of organization can face challenges in terms of usage of available funds and accomplishing core objectives and goals within certain time constraints. An organization that claims to be nonprofit has to make sure that the major part of funds is being devoted to the development of its social cause and achieving goals instead of supporting heavy managerial liability. Accomplishing key objectives and goals in the presence of minimum administrative funds might a tough challenge, and doing so within the available low budgets cab be near to impossible. In nonprofit organizations, the managers and administrators are responsible for the financial activities of the organization to society, beneficiaries, governing bodies, and sponsors, and donors.
It is important to express your organization’s good repute, progress towards the achievement of the goals, administrative efficiencies, and effectual allocation of resources for further grant applications and other funding requests.
How ProAccountax Contributing?
When you seek for a well-reputed accounting firm that holds a team of accounting and taxation experts efficient in providing remarkable bookkeeping, accounting, taxation, cash flow management, and financial reporting services to deal with your organizational accounting and reporting needs to satisfy your board of governors, sponsors, and donors, ProAccountax is the perfect match. As having our accounting facilities, it will be easy for you to assure your board of governors, donors, and involved social contacts about your financial and managerial protection. ProAccountax has been serving excellently to nonprofit organizations over a period of three decades. Our accounting and taxation experts are best known in the UK for serving every kind of charitable organization.
For the nonprofit organizations, it is of key importance to maintaining their tax-exempt status, and in this regard, our team of accountants and tax solicitors is experts in preparing forms 990 and other desired reports for taxation and legal authorities. We also provide helpful recommendations and suggestions to advance record-keeping procedures, internal control systems, and support in budget preparation and evaluations.
With comparison to other service providers in the market, ProAccountax is providing unbeatable outsourcing accounting and taxation services for nonprofit organizations. Along with international standard accountancy services, we are also committed to offering our services at very affordable prices in contrast with the prevailing rates in the market. We do so in regard to their contributions towards the betterment of the society that are playing a key role in making the world a better place to survive.
Why Outsource Nonprofit Accounting Services?
The important reason for outsourcing your accounting services are such as:
It has been realized that having in-house account management is very costly, and specifically, when it comes to nonprofit organizations doing so can be a waste of valuable resources that can be used for the accomplishment of the core objectives. In this regard, outsourced accounting services by professional accountants like ProAccountax at a very low annual or monthly fee can be the right choice.
Meeting International Financial Reporting Standards
ProAccountax has all the required expertise and knowledge for preparing annual financial reports for your nonprofit organizations up to the international financial reporting standards and emerging accounting needs.
Outsourcing your accounting matters to us can help you have a peace of mind to focus on your core objectives to achieve instead of accounts management.
Easy Access to Funds
By providing you authentic and up to the standards financial reports, we can help you in building the trust of donors in your organization and making it easy to get more funds.
Satisfaction for Board of Directors
By realizing the involvement of our experienced accountants in financial oversights.
Better Decision Making
Effectual decision making because of the precision of the prepared financial reports.