Bookkeeping for Nonprofit Organizations

Who nonprofit bookkeeping is for

Waddell Accounting works with 501(c)(3) nonprofit organizations in Southeastern Wisconsin.

The service fits an organization whose books are kept by the executive director, a volunteer treasurer, or an office manager with other duties. It also fits an organization where grants, restricted gifts, or a board that wants monthly reports have made the bookkeeping more than a side job.

An organization with one bank account and a few transactions a week needs less than one with several programs and grants to report on. We set the scope to match yours.

What nonprofit bookkeeping covers

You choose which of these we take on.

• Accounts payable and receivable management
• Bank and credit card reconciliations
• General ledger maintenance
• Chart of accounts setup and cleanup
• Tracking of restricted funds and grants
• Monthly and quarterly reporting

Related work we can add: audit preparation support and budget development.

The month-end close

Each month we close the books in the same order:

1. Record the month's transactions.
2. Reconcile every bank and credit card account to its statement.
3. Review the balances for anything miscoded or missing.
4. Prepare the reports.

Closing on a set schedule means the numbers your board sees have been reconciled to the bank.

Reports for your board

After the close we prepare a financial package for your board meeting, monthly or quarterly, on the schedule you choose. It can include a statement of activities, a statement of financial position, budget versus actual, and reports by fund or grant.

We also support your board treasurer, who presents the numbers and answers for them.

Accounting systems we work in

We work in QuickBooks Online and QuickBooks Desktop. If you use other accounting software, or you are choosing a system, we can help you decide what fits.

How the handoff works and what stays with you

We start with a free consultation to learn how your organization keeps its books today. After that we agree on a scope, get access to your accounting file and bank statements, and take over the work in that scope. We can work on site at your office, remotely, or both.

Some things stay with your organization:

• Your staff approve bills, sign checks, and make deposits
• Your board approves the budget and oversees the finances
• You send us the records we need, such as bank statements, invoices, and grant agreements
• You answer our questions when a transaction is unclear

What affects the quote

We quote a price for your organization after the consultation. These are the things that move it:

• The number of bank and credit card accounts to reconcile
• How many transactions you have in a month
• The number of grants and restricted funds to track
• How often you want reports
• Whether the books are current or need catch-up work first

Many clients choose a monthly retainer so the cost is predictable.

How soon we can start

After the consultation, we can typically begin within 1 to 2 weeks. If an audit, a grant report, or a year-end deadline is close, tell us and we will work with you on the timeline.

Waddell Accounting was founded by Michael Waddell, CPA.