How do you choose whether you should engage an outsourced bookkeeping firm or have a staff member handle bookkeeping?
Nonprofits need to ask 3 questions when making that decision:
1 Are the organization’s limited administrative resources best spent hiring a professional bookkeeping firm, hiring a full-time finance professional, or finding an employee who can “do-it-all”, so to speak?
2 Does the staff member have the work capacity to execute these bookkeeping functions in a timely manner?
3 Does the staff member have the training to execute bookkeeping functions at the high level of expertise needed by the organization and its financial team?