Sunday, March 26, 2017

Even Non-Profit Organizations Need Accountants

If you are an accountant or pursuing a degree in this field, you should know that even non-profits organizations require the assistance of accountants. All businesses need to have an accountant that can take control of the finances and work to complete all of the necessary financial steps. Two professions that get regularly confused are accounting and auditing, however this article will focus on accountants.

Non-Profit Work

There are many ways the accountant can contribute the community by volunteering some of his or her time. Charities that are public for various health conditions, children without homes or feeding the homeless are all great ways to give back to your community.

Additionally, many private foundations are in need of services to assist in keeping the business operations going. The accountant can work to assist any private or public foundation a great deal by simply working to give back to the community.

Fun Fact: A good personal finance tip is that donations to a non-profit are generally tax deductible!

Services Offered

There are a number of ways the accountant can assist any charitable organization and some of these are listed below:

1. Complete all of the financial transactions for the business on a daily basis. These may involve completing the account receivables and account payables for the business.

2. Creating financial profit and loss statements are a great way to assist a business in knowing if the charity is doing as well as hoped.

3. Complete the taxes for the business at the end of the year or work to do so on a quarterly basis. The filing and completion of taxes is a large part of any business and these must be completely accurately to avoid an audit by the IRS at all times.

4. Provide advice on business and ways to increase the profits for the organization to give back to others.

Finally, by providing accounting services to others charitable organizations, this can allow you to give back a great deal to the area in which you live. It is important to take the time to work to assist charities as much as possible. You can volunteer only a few hours a week or month to assist in helping others as much as possible and paying it forward.