It is becoming common practice for many Not for Profit organizations to outsource financial services. This ensures that the high quality work and reporting organizations receive from having a Chief Financial Officer (CFO) is achieved without the expense and commitment of filling an internal CFO role.
This growing trend is impacting the way financial firms offer services. At Catalyst, we recognized this need early on and created our Catalyst Financial Operations (CFO) services which we are excited to introduce to the not-for-profit sector.
“We are proud to announce that this program has been incredibly successful, and is now an official service area of the firm” says Terri Holowath, Managing Partner at Catalyst. “We recognize that organizations need a well-rounded fully functional financial team to help with all aspects of their accounting. Our innovative data management systems and experienced financial advisors are saving clients time, money, and the hassles of trying to do financial activities themselves” she added.
This popular trend ensures that organizations can focus a lot more time and energy on their operations and fundraising, which in itself is a full time job. “We have had some great success with our clients currently outsourcing their work to us and we look forward to rolling this out to others that see the value in outsourcing this component of their operations” Holowath concluded.
Catalyst Partner Paige Shaw is also excited about this service and seeing where it will go: “the need for this program was identified through several discussions with clients and groups we work with that needed more help throughout the year,” she says, “it is the ultimate in flexibility without the commitment of hiring an employee. In the case of not-for-profits, the organization gets to select their service level based on their most pressing needs: cash flow projections, budgeting, bench marking and setting key performance indicators, coordination of bank financing, tax compliance, and anything that they need help with” she added.
There are many advantages of outsourcing a CFO role. From basic accounting services to advanced financial management and advisory, Catalyst Financial Operations works with businesses where they’re at.
Some key advantages of outsourcing include:
- Focus on fundraising and obtaining donor funding
- Access to expertise
- Development of quarterly and annual bench marking and key performance indicators
- Budgeting and reforecasting on a regular basis
- Reduce overhead (technology and staffing)
- Save time and improve efficiency
- Improve processes & control
- Improve classification of funding and deferred and restricted accounts
- Reduce audit risk
- Anytime, anywhere, access to data
Every person and every agency is unique. We understand that different organizations have different needs, and for this reason the solution is scaled and tailored to each group. This also means that you only pay for what they need, making it affordable and efficient. As your organization grows, we grow too and adapt accordingly. This program is the catalyst for change and success that many organizations need and deserve. Contact us anytime to learn about Catalyst Financial Operations.