Serving Not For Profit Organizations

Revolutionize Your Nonprofit Organization with LKL Accounting

We focus on providing support for nonprofit organizations who care about their numbers.

Why Nonprofits Love Working with LKL Accounting

Nonprofits partner with us because we “get them” and understand their business and the particular needs of fund accounting.

In addition to construction companies and SaaS companies, nonprofits look to us to provide expert guidance and support to help them become stronger, more efficient, and easier to run.

And partnering with LKL Accounting means significant advantages for nonprofits such as benefiting from customized accounting software for nonprofits.

Expertise in Fund Accounting

Because of their business model and delivery of services, multi-location nonprofits face significant complexities that include decentralized payables, inter-entity transactions, multiple currencies, and global consolidations. These issues may also be an indication that your accounting system is outdated or, quite possibly, even obsolete.

In addition, the intricacies of donations and grants can make it difficult to know how to properly apply accounting rules, as well as managing sales taxes, donations, grants, annual recurring revenue, and other accounting variables.

And perhaps the most common challenge in accounting for nonprofits is tracking transactions to the right funds or cost centers at the right time.

Streamlined Processes and Automation

By utilizing integrated accounting solutions and a select variety of collaborative cloud-based tools to provide instant access to the information you need anywhere, anytime, LKL Accounting can craft automation solutions for effectively streamlining your nonprofit’s financial processes.

This is accomplished by our ability to build custom accounting tech stacks tailored to your nonprofit to become an integrated system of accounting workflows and software.

Use of Advanced Software to Increase Accuracy and Efficiency

At LKL Accounting, we are experts in the use of a variety of cloud-based tools for accounting, invoicing, and payment processing. And this means that LKL Accounting is able to create significant competitive advantages for our nonprofit clients.

We start with the foundation of a core accounting software, either QuickBooks Online (QBO) or Xero and create the essential hub of your LKL Accounting accounting solution.

After carefully analyzing all of your accounting functions and workflows we can then determine the best software tools for each. Finally, we integrate everything using the open API for QBO or Xero. This allows us to create an outsourced nonprofit accounting software solution that is specifically designed for your nonprofit organization.

More Time to Focus on Core Business Functions

Being busy is usually a good thing for any business, but not when it is simply being busy doing tasks that are not contributing to revenue generation. LKL Accounting is able to help nonprofits save time and allow them to focus on other critical aspects of their business development.

Take payroll processing, for example. For most organizations this is a major, time consuming task, and especially so for nonprofits with a large number of employees.

In addition, every nonprofit has invoicing and collections tasks along with the need for reconciling expense reports and bank statements, not to mention managing accounts payables.

By removing these major accounting functions from your nonprofit’s daily activities, we can help you focus on the things that are vital to the growth of your organization such as improving donor and employee satisfaction.

Reduction in Accounting-Related Expenses

We mentioned that cost-savings can be realized from reducing accounting-related expenses. In fact, by partnering with LKL Accounting, one of the main ways we can help you reduce accounting related expenses is by reducing your staffing costs.

Through outsourced accounting services, nonprofits have a reduced need for hiring and training accounting staff. This can result in a significant in salary, employee benefits, and related overhead expenses.

Because the bulk of your accounting department is no longer included in the payroll costs, nor in the associated expenses of health insurance, your overall organization costs are reduced. In addition, many nonprofits may also realize a reduced requirement for office space, equipment, and supplies because of this leaner staffing strategy.

Avoidance of Costly Mistakes

Not only are mistakes and accounting management errors inefficient and time consuming, but they can also cost organizations significant amounts of money.

Good record-keeping and accurate accounting enables nonprofit organizations to run smoothly and allows directors to make accurately informed business decisions. Partnering with LKL Accounting means having a nonprofit accounting system that seamlessly tracks your finances in addition to experienced accounting professionals who help alleviate financial errors and resolve any issues quickly.

Staying compliant with tax regulations, for example, can be a daunting task for any 501 c3 nonprofit. At LKL Accounting, however, one of our strengths is our knowledge and understanding of tax-related finance issues and functions. All of which means that your nonprofit can count on us to keep your both numbers accurate and your organization compliant.

LKL Accounting will also help ensure that all your tax-related obligations are met on time and accurately. That means filing informational tax returns, paying payroll taxes, and managing tax-related documents. Because all your organization’s tax requirements are met, you will avoid penalties and reduce the risk of audits. And that adds up to increased efficiency and more time to focus on your core development activities.

When it comes to accounting functions, along with the inevitability of human error, there is also the risk of fraud.

It is an unfortunate but not-so-uncommon reality that many businesses are stolen from and, in almost 99 percent of cases, the crimes are carried by internal employees acting alone and often with no oversight.

However, by partnering with a trusted outsourced accounting service like LKL Accounting, nonprofit organizations can find this to be one of the easiest ways to prevent fraud.

Expert Support and Guidance

We have a heart for nonprofits, and we genuinely believe that your success is our success. LKL Accounting is the antithesis of some faceless, remote, corporate entity that views clients as mere “account numbers.” We are real people dedicated to interacting with you to support your goals with our team-approach and our modern, data-driven solutions.

We optimize the experience and knowledge of our experts in each area that your business needs and provide valuable insights and analytics that can aid you in decision-making and help your nonprofit organization stay competitive in a rapidly changing marketplace.

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