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Overview Being good community stewards is one of the founding principles of Perry & Associates CPAs, and one that fills us with passion and purpose. When North Star Child Advocacy Center — a nonprofit organization dedicated to supporting children and families affected by abuse — reached out to our team of experts, we were excited […]

Overview

Being good community stewards is one of the founding principles of Perry & Associates CPAs, and one that fills us with passion and purpose. When North Star Child Advocacy Center — a nonprofit organization dedicated to supporting children and families affected by abuse — reached out to our team of experts, we were excited to provide assistance that would remove the burden of day-to-day accounting operations and allow them more time to focus on their important mission of child advocacy.

Solution

Our client accounting services team began managing internal accounting functions for the organization, implementing controls and providing other finance-related assistance. For the last five years, our ongoing services for the organization have included processing payroll, accounts payable, activity tracking, bank reconciliations, financials, board packets, grant budget and billing and more. We are also their team to call for other finance-related items that come up, which has included looking at new funding, assisting with audits, and purchasing a new building.

Results

With Perry & Associates CPAs on their side, North Star Child Advocacy Center has a trusted team of experienced professionals assisting them in a variety of accounting and finance functions, ensuring the organization’s time and resources are spent where they matter most. When our firm first started assisting with grants, we identified a budgeting/timing issue that would have cost the organization about $50,000, and were able to properly reallocate funding to keep most of the funds. Perry & Associates CPAs is proud to provide financial services that set the organization up for success and allow them to continue making their community a safer place for children.

“North Star has small staff running the busiest child advocacy center in West Virginia. When we brought Perry & Associates CPAs onboard, we had no checks and balances in place, no internal or external full-time accounting assistance and no one in-house who was proficient in accounting processes. Perry & Associates CPAs took the time to learn, in detail about us, implement needed mechanisms and teach us what we need to do to be free of any liability. We regained the financial trust of our Board of Directors and the foundations, businesses and people in the community who now support us emphatically. We worked with Perry & Associates CPAs to navigate the tedious grants that are vital to non-profits, helping us to find new grants and preventing us from losing tens of thousands of dollars of existing ones. Today, Perry & Associates CPAs is walking with us through our major property purchase and expansion of employees and services, helping us plan for North Star’s financial future. I not only found a competent and trustworthy business partner to assist North Star in growing to be the professional, fiscally responsible organization I wanted, I found friends and teammates.”

— Greg Collins
Executive Director
North Star Child Advocacy Center

Are you a nonprofit organization that wants to stress less and focus on your vision more? Contact Perry & Associates CPAs and we’ll get you on the right track!

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As a team of accounting experts with years of experience and passion beyond the numbers, we have seen how smart accounting practices can help a business thrive – and how lack of a financial management plan can destroy a business as well. Whether your business is a startup, an established enterprise, or a non-profit, take […]

As a team of accounting experts with years of experience and passion beyond the numbers, we have seen how smart accounting practices can help a business thrive – and how lack of a financial management plan can destroy a business as well.

Whether your business is a startup, an established enterprise, or a non-profit, take a moment to learn about Perry & Associates CPAs’ top 10 accounting practices to ensure profit success.

1. Identify Your Financial Goals

We’ve helped businesses in various stages of their financial journey throughout the years, and one thing remains clear; having clear financial goals helps business owners create a more realistic financial plan, reach financial targets, efficiently allocate resources, set budgets and discover opportunities to grow revenue. Without a plan, don’t expect profit to expand!

2. Establish a Chart of Accounts

A chart of accounts is a structured system that categorizes and organizes all the financial transactions of a business. Essentially, it’s a blueprint of your financial system. It typically includes a list of accounts representing assets, liabilities, equity, income and expenses. It helps business owners understand and track money coming in, money going out, what you own and what you owe. It also makes the financial reporting process much easier.

3. Budget and Forecast

Budgets provide a structured plan for how a business will allocate resources, manage spending and track progress toward financial goals. On the other hand, forecasting focuses on projecting future financial outcomes by analyzing past performance and current market trends. Both work hand in hand to help business owners make informed decisions and avoid overspending.

4. Regularly Review Financial Statements

Schedule monthly or quarterly reviews of your financial statements. This will help you identify trends or potential problems at your place of business. Three primary financial statements to analyze are income statement, balance sheet and cash flow statement.

5. Maintain Proper Internal Controls

Strong internal controls minimize the risk of fraud and financial errors, which is critical to ensuring profit success. Our forensic team, Perry Forensic, recommends implementing policies and procedures that are designed to protect assets, ensure accurate financial reporting, support regulatory compliance and keep all members of the team on the same page. Ways to do this include separating responsibilities among staff, implementing clear procedures and performing routine audits.

6. Use Automation to Streamline Accounts Payable and Receivable Processes

Streamlining accounts payable and receivable processes means automating and optimizing how a business manages incoming and outgoing payments to improve accuracy, speed and cash flow. It reduces manual work, minimizes errors and ensures timely billing and payments. As a forward-thinking and ever-innovating team, we have experts who know the ins-and-outs of accounting software that can provide support and the expertise needed to set up and manage these systems.

7. Stay Compliant With Tax Regulations

No accounting best practices list would be complete without reminding business owners to stay on top of their taxes! Maintaining tax compliance is vital to your business’s overall financial well-being, and involves keeping accurate financial records, staying informed about current tax laws and regulations and identifying key tax planning opportunities that minimize your tax liabilities. Sound overwhelming? Then contact our tax and accounting experts.

8. Conduct Regular Audits

Conducting regular audits is an opportunity to receive constructive feedback, improve processes, identify risks and become aware of financial reporting concerns. At Perry & Associates CPAs, our auditing services gives our clients an intensive review of their systems and records to provide the highest level of assurance.

9. Set Clear Profit Goals and Monitor KPIs

Set clear profit goals and monitor key performance indicators (KPIs) such as cash flow forecast, inventory turnover, customer retention and revenue growth rate to evaluate progress and guide strategic decision-making.

10. Work With Accounting Experts like Perry & Associates CPAs

Partnering with a professional accounting firm can streamline your operations by saving time, minimizing errors and ensuring regulatory compliance. We are invested in your success and have a deep commitment to providing services in a way that are always responsible, reliable and accurate.

Need guidance on putting these best practices into effect? Contact Perry Forensic. We’ll get you on the right track to profit success and personal satisfaction.