Scaling up accounting in the face of exponential growth
We can talk about our accounting and controllership services… or you can read about the results. See what we did for an area nonprofit!
Challenge
A wellness-oriented nonprofit needed someone to help them prepare for their audit and analyze their financial operations. They had heard about James Moore through networking as well as presentations we had done, so they reached out to us for the work.
Our work, however, uncovered more deeply rooted issues. The organization had grown exponentially, and their senior accountant wasn’t able to carry the weight of the finance department. Bank and other account reconciliations weren’t being done timely throughout the year, which lead to panic at year end. They also weren’t using their accounting software to its fullest capability, and their internal reporting to program directors was lacking.
Solutions
We addressed the initial problem by helping them with schedules and reconciliations needed for their 2020 audit. We then did an in-depth survey of their accounting processes and procedures and presented our findings to their CEO and board. These recommendations included:
- Either hire a CFO/controller or consider outsourcing that work.
- Get finance employees training on their software so they could fully utilize the billing module.
- Create custom reports to meet the reporting needs of the program managers. This would allow the managers to make sound decisions based on accurate financial reporting.
Results
Our initial work allowed the nonprofit to file their audit report timely and without any findings. And reconciliations that had not been done for the entire year were caught up monthly prior to the audit deadline. Additionally, we provided grant managers with accurate monthly financials so they could make sound decisions for the organization.
We still provide as-needed consulting services and meet with the CEO once a month to assist with strategic planning. While sometimes large scale changes can take significant time to implement, this nonprofit has been making incremental changes with help from James Moore.
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Stacy Joyner, CPA
Partner
A certified public accountant in Florida, Stacy has been providing extensive tax advisory and compliance services to a variety of businesses and individuals for over 15 years. The leader of the firm’s Accounting & Controllership Services department, her expertise lies in small business and tax accounting, with an emphasis on the healthcare and technology industries. Her knowledge of research credits and other tax-saving opportunities for her clients make her a key member of the Technology and Healthcare Services Teams.
Stacy’s client service approach includes not only her tax and accounting expertise, but also the value she creates through collaboration. A lifelong Gainesville resident, Stacy has deep roots in the business community – allowing her to help her clients make professional connections that can help them grow and thrive.
Stacy is seen as a leader and mentor at James Moore; she enjoys serving as a career advisor and helping staff achieve their career goals. She is passionate about continuing to strengthen and foster the strong family-feel culture found at James Moore. Outside of the firm, she serves as the treasurer for the Rex and Brody Foundation and is an alumnus of Leadership Gainesville 40.
