Nonprofit Leverages RSM for the Building Blocks for Building Capacity
CASE STUDY |
Authored by RSM US LLP
Outside Washington, D.C., on a quaint street in Old Town Alexandria, Virginia, sit the offices of the National Society of Professional Engineers (NSPE)—an organization dedicated to education, licensure, advocacy, certification, leadership training and support of its membership. Determining how to best serve stakeholders and accomplish organization mission is a constant in its operational equation, and like most nonprofit organizations, resources are limited.
However, NSPE is dedicated to building capacity and expanding internal effectiveness, strategic planning, and overall organizational impact.
As many will tell you, the responsibilities of today’s nonprofit finance executive often extend beyond the numbers to areas such as operations, information technology and human resources. However, having the necessary capacity to address the demand with limited resources is key.
By leveraging the capabilities of RSM’s finance and accounting outsourcing (FAO) services, NSPE’s Chief Operating Officer, Wendel Stewart, has tapped into a resource that not only enables him to build capacity for himself and his finance department but for the organization as a whole.
Building block No. 1: Experienced people
Key to the accurate and timely handling of financial data for any nonprofit is having accountants with extensive nonprofit experience on board. Serving as an extension of NSPE staff, RSM’s nonprofit accounting professionals ensure the flow of timely and meaningful financial information, equipping budget managers and senior executives with critical data for measuring results and making decisions.
Building block No. 2: Efficient and effective processes
Identifying and implementing improvements in the processing of information can have a big positive impact for any organization, resulting in not only improved efficiencies, but cost savings. With RSM’s help, NSPE has gone from shuttling paper invoices and issuing physical checks to processing and paying digital invoices in the cloud. The Bill.com cloud-based system utilizes “smart rules” to remember coding for recurring invoices. And, with approvers having access anywhere there’s an internet connection, invoices and payments can be authorized right from their cell phones—while on the go.
Building block No. 3: A powerful accounting and reporting system
The right accounting system and system structure make all the difference in the world when it comes to viewing and reporting financial data. RSM designed an accounting framework with consistent accounts and account groupings across all related NSPE entities. In addition, RSM implemented the high-functioning cloud-based accounting platform Sage Intacct, bringing new reporting capabilities to NSPE with real-time, on-demand dashboards and drillable financial information.
NSPE budget managers and organization leadership now have quick and easy access to financial data in the cloud-based system, enabling streamlined financial oversight and more effective strategic planning.
These building blocks enable NSPE to have more timely and effective communication and collaboration between departments, building capacity within the organization and empowering management for decision-making.
Key benefits of RSM’s FAO solution for NSPE include:
- Timely and meaningful financials that equip executives with critical data to measure results and make decisions
- The ability for approvers to authorize invoices and payments on the go
- Processing and payment of digital invoices in the cloud through Bill.com
- Quick and easy access to financial data in the cloudbased Sage Intacct system
- Streamlined financial oversight and strategic planning
“With RSM, I have trusted accounting professionals in place, and it gives me the ability to expand my focus to other opportunities for our business.”
– Wendel Stewart, Chief Operating Officer, National Society of Professional Engineers
Call us at +1 213.873.1700, email us at firstname.lastname@example.org or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by RSM US LLP and originally appeared on 2020-06-23.
2020 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Vasquez & Company LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Vasquez & Company LLP can assist you, please call +1 213.873.1700.
Subscribe to receive important updates from our Insights and Resources.