August 2017 - Page 2 of 2 - AccountingX

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How Outsourcing Your Nonprofit Financial Services Can Be Beneficial

How Outsourcing Your Nonprofit Financial Services Can Be Beneficial

Finances power your business, and ensuring you’re making the most of your resources is key to staying competitive. However, the cost of both for-profit and nonprofit financial services can rise significantly over time, and costs keep rising as your business grows. Fortunately, there is an alternative to hiring your own bookkeeper, accountant, controller and CFO: outsourcing. I know the word can be scary to some, but we are not talking about offshore or sending your data afar. We are talking about experienced and licensed CPA’s that act as your virtual accounting resource. Here are a few benefits of outsourcing your financial services.


Take Advantage of New Technology


Accounting and financial software is advancing quickly, and new tools can save a considerable amount of money. However, new technology is expensive, and many companies simply can’t afford to pay for new tools. Because financial services companies focus exclusively on the financial aspects of business, they can afford to invest in cutting-edge technology and provide it to their clients.



Hiring new employees is part of the business growth process, and companies that hire full-time financial service employees will have to hire more over time. Furthermore, the financial needs of companies change as they grow, and internal employees might not have the experience needed to handle finance-related tasks at larger companies. Because for-profit and nonprofit financial services providers typically have extensive experience with companies of all sizes, organizations that hire them can enjoy smooth scaling as their financial requirements change.


Saving on Labor Costs

When businesses are just starting out, it’s sometimes worthwhile to delegate financial tasks to employees. As your company grows, however, employee time is almost always better spent on other tasks. For-profit and nonprofit financial services providers develop efficient systems that let them more easily complete tasks, and these savings are passed on to the clients. Even at enterprise size, most companies can benefit from financial services outsourcing.
Running a business means dealing with financial issues and accounting. However, outsourcing nonprofit financial services is becoming more popular every year and is expected to grow by a compound annual growth rate of 7.46% between 2016 and 2020. Before hiring financial employees, consider if outsourcing your financial services and accounting is right for your company.

Feel free to get in touch if you have any questions at all! AccountingX offers free consultations to nonprofit organizations. 

Entertainment Financial Services with a Bit of Glamour

Entertainment Financial Services with a Bit of Glamour


Financial advice from professionals who understand the intricacies of the entertainment industry is crucial for people in the community. Many artists starting out sign lucrative contracts that they may regret later when they realize what is actually involved. In addition, taxation issues can be more complicated for these clients than for those who bring home a regular monthly salary. Entertainment financial services provide advisors who can help performance artists get a sound financial footing.


There are a number of cautionary tales to make the point that performance artists need dependable financial advisors. The late Leonard Cohen’s former manager was sentenced to 18 years in prison for defrauding him of millions of dollars and depleting his retirement fund. His fans appreciated the fact he was back on tour in his 70s, but financial need played a large role in his comeback.The actress Uma Thurman along with other celebrities lost a total of $33 million to crooked so-called financial advisor Kenneth Starr who served prison time for his fraudulent activities. There is an abundance of stories like these, and it is important that all performance artists, not just famous celebrities, seek financial advice from reputable accountants who serve the entertainment industry.


A successful performance artist may see his or her name in the media. This can be a mixed blessing because it creates issues of privacy. Accountants who specialize in the entertainment industry understand the importance of balancing privacy and the need for publicity. Accountants at AccountingX view the privacy of their clients as a sacred trust.


Effective accountants are up-to-date on changes in privacy laws that affect their profession. In the U.S., the Privacy Act regulates the sharing and disclosure of personal financial records, and the E.U. established the European Union Privacy Initiative. These laws affect everyone depending on where they live, but performance artists can be particularly vulnerable, since more people may want to access their data. Accountants who focus on the entertainment industry take extra precautions when dealing with client data and guarding privacy.


AccountingX understand the specialized financial needs of the entertainment industry. Relying on ordinary accountants may cause headaches for artists in the long run. Many artists have lost significant sums of money relying on managers who swindled them. Getting the right financial advice from a third-party outside of a manager in the very beginning is essential for any artist.


For more information on how you can get started today with a specialized entertainment accountant, contact us today for your free consultation!


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