Not-for-profit organizations have a very particular set of accounting and tax needs making a CPA an invaluable resource. The market for not-for-profit organizations is worth exploring for CPAs. The National Center for Charitable Statistics reports there are over 1.5 million registered not-for-profit organizations in the U.S. The benefits of this market could be even better realized when effective not-for-profit (NFP) software is implemented.
Not-for-profit software has come a long way and continues to fill unexpected gaps in CPAs’ practices. NFP software vendors are looking forward to anticipate issues that may need to be remedied in the coming years.
“Despite limited media attention on the very real problem of embezzlement-related fraud within the business community, the industry is gaining appreciation for the risk,” said Chuck Gossett, CEO of Cougar Mountain Software. “Based on their board fiduciary responsibilities, our not-for-profit prospects and customers are sharing a greater appreciation for higher levels of security and accountability. If inappropriate adjustments can be made in the financials without the oversight capabilities of a true audit trail, what excuse - in light of damage control - is worthy to the board and the donors? As the not-for-profit industry tolerates less and less risk, the software industry must continue to adopt stricter standards and controls. This will guide the industry into the future.”
Not only is it likely that software will be securing CPAs’ future with not-for-profit clients, but the software’s presence could become lighter and more accessible for CPAs.
“Certainly we expect to see more online and hosted integrations, but in the near term, it will be interesting to see how the FASB reporting changes coalesce,” said Pete Koblinski, marketing manager at CYMA Systems.
However, only time and the CPAs who vocalize their needs to software vendors will decide the true future of not-for-profit software.
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