Our unique financial services combine standard accounting services and advanced technical assistance nonprofit organizations need to implement best practices in financial management. Our experienced team of financial professionals includes accountants, bookkeepers, and outside consultants in financial management and human resources. We are committed to providing efficient, high-quality back-office financial management support and customer service.
We are more than a standard bookkeeping service. We help you create a solid financial management platform that gives you peace of mind in your financial reporting and instills confidence with your board, staff, and funding partners. Educating our member clients concerning the importance of segregation of duties and internal controls is paramount to our goal of being recognized as the “go-to” financial management resource for Oklahoma’s nonprofit sector.
The precise services we provide each organization varies based on their need, and may fluctuate from month to month depending on any number of factors from additional requests for service, volume of work, and time of year – such as preparing for an audit, or year-end statements. Some of our more regular services include, but are not limited to:
- Segregation of duties for small to mid-size nonprofit organizations
- Accounts receivable and other receivables
- Reviewing and creating best practices for your chart of accounts
- Establishing protocol for financial processes and practices
- Entering approved and documented transactions into Quickbooks
- Entering deposits into Quickbooks
- Recording and reconciling payroll reports, bank statements, and credit cards
- Preparing GAAP compliant financial statements
- Presenting financial documents to committees and boards
- Providing financial reporting for grants and funders
- Financial policy and practices review and recommendations
Most of our clients experience a 1-6 month initial phase of reviewing current accounting practices and adjusting processes to align with best practices, including “clean up” charts of accounts and financial management practices. Even organizations with traditionally clean audits can benefit from adjusting their chart of accounts and financial management practices.
Our Financial Management team works with clients from across the state and has listened to the feedback of our clients to create a system that will allow any nonprofit in Oklahoma to utilize this important service. We require that organizations we work with be willing to:
- Host Quickbooks online, which will cost approximately $25.00 / month (additional) through the 3rd party hosting services provided by 501technet. This may also require migrating to Quickbooks 2018.
- Provide a Dropbox account in which to exchange documents, such as receipts, invoices, etc, which is utilized only by the Shared Financial Services team.
- Allow read-only access to your bank accounts for the purpose of reconciling monthly bank statements.
- Designate a staff or board member be available to provide requested documents and answer questions on a timely basis.
- Agree to a minimum of one 30-meeting each month with the Director of the program (in person or by phone) to review the work as it is developing and maintain good communication, which the client schedules based on their availability.
The Financial Services team works hard for your organization to ensure that your financial management processes are aligned with best practices!
If you have questions, please call Shared Services at (405) 463-6886, ext. 226, or click here to email.
“Through the Shared Financial Services we are able to have services of a CPA to help us manage our federal grants because we do not have enough money in our budget for a full time accountant, so partnering with OKCNP allows us to have the best of both worlds -- to have an accountant to meet our needs, and also to free my time up to do more things."
“Shared Services saved my professional sanity! We had been using a CPA for years that wasn’t able to provide the reporting required for grant applications and funding requests. Our Financial Statements were confusing and almost impossible to read, even for our Board Members that had backgrounds in Finance. The staff at Shared Services worked with me to rebuild our whole financial structure and now we are growing like never before. "