Located in Portland, Dragonfly Tax LLC is a locally owned company that offers bookkeeping and accounting services to individuals and businesses. Clients may choose to work with the firm on a quarterly, monthly, or https://www.bookstime.com/ yearly basis. Dragonfly Tax’s owner, Kathryn L Hryciw, is a licensed tax consultant in the state of Oregon. One of its professionals, Leslie L Phillips, has been an employees‘ union representative for 8 years.
We try our best to keep you with the bookkeeping team you’re assigned when you come on board. If there’s any change in your bookkeeping team, we’ll let you know as soon as possible and make sure the transition is a smooth one. Our team takes the time to deeply understand your business, answer your questions, help you link your accounts, and show you how Bench works. Get your bookkeeping, income tax prep, and filing done by experts—backed by one powerful platform.
Nonprofit Bookkeeping vs. Accounting
Write and print checks, sync with your bank account, generate reports…all in the same place. Finally, board members are personally liable for their custody of the nonprofit organization’s assets. You want to portland bookkeeping ensure your back office is run smoothly and efficiently to ensure the errors & omissions policy that protect you is always paid up and that your financial reporting is handled accurately and compliantly.
Many accounting software programs allow you to generate financial statements automatically, such as a statement of financial position. This reduces the possibility of errors and guarantees reliability and accuracy. Of course, you can always generate financial statements manually, but this takes a lot of time and skill. As mentioned, nonprofit organizations have tax-exempt status, meaning they don’t have to pay federal taxes to the IRS under Section 501.
Say goodbye to bookkeeping stress, Portland
This is when you’ll need more advanced bookkeeping, accrual-based accounting, and management and board reporting to help you make data-driven decisions that drive your mission forward. Since every nonprofit is different, it’s impossible to say one software is the best – but there are some excellent options. Look for a program that is easy to use, efficient, and available on numerous devices. The selected program should be able to automate everyday tasks and minimize errors.
We partner with merchants like Gusto, Stripe, Shopify, and Square—so your finances are always accurate. So, relying on them to operate the back office can lead to costly mistakes with tax filings and donation tracking. Additionally, it can lead to missed opportunities in the form of „untranslated“ financial information or unidentified financial insights.
McDonald Jacobs, P.C. – Nonprofit Service Provider
Some are unrestricted net assets and some are considered restricted net assets. Nonprofit accounting and bookkeeping revolve around representing an organization’s financial records in compliance with generally accepted accounting principles (GAAP). Your bookkeeping team consists of 3 professionally trained bookkeepers, including one senior bookkeeper who reviews all of your monthly statements and your Year End Financial package. Using the details you recorded about your nonprofit’s transactions, create a broad overview of your financial position and develop a plan to get your revenue where it’s supposed to be. To do this, you’ll need to set reasonable expectations for your income, expenses, and financial goals.
- Our work is designed to both support and strengthen the business and fiscal operations of each of our nonprofit clients.
- This feature saves you the time and effort of manually uploading documents.
- Owner Holly Peterson Kjeldsen is a tax consultant and an enrolled agent licensed to practice in front of the IRS.
- Since nonprofit organizations don’t center on profit but on a nonprofit mission, they have different bookkeeping practices.
- It involves generally accepted accounting principles and other tasks all businesses employ when reporting finances, along with those specific to nonprofit organizations.
She has been in the financial sector for over two decades and has focused on non-profit industries for the last five years. Fisher Bookkeeping serves small- and medium-sized businesses throughout Portland and neighboring communities. It provides bookkeeping services for companies in specialized niches, such as law firms and restaurants.