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Ask
other agencies doing similar work how they handle their bookkeeping needs. Ask
for references and referrals for auditing and accounting firms. Certain firms
have areas of expertise (like housing development). These firms are familiar with
reporting requirements, the forms required and what references and standards to
cite in the final document.
Do
not underestimate the size and the potential of your project. Select software
that supports the growth of your organization and the potential of future projects,
as well as your current project. Software can be expensive and time consuming
to learn - Plan Ahead.
Get a copy of Project Development Pro Forma. Review the Sources and Use Development.
Budget, so that your chart of accounts matches the planned expenditures.
Take time to review a project cash flow schedule with your project manager in order to anticipate cash needed during all phases of the project development.
Designing
a Chart of Accounts that allows for expansion of the project. Have your accountant
review your Chart of Accounts before implementing it.
Shop around for banking services. Banking should be convenient and offer you the most for your money. Research banks to see who offers free checks, online banking and the highest interest rate. Let your money earn more money while you are waiting to use it.
Ask
the accounting firm to help you select the best software to use in-house. Do
the bulk of the accounting in-house using the software and pay an accountant
only when specific services are required or rendered.
Ask
the accounting firm to quote professional fees for the "off season". Many nonprofit
agencies delay the start of the previous year's audit until after the height
of the tax season and save thousands of dollars. Ask the lender what the reporting/auditing
requirements are, and if they can be delayed, then schedule the audit later
in the year at a better rate.
OHIO CAPITAL CORPORATION FOR HOUSING