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US Accountants & Schools: A Case Study of Financial Success



It happens all the time. Small and medium-size businesses try to keep everything in-house, including accounting. Private and parochial schools are no exception.


Whether they hire a full-time bookkeeper or attempt a DIY approach to accounting, administrators quickly discover that managing finances isn’t a “fake it ‘till you make it” endeavor. Balances the books and keeping cash flow steady takes expertise. It takes years of experience. There’s no such thing as an overnight success.


By the time these administrators realize they’re in over their heads, it feels like it’s too late. But the truth is, it’s not. This is just the intersection when reaching out to a full-service accounting firm is the right move.


At US Accountants, nearly 20 years of global financial experience has shown us that it’s possible to maneuver out of even the most challenging situations. We take pride in helping clients in the education field steer themselves out of messy financial territory. Whether we’re there from the very start or we jump in after you’ve attempted the do-it-yourself model, our virtual CFO service is a perfect fit.


Still not convinced? Read on to learn how we helped one such client in the education sector get back on their feet.



The backstory


Our client, a private school, had been trying to tough it out solo for some time when we arrived on the scene. Unfortunately, the numbers were forcing them to take a cold, hard look at reality: the lone wolf approach wasn’t going to work. With an operating deficit throwing them squarely in the red zone, administrators had some tough decisions to make, and fast.


Like many schools, our client’s principal and board of directors were feeling lost. Overwhelmed. For years, they’d kept an in-house bookkeeper in charge of accounting. The bookkeeper had good intentions, but zero experience managing cash flow for a small/medium-size enterprise. Sure, they had some decent accounting software in place (QuickBooks) to pull reports. But what good did any of that do, when they didn’t have the right staff on board to interpret it?


By the time they thought of outsourcing accounting to a virtual CFO, the administration was losing confidence and steam.



Turning the Ship Around by Bringing on an Expert

When private schools and other SMEs contact US Accountants in the midst of a crisis, the first thing we do is conduct a deep clean of all financial records and transactions. We make sure we have a full picture of the organization’s financial landscape.


This was no exception. We scanned our client’s paperwork, and like detectives, we searched for clues about where things had gone wrong. This type of housekeeping is critical at the start. Essentially, it lets us restart on the right foot, setting the tone for what lies ahead.


After conducting a clean sweep, we set about organizing and managing cash flow transactions with Sage Intacct. This platform was better suited to their financial needs. Its in-depth reports offered efficiency and valuable insight that had been previously inaccessible to the school’s bookkeeper. With data from dashboards, leadership knew exactly where they stood financially at every single moment. There was no guesswork, no room for error.


Ultimately, transitioning the school to a shared services model, the administration was able to leverage superior accounting services concierge style. By availing themselves of the virtual CFO offering from US Accountants, they had expert-level guidance for year-end budgeting, financial education, and cash flow management. They no longer had to go it alone.




Financial Insight You Can Rely On


We believe educators should stay focused on the children and families they served. Getting bogged down in bills and receipts distracts from the administration’s true priorities. That’s why the old adage “it takes a village” rings true. Managing finances is essential to keeping a school running smoothly, and outsourcing accounting as-needed is a key ingredient for success.


By working from the cloud, we are able to swoop in and support our clients whenever they need an extra hand or a pair of expert-level eyes. This gave our private schools the confidence to move forward after re-establishing themselves on firm ground. We’re always a call or an email away, delivering high quality accounting services and bringing our years of experience to bat for you.


US Accountants has leveraged decades of expertise to guide SMEs across a variety of sectors towards financial stability. As our client discovered, it’s a true win-win: a partnership that offers invaluable insight and guidance to organizations that deserve only the best. In the long run, this means financial health and profitability that allows you to focus on fulfilling your mission and serving your own customers’ needs.




Ready to see what a virtual CFO from US Accountants can do for you? Schedule a consultation and let us pave the way forward, by your side every step of the way.



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