In early 2020, the International Association of Fire Chiefs (IAFC) realized its financial reporting needed to be timelier and more accurate. The not-for-profit membership association partnered
with Cherry Bekaert for a comprehensive diagnostic assessment of its people and technology, which led to outsourced accounting services and the implementation of Sage Intacct accounting system, along with bill pay, expense reporting and budget systems.
The Challenge
A large obstacle IAFC faced was limited financial transparency among leadership and stakeholders. IAFC knew there was room for improvement with the financial information provided to better serve all necessary users and constituents. As a non-for-profit membership association that represents the leadership of firefighters and first responders worldwide, collaboration between accounting and other parts of the organization was vital.
IAFC is a network of more than 12,000 fire chiefs and emergency officers in 30 over countries. With multiple revenue streams, from membership dues and conference registrations to federal and state grants, IAFC has complex accounting needs. Several of IAFC’s accounting processes were manual and paper intensive, which could lead to delays in providing important financial information both to internal staff board members and stakeholders.
During the diagnostic assessment, Cherry Bekaert’s team interviewed certain accounting, leadership, and other staff to properly document and recommend best practices in processes and the use of technology solutions. This ultimately helped IAFC achieve their strategic goals and objectives.
Unique Solutions
After the interviews, Cherry Bekaert suggested a variety of changes to consider including a new accounting system and other technology changes. This significantly reduced the time to compile and report on financial information. With the guidance of Cherry Bekaert, IAFC implemented Sage Intacct, a cloud-based financial management and project accounting solution along with bill pay, expense reporting and budget systems, much of which were manual or excel based.
Sage Intacct specializes in supporting not-for-profits and aids in streamlining grant funding, project and donor accounting while providing real-time financial visibility. With various automation
tools and metrics, IAFC was able to gain accurate and timely reports and minimize labor-intensive processes.
Over the course of a few years, our partnership evolved to performing additional outsourced accounting tasks for IAFC. Cherry Bekaert now provides full outsourcing, to include:
- Day-to-Day Accounting
- Monthly Financial Reporting
- CFO Level Support
- Communication with Committees and Boards
- Audit and 990 Support
- Negotiated Indirect Cost Rate Preparation
With enhanced financial reports and streamlined solutions, the IAFC leadership now had the financial reporting and internal controls needed to make timely, informed decisions, allowing them to see the “big picture” and quickly delve into details. This then allowed them to focus on their mission to provide education, support and representation to firefighters and emergency service workers.
Outcomes
- Increased Financial Transparency
- Increased Collaboration
- Less Labor-Intensive, Manual Accounting
- New Accounting and Bill Pay System
Our Services
- Financial Reporting
- Account Reconciliation
- G/L Management
- AP/AR Processing
- CFO and Controllership Services
- Forecasting and Budgeting
- Tax and Audit Support
- Payroll Processing and Advisory
- Sage Intacct Sales, Implementation and Support
Cherry Bekaert’s outsourced accounting services are uniquely tailored to meet the needs of organizations looking to improve efficiency, reduce costs and focus on core operations. Cherry Bekaert’s Sage Intacct team has a deep system proficiency and leverages a variety of experience to help implement software that will meet your financial reporting needs. We work with you every step of the way, from determining project objectives and scopes, to understanding all facets of your organization to prioritize and make needed financial decisions.
