In4All Case Study
CASE STUDY:
HOW IN4All SAVES TIME AND MONEY WITH THE HELP OF GOOD STEWARD FINANCIAL COMPANY, LLC
Executive Summary
In4All, a nonprofit that brings educators and businesses together to impact historically underserved students, sought the services of Good Steward Financial Company, LLC, when a reorganization plus key retirements shifted positions and priorities. Good Steward Financial Company simplified the nonprofit’s complex accounting system, integrating processes for a seamless transition to a sustainable financial future.
WITHOUT A FINANCIAL EXPERT TO MANAGE THE COMPLEX ACCOUNTING PROCESSES IN4ALL HAD USED FOR YEARS, THE NONPROFIT NEEDED ASSISTANCE GETTING BACK ON A SOLID FINANCIAL FOUNDATION.
The Story of In4All
In 1983, Ronald Reagan’s National Commission on Excellence in Education published A Nation at Risk: The Imperative for Education Reform. The report highlighted the reality that students graduating from US high schools were not ready for the workforce. One year later, the Business Education Compact (BEC) — now In4All — was founded to bridge the gap between business and education.
Thirty years later when Elaine Philippi took the helm as Executive Director, the nonprofit was in a volatile place financially. To increase the odds of its survival, the leadership began with a reorganization of staff, programs, and services and a complete rebranding. During the transformation, the long-time accounting manager and an operations manager with a degree in bookkeeping both retired.
Without a financial expert to manage the complex accounting processes In4All had used for years, the nonprofit needed assistance getting back on a solid financial foundation.
The Challenges Facing In4All
When Philippi stepped in, In4All had as many as 300 account codes and a complex accounting system that made even the simplest tasks challenging.“We were doing things the way we’d always done them just because that’s what we’d always done,” says Philippi. “We were still writing paper checks, and I knew we could integrate QuickBooks Online with our checking and savings accounts, but it wasn’t set up that way.”
Besides the difficulty in managing the paper trails, these time-consuming processes made creating a cash flow budget nearly impossible.
Why In4All Chose Good Steward Financial Company
Philippi put Requests for Quotes (RFQs) out to three companies including Good Steward Financial. and chose Good Steward because of the team’s client-centered approach.
Elaine Philippi, CEO
“Jasmine was so interested in our mission and vision. She made everything feel personal. With others I talked to, the interaction felt transactional, but Jasmine uses ‘we’ when talking about In4All’s finances. The mission matters to her and her team as much as it does to us. Equity and inclusion are at the heart of every decision we make, and we have to feel that anyone we contract with could sit down with students in my classroom. Jasmine could very easily do that.”
How Good Steward Financial Company Responded
When the Good Steward Financial team started working with In4All, they reviewed the cumbersome processes that were in place and began streamlining, automating, and integrating them.
Doing away with the time-consuming process of writing and signing paper checks — and needing to have board members add a second signature on those over $1000 — was one of the first steps to more efficient financial procedures.
“The automation and integration of everything was a godsend,” explains Philippi. “It’s the biggest way Good Steward has saved me an enormous amount of time.”
The Results
In addition to the time saved through automation and integration, outsourcing bookkeeping services has saved In4All money. They’ve gained all the resources of a fractional CFO without paying out taxes, benefits, and vacation accruals —a big win for their financial statements and end-of-year balance.
Outsourced bookkeeping also provides an element of detachment. Without personal connection to vendors, donors, and other stakeholders, the bookkeeper can see the nonprofit’s revenue and expenses through an unbiased lens, bringing an additional level of clarity that benefits decision makers.
AFTER A YEAR OF PARTNERSHIP, THE RELATIONSHIP BETWEEN IN4ALL AND GOOD STEWARD FINANCIAL COMPANY IS STILL GROWING. DURING THAT TIME, GOOD STEWARD HAS ADDED TO ITS TEAM AND IS CONTINUING TO IMPROVE ITS SERVICES.
“Good Steward is now pulling information from me,” says Philippi. “Someone on their team will reach out and say, ‘I see this is a pain point. How can we fix it for you?’ Our relationship continues to evolve.”
If your accounting system is complex and outdated, reach out to the Good Steward Financial team to see how we can help you get your time back with fully automated and integrated bookkeeping. Schedule your FREE consultation today.
