If you’re like most nonprofit organizations, you’re probably always looking for ways to cut costs. And while you may think it will require significant cuts to your staff or mission, there are quite a few ways to save without having to do so.
Money Saving Tips for Nonprofits
Here are some ways you can save by making just a few simple adjustments to your internal processes.
Set a Budget
One of the biggest ways to start saving money is to create a written budget – and stick to it! Using your fund accounting software, you can easily create a budget and update it to your exact needs. You might be surprised at where your money is actually going.
Not only can your accounting software help you budget, but it can also forecast and plan giving you better insight into your financial future.
Price Check Major Purchases
Big purchases are typically an investment, one that could cost you a significant amount of money in the future if something were to happen. Before you hand over the credit card or write a check, price check the item with at least three other vendors.
And don’t be afraid to ask for a discount. The worst they can say is no, right?
Save Payroll by Asking for Volunteers
While you need to have some full-time, or even part-time, staff to help run things day-to-day, call for volunteers when you’re having an event or fundraiser. A lot of people look for volunteering opportunities, especially if they are passionate about a cause like yours or are just wanting to give back to their community.
Bulk Postage Permit
Does your organization mail newsletters or send direct mail? If so, you should consider a nonprofit bulk postage permit. Visit your local post office to learn about cost-saving mail programs that are available to nonprofits.
Capital Business Solutions is a financial and fundraising solution provider for public-sector organizations. Learn more about fund accounting software and training services by contacting them here or calling (888) 249-6008 ext. 110.