In a pre-conference interview, SmartPros spoke to conference presenter Diana Russo, CPA Managing Partner of Houldsworth, Russo & Co., an accounting firm based in Henderson, Nevada, about how accountants can confidently take on nonprofit clients.

According to Russo, there are a few simple steps to take in order to work with nonprofits. First, hire a CPA/specialist who has considerable knowledge and understanding of nonprofit organizations. Russo says this is crucial. She notes that most nonprofits outsource their accounting because they can't afford a high-level CFO, so it's important that the nonprofit can turn to your firm for accounting guidance that pertains to the nonprofit industry.

Russo also recommends that you present the firm to the community -- go where the nonprofits are, such as trade shows and conferences. Send out newsletters and mailers to spread the word that your firm specializes in nonprofit accounting. Russo says she takes time to teach classes and give presentations to nonprofit employees to educate them about their financial responsibilities, compliance requirements, and other important issues that pertain to nonprofits.

To ensure quality service for the nonprofit, Russo says her firm is there for the organization year round to address any questions or concerns. Audits are tailored to the nonprofit in a way that makes it easy for them to digest the financials, such as the use of comparative and historical graphs. In addition, Russo's firm keeps a business development specialist on staff who coordinates strategic planning sessions, financial literacy training  for boards of directors and employee surveys.

"We will help them in areas outside of the financials," says Russo. "We want to be known as the firm that can assist a nonprofit."

In addition to having a nonprofit expert on staff, Russo believes firms should provide ample opportunies for all employees to develop their skills.

"We've allowed our staff to go to educational classes that they feel will help them better themselves to pass it onto a client," she explains. "We don't limit our CPE dollars or hours. And we let them pick the classes they feel will give most to the client."

-- Niquette M. Kelcher