As Your Chicago Nonprofit Accountant, We’ll Save You Up to 40% in Admin Costs 

We’ll be your nonprofit’s virtual accounting department (bookkeeping, audit representation, CFO), so you can focus on your mission/programs, rather than your financials. 
Serving the greater Chicago area’s 8,675,982 residents and 213,358 businesses spanning from Lincoln Park to Bucktown, DePaul, and beyond for all of your Chicago nonprofit accounting needs.
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Case Study

CASE STUDY: How We Helped a Nonprofit Organization Grow from $40K to $2.2M

Are You Frustrated By…

  • Being off your mission and programs because you’re sidetracked by admin tasks
  • Never being able to catch up on your books
  • Looking like a fool in front of your board
  • Missing out on funding opportunities because of disorganized financials

We’re the Perfect Chicago Nonprofit
Accountant
for You, If:

Your Books Are a Mess
Your Books Are a Mess
Does it feel like your books have turned into a dragon you can’t tame? If you’re feeling overwhelmed and you’re tired of inaccurate and incomplete records, we’re here to release the stress.
You Lost Your Bookkeeper
You Lost Your Bookkeeper
We remove your “key person risk” so you don’t have to start all over with someone new when retirement or other life changes occur. We’ll hop right in and even improve your financial systems.
You Are a New ED
You Are a New ED 
As a nonprofit Founder, Executive Director, or CEO, you probably have a vision of how things should run. We’ll take care of your books, so you can focus solely on your mission and programs. 

What Chicago Nonprofit Accounting
Services
Do You Need?

What We Do
What DON’T We Do

We’ll replace your nonprofit accounting department

so you can focus on your programs, save up to 40% on your overhead ratio, and secure current and new funding.
Bookkeeping
CFO-Advisory

CPAs Who Have Mastered Accounting Services for Nonprofits

While most CPAs shy away from the confusing and complex nature of nonprofit accounting, we focus solely on it. After having worked with nonprofits with a budget of $1M+ for over 25 years, we understand how to do your accounting like few do. That’s why our clients love working with us.

We are a team of detail-oriented, can-do nonprofit accountants and CPAs who strongly value responsiveness, integrity, excellence, helpfulness, innovation, professionalism, and fun!

We look forward to working with you, so we can help you focus on your programs, reduce headaches, get more funding, produce perfect audits, and look amazing in front of your board, all the while reducing your admin costs.

Syd Highley
Syd Sign Syd Highley, CPA | Daily Balance Managing Principal

Trusted by Nonprofits



“In addition to cutting costs for accounting, Daily Balance has been most responsive to our needs. ”

Nancy R
Nancy R.



“Their ability to step in, respond quickly to needs, and offer cost-saving solutions has been an incredible asset.”

Evan Hawkins
Evan Hawkins FACCC



“Daily Balance has moved us beyond a tiny little non-profit to a thriving business!”

Tina C
Tina C.



“With Daily Balance, we’ve been able to spend 99% of our grants last year and achieve a level of financial health and compliance that we couldn’t reach before.”

Basir Azizi Mutual Assistance Network



“Daily Balance's team of experts have a huge heart for non profits and the essential services they bring to enrich our communities.”

Debra Oto-Kent Health Education Council



“The knowledge that Daily Balance provides enables me to make better decisions in my business.”

Deborah C.



“Using Daily Balance bookkeeping and tax services does not cost you; it saves you stress, time and money.”

David W
David W.



“Syd and his team discuss solutions with us and provide solid options to consider as we are making business decisions.”

Tracey Schaal
Tracey Schaal Community Strong Strategies



“Not being distracted by accounting issues, I can focus on increasing sales and market penetration.”

Gary W.

Your Virtual Nonprofit Accounting Department:
Bookkeeper, Audit Advocate & CFO

Bookkeeper

Real-Time, Precise, & Audit-Ready Financials

Your dedicated accounting associate will gain a thorough understanding of your organization to ensure precise bookkeeping. Then we’ll:
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Audit Representation

Financial Audits Made Easy

We’ll represent you in your annual financial audit, answering ALL financial questions the auditor has on your behalf. We strive for zero audit adjustments, and in the rare case when they happen, we’ll handle them for you. We’ll:
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CFO Advisory

Unmatched Financial Expertise Tailored to Your Needs

In addition to your dedicated accounting associate, you’ll have access to our CPAs for ongoing guidance and proactive solutions to:

What You Get When You Hire Us

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Accurate Cloud-Based Bookkeeping
Monthly Financial Reports
Annual Audit Representation
Budgeting & Forecasting
Virtual CFO Advisory

In Just 90 Days, You’ll Get:

We'll Integrate with Your Accounting Software

6 Reasons You’ll Want to Work With Us 

Accurate & Auditable

Non-profit accounting is difficult. In fact, many CPAs fail to even understand it, and most accountants steer clear of it. At Daily Balance, it’s all we do and quality-consistency is our specialty. Because of that, you can rest assured that your books will be accurate and auditable.
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Quick & Responsive

We are just as responsive as an in-house bookkeeper would be, but we go a step further. Because we know the non-profit industry so well, we’ll stay on top of it all so you can focus on people and your mission. We provide rapid communication through Microsoft Teams so it’s like we’re working right next to you. In most cases, you can expect a reply within seconds!
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No Downtime

You’ll receive one point of contact, but you’ll also have access to our team so that there is never any down time. 

We internally cross-train so that even if your contact is out, you’ll always get the quick responses you deserve.

Our name says it all: Daily Balance. We serve our clients daily so they never have to worry about key person risk again.

Save Up to 40%

By outsourcing your accounting department to Daily Balance, you can save up to 40% on your accounting costs, while getting better expertise, service, and value. 
In-housing a full-time data entry person, bookkeeper, and an accountant means you’ll have to pay their salaries, payroll taxes, benefits, 401-K contributions, insurance, paid time off, workman’s comp insurance, training and administration expenses, and overhead costs (space, equipment, etc).

By hiring us, you’ll simply pay a flat monthly fee, which is often already included in your program funding anyway.

Financial Audit Representation

As your advocate, we handle your annual financial audits and will answer ALL of the hundreds of questions the auditor will have on your behalf. You’ll be happy to know that you most likely won’t even need to be part of the process.

You can stop feeling anxious and rest assured because we’ll make sure there are no surprises when your audit comes around.

Increase Your Funding

As a non-profit, the backbone of your organization is funding, and that only comes as a result of accurate and meticulous books.

You no longer have to endure missed grant opportunities because you fail to have all the financials in place.

Your funders will be so happy to receive your accurate and unquestionable financials, and so will your future funders, because as your CFO adviser, we’ll guide and advise you on how to diversify with new funding.

Plus, You’ll Be Able To…

Loved by Auditing Firms

“Because of Daily Balance’s efforts we are able to perform our audits, reviews and 990 tax filings with the highest level of efficiency.”

Nicholson-sign

Steven Nicolson
Independent Nonprofit Auditor

Your World-Class Chicago Nonprofit Accountant

On-Call 24/7/365

No Surprises Guarantee

Proactive CPAs

Value-Focused Accounting

30-Day No Fault Agreement

Cloud-Based & Real-Time

Meet Your Nonprofit Accounting Team

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Syd Highley

Managing Principal, CPA
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Amy Fryatt

Director of Operations
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Julie Asuncion

Accounting Manager

Norie Fabian

Bookkeeper
Tessa Joy De Vera

Tessa Joy De Vera

Bookkeeper
Ilonah Vivas 1

Ilonah Vivas

Bookkeeper

Let Us Lighten Your Load!

Book a call to discuss your nonprofit’s unique accounting needs so we can provide you with actionable recommendations that will help you take control of your financials and make a bigger difference.

Fixed Fee

No Surprises
Guarantee

We believe in full transparency and respect, which is why we offer a fixed fee for our nonprofit accounting services – it’s often already included in your program funding anyway.
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Nonprofit Accounting Resources

Nonprofit Accounting in Your Area & Beyond

Your Next Steps

Book a Free Consult
Book a call to discuss your nonprofit’s unique accounting needs. We’ll provide you with actionable recommendations that will help you take control of your financials and make a bigger difference.
CASE STUDY: How We Helped a Nonprofit Organization Grow from $40K to $2.2M
See how one nonprofit grew their organization and transitioned to a new executive director without a hitch with the help of our nonprofit accounting firm.

FAQs

What is the best accounting method for nonprofit organizations?
The accrual method is considered the best for nonprofits. It records income when earned and expenses when incurred, regardless of cash flow, providing a more accurate financial picture of grants, donations, and obligations, which supports transparency and compliance with nonprofit reporting standards.
What are the basic accounting for a nonprofit organization?
Nonprofit accounting involves fund accounting, categorizing net assets into unrestricted, temporarily restricted, and permanently restricted funds. Nonprofits track revenues like donations and grants, manage expenses for specific programs, and prepare financial statements including the statement of activities and financial position.
Is Chicago a good city for accounting?
Yes, Chicago is a great city for accounting due to its large business ecosystem, including major corporations, accounting firms, and nonprofits. The demand for accountants is high, and the city’s central location, strong financial sector, and diverse economy offer ample career opportunities in the field.
What is the accounting standard for nonprofit organizations?
Nonprofits in the U.S. follow the Financial Accounting Standards Board (FASB) guidelines, specifically Accounting Standards Codification (ASC) 958. These standards require clear financial reporting, categorization of net assets, and detailed disclosures of donor-restricted funds and activities to ensure transparency and accountability.
Where do most nonprofits get their largest source of revenue?
Most nonprofits receive their largest sources of revenue from individual donations and grants, particularly from foundations and government agencies. For some, service fees, program income, or membership dues also contribute significantly, but donations and grants typically remain the most substantial sources.

1 Fun & 1 Interesting Fact About Chicago

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Chicago, known as the “Windy City,” is a hub of architectural innovation and cultural landmarks. An interesting fact about Chicago is that it’s home to the world’s first skyscraper, the Home Insurance Building, constructed in 1885. This 10-story marvel pioneered the use of steel-frame construction, revolutionizing urban architecture and shaping the skyline of cities worldwide. Today, Chicago remains famous for its breathtaking skyscrapers, including the Willis Tower, one of the tallest buildings in the Western Hemisphere. On the fun side, Chicago is also renowned for its deep-dish pizza, a cheesy, doughy delight that has become a city staple. Created in the 1940s, this thick, buttery pizza, with layers of toppings and sauce, has earned a cult following and is a must-try for food lovers visiting the city. The combination of architectural legacy and culinary fame makes Chicago a unique blend of innovation and indulgence, offering something for history buffs and foodies alike.

Chicago Nonprofit Accounting Resources

Forefront

200 W Madison St 2nd Floor
Chicago, IL
60606

(312) 578-0090

Chicago Community Trust

33 S State St Suite 750
Chicago, IL
60603

(312) 616-8000

Chicago Foundation For Women

140 S Dearborn St #400
Chicago, IL
60603 

(312) 577-2801

Illinois CPA Society – Not-for-Profit Committee

550 W. Jackson, Suite 900 Chicago, IL
60661

(312) 993-0407

LISC Chicago

10 S Riverside Plaza STE 1700
Chicago, IL
60606

(312) 422-9550

What is the Illinois CPA Society?
The Illinois CPA Society (ICPAS) is a professional organization dedicated to enhancing the value and quality of the accounting profession in Illinois. Founded in 1903, ICPAS provides its members with education, networking opportunities, and advocacy services. It supports over 23,000 accounting professionals through continuing education programs, professional development resources, and certification support. Additionally, ICPAS advocates for the interests of CPAs and the accounting profession at the state and national levels. The organization also promotes ethical standards and best practices, helping members stay current with industry trends and regulatory changes.
What is the Illinois Department of Financial and Professional Regulation (IDFPR)?
The state agency that handles the regulations for CPAs in Chicago is the Illinois Department of Financial and Professional Regulation (IDFPR). The IDFPR oversees the licensing, certification, and regulation of Certified Public Accountants (CPAs) and public accounting firms in Illinois, ensuring that they meet the required professional standards and adhere to the state’s laws and regulations. The department is responsible for administering the CPA examination, issuing licenses, and handling disciplinary actions for professional misconduct.

Chicago, IL Local Resources

Chicagoland Chamber of Commerce

410 N Michigan Ave #900
Chicago, IL
60611

(312) 494-6700

Chicago Office of Finance

121 N. LaSalle Street 7th Floor
Chicago, IL
60602

(312) 744-2204

Chicago IRS Taxpayer Assistance Center

230 S Dearborn St
Chicago, IL
60603

(844) 545-5640

Chicago Police Department

3151 W Harrison St
Chicago, IL
60612

(312) 746-8386

City of Chicago

121 N La Salle St # 107
Chicago, IL
60602

(312) 744-5000

Top Companies in Chicago, IL

McDonald’s

110 N Carpenter St
Chicago, IL
60607

(800) 244-6227

Mondelez International

905 W Fulton Market
Chicago, IL
60607

(847) 943-4000

CME Group

20 South Wacker Drive
Chicago, Illinois
60606

(312) 930-1000

Boeing

100 N Riverside Plaza
Chicago, IL
60606

Exelon

10 S Dearborn St
Chicago, IL
60603

(800) 483-3220

United Airlines Holdings

233 S. Wacker Drive
Chicago, IL
60606

(872) 825-4000

More About Nonprofit Accounting in Chicago, Illinois

Chicago, Illinois, is the third-largest city in the United States, with a population of approximately 2.7 million residents. Known for its iconic skyline, rich cultural history, and vibrant neighborhoods, Chicago is a diverse city with a wide range of ethnic backgrounds. The city’s demographics include about 33% White, 29% Black or African American, 29% Hispanic or Latino, and 7% Asian. Chicago’s population reflects a mix of long-established communities and a growing immigrant population, contributing to its dynamic cultural scene.

Residents of Chicago live in a variety of neighborhoods, from the upscale Gold Coast and Lincoln Park to more working-class areas like Pilsen and Bronzeville. The city is a hub for business, finance, and transportation, with industries such as healthcare, technology, and education also playing significant roles. Chicago’s residents enjoy access to world-class museums, music, and food, as well as professional sports teams. Despite its cold winters, the city’s lakefront and extensive park system make it an attractive place to live.

Nonprofit accounting in Chicago plays a vital role in managing the financial operations of the city’s many charitable organizations, which include foundations, healthcare institutions, educational entities, and community groups. Nonprofit accountants in Chicago focus on ensuring compliance with financial regulations, particularly those related to tax-exempt status and donor-restricted funds. They handle tasks such as preparing financial statements according to Generally Accepted Accounting Principles (GAAP), managing grants, and conducting audits to ensure transparency and accountability.

Given Chicago’s diverse nonprofit sector, accountants must be adept at navigating the complexities of restricted funds, government contracts, and financial reporting for stakeholders. Many organizations rely on these professionals to guide them through the specific regulations governing 501(c)(3) entities and other tax-exempt classifications. Nonprofit accounting firms in the city offer specialized services, including audit preparation, tax compliance, and financial planning, allowing nonprofits to focus on their missions while maintaining robust financial oversight and integrity.

Daily Balance offers bookkeeping, audit representation, and CFO services for nonprofit organizations in the Chicago area so they can focus on their mission/programs, rather than their financials. Our clients love our quick response time, fixed fees, and our proactive solutions.

Nonprofit Accounting Firm Chicago Also Serves Cities Around Chicago, Illinois

Evanston, IL
Oak Park, IL
Cicero, IL
Skokie, IL
Berwyn, IL
Oak Lawn, IL
Des Plaines, IL
Schaumburg, IL
Naperville, IL
Elmhurst, IL
Arlington Heights, IL
Palatine, IL
Glenview, IL
Orland Park, IL
Bolingbrook, IL
Downers Grove, IL
Wheaton, IL
Tinley Park, IL
Lombard, IL
Hoffman Estates, IL
Mount Prospect, IL
Northbrook, IL
Niles, IL
Park Ridge, IL
Wilmette, IL
Buffalo Grove, IL
Glendale Heights, IL
Burbank, IL
Carol Stream, IL
Villa Park, IL

Chicago Nonprofit Accounting Firm, in Chicago is near Navy Pier which is close to Streeterville, River North, and Rogers Park. Millennium Park, Cloud Gate, and Wrigley Field are also nearby.
Other locations we serve: