The company offers accounting, fundraising, and payroll services specific to nonprofits or small governmental agencies. Araize also offers a fund accounting course that you can take to improve your financial knowledge. Accounting software, when combined with a little education, can help nonprofits gain control of their finances. There are nonprofit accounting software options that are made specifically for nonprofits, but you may also find that more general accounting solutions would work best for you.
AccuFund: Most comprehensive financial management solution for nonprofit organizations
- Organizations often have multiple budgets throughout the year, including an annual budget for overall activities and shorter-term budgets for specific events and campaigns.
- It enables nonprofits to assign income and expenses to specific projects and programs, while facilitating accurate reporting and total transparency.
- It helps clear the financial position of the charity to donors and the public.
- By analyzing financial data, nonprofits can assess the financial health of the company, evaluate the impact of programs, and make better decisions to optimize resource allocation.
- Check the cost of the software and if there are any discounts offered for nonprofits.
As our best small business accounting software, QuickBooks Online is a versatile and flexible accounting solution that can adapt to a nonprofit—we have a guide on how to set up QuickBooks Online for nonprofits. We’ll show you exactly how to customize your Q uickBooks Online so that all the necessary information for your Form 990 can easily be printed. From modifying your chart of accounts to perfectly match the Form 990, to using class and location tracking to group revenue and expenses by program service, QuickBooks is incredibly flexible. Your accounting software should integrate seamlessly with existing tools like donor management systems, CRM platforms, or fundraising software. Using intelligent reporting tools, nonprofits can create specific financial statements. This not only helps with compliance but also Bookstime boosts operational efficiency by identifying trends and improving processes.
The Importance of Accounting for Nonprofits
QuickBooks integrates with many other programs, so you can build a customized solution that suits your organization. Keep in mind that because it is a locally installed software, it does not allow for the flexibility of accessing it anywhere that a cloud-based system offers. The best accounting software for nonprofits should offer nonprofit-specific features like fund-based accounting, donation tracking, and Form 990 generation. QuickBooks also includes features for fund accounting including the ability to monitor grants, funds, and budgets.
Best For In-Depth Reporting
- And that’s why nonprofit accounting emphasizes transparency and accountability to donors and stakeholders.
- Recent reports show 1.5 million nonprofit organizations in the United States, with $2.62 trillion in nonprofit revenue.
- Dashboards and reporting tools provide essential insights into all your financial data while presenting it in a clear and understandable format.
- Donor management tools then help you increase retention, track donations and fundraise.
- With Quicken, you can easily categorize transactions, monitor cash flow, and gain insights into your organization’s financial health.
This approach can be beneficial for organizations requiring real-time financial decision-making and those with complex, organization-specific accounting needs. In-house accountants develop a deep understanding of the nonprofit’s mission and financial structure, net sales potentially leading to more tailored financial strategies. Automated systems provide real-time access to financial data, making it easier to generate transparent reports for donors, board members, and auditors. Additionally, automation can help nonprofits track restricted and unrestricted funds more effectively, ensuring compliance with donor intentions and tax-exempt status requirements.
AccuFund is a suitable solution for large nonprofits with a sizable workforce. If you’re looking for an onsite or online accounting solution for nonprofit accounting services for nonprofit organizations organizations and local governments, you’ll find it in AccuFund. They offer industry-specific features that streamline fund accounting, enhance reporting capabilities, and simplify compliance with regulatory standards.
- Generate accurate, detailed reports like Statement of Financial Position, Statement of Activities, and cash flow statements with a click.
- With this software, you can create donor profiles, communicate with donors and keep a record of the relationship, and personalize your engagement and retention strategies with targeted outreach tools.
- What makes Blackbaud one of the best accounting software for nonprofit organizations is it helps improve the transparency of financial records.
- It has a comprehensive payroll system with a setup assistant that walks you through getting started, and an option to add on a payroll tax module for an additional fee.
- In our expert opinion, the benefits of Blackbaud being an ERP outweigh the lack of these minor features.
