Read on to understand QuickBooks for nonprofits, including its features, pros, cons, and pricing. This setup will also streamline tax filings by ensuring your nonprofit adheres to IRS regulations for tax-exempt organizations. The right choice depends on your nonprofit’s size, budget, and internal capacity.
QuickBooks Online offers more accessibility and mobile capabilities that are unavailable with the Desktop version. She specializes in offering customized QuickBooks setups and integrations that streamline financial data and enhance business efficiency. QuickBooks Enterprise also makes an ideal option if you’re seeking an alternative to the accounting and business management solutions that cost tens of thousands of dollars. QuickBooks Enterprise is an advanced version of our popular and widely used accounting software.
Why QuickBooks is Essential for Nonprofits
Terms, conditions, pricing, features, service and support are subject to change without notice. QuickBooks’ capabilities can be significantly enhanced by integrating with automation tools like SaasAnt Transactions, especially for nonprofits with large data volumes. This is a powerful non profit bookkeeping software designed to streamline bookkeeping efforts. Awareness of common pitfalls can help you avoid them and ensure your financial management system remains robust. Consistent adherence to best practices transforms bookkeeping into a proactive tool for strategic financial management. Before setting up your system, you must pick the QuickBooks version that best fits your nonprofit’s size, operational complexity, and budget.
Non-profit accounting software FAQs
- If you’re intimidated by setting it up on your own, consider their $229 coaching option, which includes one-on-one coaching followed by 30 days of email support.
- This will help you ensure compliance with grant conditions and provide accurate reports to grantors.
- This will enable you to run a nonprofit business with flexibility and ease, as well as stay on top of what matters most to you and your donors.
- Getting this structure right from the beginning makes everything else – from monthly reports to annual Form 990 preparation – flow smoothly.
- QuickBooks makes it easy to keep accurate records and stay financially compliant, especially when you have to file taxes for informational purposes.
The provider also offers a mobile app that lets users record money directly through their mobile devices. This feature isn’t offered by similar software, which makes QuickBooks one of the most useful tools for recording charitable contributions. Please note, this isn’t available on the Enterprise solution, which is orientated towards desktops. QuickBooks tries to make managing your cash flow as simple as possible. The platform lets you categorize revenue expenditures by fund or program, track budgets by fund or program, track tax deductions, and even forecast money-in and money-out up to 90 days in advance.
- QuickBooks, a widely recognized accounting software, offers tailored solutions to address these unique needs.
- Get potential growth insights and investigate discrepancies with ease and efficiency.
- The same is true of ZipBooks and other free accounting software options.
- This is the most critical feature for nonprofit accounting in QuickBooks.
- This figure shows whether your nonprofit is running at a gain or loss for the period.
If you find yourself spending a lot of time chasing down payments, be they board pledges, consulting revenue, membership fees or subgrants, FreshBooks may be the right choice for you. Created as invoicing software, it now has a full range of accounting functionality. However, even at that tier, we think that the functionality and ease of use are worth the price. Business News Daily provides resources, advice and product reviews to drive business growth.
The Complete Guide to the Form W9 for Nonprofits
In contrast, nonprofit accounting centers on tracking funds, including responsible oversight of fund management. Fund accounting software’s primary goal is to show you and your shareholders, namely board members and donors, exactly where their money is going. The Chart of Accounts (COA) is the backbone of your financial management system. Setting it up correctly from the start is crucial to ensure accurate tracking and reporting. While QuickBooks will provide a template, you’ll want to customize your chart of accounts to include categories specific to your nonprofit, such as donations, grants, and program expenses.
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They’ll walk you through key features and answer your questions – your welcome email has all the details. Keep in touch with clients, sponsors and employees, automate payment reminders and perform other essential tasks by seamlessly linking your bank and third-party financial application. Her expertise spans various industries, particularly retail, manufacturing, wholesale, and franchises, where she helps clients increase profitability and make data-driven decisions. Having clean, categorized, and traceable data makes audits and federal reporting much more manageable. Regardless of the location or size, a nonprofit will always push itself out of the comfort zone, most of us are familiar with and seek solutions for social issues.
This approach encourages nonprofit staff to review their budgets from the ground up by itemizing and evaluating every expense. Having your non-profit accounting running smoothly means more time spent towards your company’s mission and goals. With a comprehensive understanding of your needs, use a guide like this one to consider the various options and select the best choice for you.
See what QuickBooks can do for your business
A well-configured system ensures accurate data, efficient reporting, and reliable financial insights. Intacct is another nonprofit-focused accounting software that offers many of the same features as Aplos. It boasts an attractive interface and comprehensive training options for a variety of levels. Here are the three QuickBooks products you should consider when upgrading your nonprofit’s accounting software. QuickBooks is celebrated for its easily accessible and user-friendly interface, ensuring that nonprofit stakeholders can effortlessly navigate their institution’s financial management. If any further assistance is required, users can readily access free support from experts.
Zoho is a software that probably doesn’t need much of an introduction, for nonprofits, for quicken for nonprofits example, it offers the program Zoho Books an online accounting software perfect for small organizations. Among its characteristics, you’ll find handy features such as invoicing, expense tracking, and financial reporting. Besides that, if you are already working with the rest of Zoho products, you can quickly integrate this one with the rest. One key aspect of QuickBooks for nonprofits is its ability to categorize and track funds. Nonprofits can easily segregate revenues into different categories, such as donations, grants, and fundraising income, ensuring accurate reporting and compliance with accounting standards.
This allows you to generate detailed reports and gain insights into the financial health of different areas of your organization. Nonprofit accounting isn’t just about balancing the books—it’s critical to the success of your organization’s mission. Whether you rely on grants, donations, or earned income, the way you manage your funds directly impacts the effectiveness of your programs and services. Financial Edge NXT by Blackbaud is cloud-based fund accounting software designed for larger nonprofits.
Sage Intacct: Best for managing large, global nonprofit financials
No matter how you take donations, use the QuickBooks mobile app to record money using your mobile device. This shows you how profitable each project is, helping you control costs and bid better in the future. Always attach supporting documentation (invoices, receipts, grant agreements) to transactions in QuickBooks. Poor documentation makes audits difficult and can lead to disallowed expenses.
With integrated automation, you can focus on your mission knowing that your finances won’t slip through the cracks. With that in mind, we’ve answered some of the most common questions about QuickBooks so you can ensure you’re making the right decision for your nonprofit’s accounting needs. Highlight key performance statistics from across your nonprofit organisation with the help of our intuitive reporting tools. Customise your reports with the same level of analytical depth that you would expect from a for-profit organisation. Gain complete command over your nonprofit organisation’s finances with our top-rated 4.5-star mobile accounting application.