With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support. Zoho is also unique in that it offers specific pricing and discounts for nonprofits, making the system more accessible and cost-effective. Companies can benefits from the suite of integrated apps, allowing them to streamline operations, enhance engagement, and improve efficiency.
For example, time-tracking tools tell you how long it takes an employee to complete a project’s task. Once you know the time employees spend on a project, you can allocate project funds to those employees. You can also connect a bank account and FreshBooks will generate spending reports.
A Guide to Nonprofit Accounting (for Non-Accountants)
Make sure to align your budget with the expected benefits and long-term value that the program can bring to your organization. If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee. Nonprofit accounting basics are more complex than accounting for a for-profit business, but using industry-specific software will make the process much easier. The 02 segment indicates the specific department, program, or grant, and 5000 is the standard expense account number.
Their unique accounting tools enable nonprofits to manage accounts payable and accounts receivable, track income and expenses, manage budgets, oversee grant accounting, generate financial reports, and much more. QuickBooks Enterprise and QuickBooks Online offer a version specifically designed for nonprofit organizations. It provides a variety of features like donor management, grant tracking, and fund accounting. Intuit nonprofit bookkeeping services Quickbooks is best for mid-sized nonprofits that need better cash flow control and customization options. The user-friendly interface is relatively easy to navigate and connects to the Cash Flow Dashboard so nonprofits can keep a closer eye on project performance. Its Advanced Accounting plan has budgeting by fund, fixed asset tracking, income and expense allocation and project-specific reporting for $189 per month.
What type of accounting do nonprofits use?
Most brands offer free trials when they know they have a good product, and nonprofit accounting software is no different. Requesting to test the software yourself allows for a hands-on experience that can greatly influence decision-making. The Tipalti Xero integration is also a robust feature that enables a nonprofit to wipe out 80% of its payables workload, streamline AP automation, simplify procurement, and optimize employee expenses. It’s an ideal solution for nonprofits looking to pay global suppliers, strengthen financial controls, and oversee card spend.
When nonprofits automate their AP processes, many select software solutions that only meet basic requirements. Download our whitepaper, The Holy Grail of Accounts Payable, to discover a more holistic strategy for automating accounts payable and taking a modern approach to nonprofit accounting. The Microsoft Dynamics 365 platform can be utilized to manage volunteer data and engagement. Nonprofit organizations can track volunteer activities, while continuously streamlining management of the volunteer workforce. You can also use MS Dynamics 365 to oversee fundraising initiatives and campaign activities. Create targeted campaigns, measure their effectiveness, and easily track donations.