Best Accounting Software For Nonprofits 2024

Steve brings expertise and passion to nonprofits throughout Minnesota. Our fluency in the language of financial statements means assurance to all stakeholders. We’ll work with you to assess your organization’s current financial health. Safeguard your nonprofit’s integrity and resources by detecting and preventing fraud with our essential e-book on unmasking deception.

Start reconciling your bank accounts

Whether you spend one dollar on paper clips or $1,000 on a venue for a fundraiser, every transaction must be recorded. To do this, have your bookkeeper monitor and record your transactions or invest in a software solution that automatically tracks each expense for you. Nonprofit bookkeeping is a nonnegotiable task—it just has to be done. You can either assign this task to one of your staff members or trust a professional to handle it. There’s no better way to understand the value we can bring to your nonprofit than to hear about the results we’ve achieved for other clients.

• This session will cover best practices in endowment administration, including accounting and donor reporting.
• We recommend doing a bank reconciliation at least once a month to make sure your books are up to date and accurate, to help track cash flow, to prevent fraud and to detect bank errors.
• Today’s leading accounting platforms offer standard security features, such as data encryption, secure credential tokenization and more.
• Once you’ve got a bookkeeping system and a bank account in place, you need some way of making sure the information in both of those systems lines up.
• This is important because nonprofits often have very specific rules around different funding sources.
• Others may be involved in the day-to-day activities of budgeting and paying the nonprofit’s bills.

Find a nonprofit-friendly bookkeeping solution

Effective accounting enables organizations to accomplish their goals. This enormous responsibility requires time, effort, and expertise, making it a challenging aspect of every nonprofit’s operations. First, find out which considered software offers a free trial or a version you can use to try the software before buying. Narrow your list down of considered software to the ones you can afford.

You can’t fulfill your mission if you don’t understand your books

• In conclusion, accounting services for nonprofit organizations are essential for maintaining the financial health and transparency of the organization.
• Nonprofit-friendly accounting software shouldn’t just allow you to create professional-looking budgets.
• Your message has been received and we’ll be reviewing your request shortly.
• We understand that your organization’s mission is the spark that guides everything you do.
• And it doesn’t mean that all of the activities your nonprofit spends money on aren’t taxable.

With everything consolidated, you can track inter-entity transactions to accounting services for nonprofit organizations improve reporting and donor-dollar traceability. In addition, as you build new global entities, you can seamlessly add them to the software. Using the QuickBooks Online Advanced plan, your nonprofit can keep a close eye on each project’s cash flow via the Cash Flow Dashboard. Reporting tools help you create a spending roadmap so you don’t overextend your cash flow.

Looking for a Nonprofit Bookkeeping Solution?

The level of communication and collaboration with Jitasa was outstanding. Jitasa spoke in non-accounting or business language that was easy for CMSF to understand, despite the complexity of revenue recognition required for many of their programs. CMSF highly recommends Jitasa’s services to other non-profit organizations, as they are a best-in-class organization that has earned the highest level of respect and trust.

Our Clients

We are passionate about supporting the nonprofit sector and contributing to the success and sustainability of organizations that make a difference in our communities. Fund accounting is essential for nonprofit organizations because it helps ensure transparency with donors and stakeholders. By tracking donations and grants for specific purposes, nonprofits can provide accurate reports on how these funds are being used, which fosters trust and supports their organization’s mission. Working with certified public accountants (CPAs) is another way for nonprofits to ensure their financial statements are accurate and compliant with regulations. CPAs bring a wealth of experience balance sheet and can help organizations navigate challenges such as joint costs allocation, cash management, and strategic planning. A skilled CPA can also offer insights into improving the nonprofit’s financial health by analyzing financial ratios and making recommendations for better resource allocation.

Professional Nonprofit Accounting & Bookkeeping Services

The IRS receives more than 70,000 applications for tax-exempt status every year, so be patient when submitting your application. If you don’t hear back from the IRS within 90 days, call Customer Account Services to check on its status. After you’ve registered as a nonprofit with your state, the next step is to apply for tax-exempt status under Section 501.