Understanding these trends and taking appropriate steps can help a nonprofit organization maximize their available assets, ensure fiscal transparency, boost its reputation and build trust. The right nonprofit accounting software will address all of an organization’s accounting needs. Daily operations also have to be run efficiently, as the goal of a nonprofit organization is benefit the community in which they operate. For more information on software especially for nonprofit organizations, read our nonprofit buyer’s guide. Typical small-business accounting revolves around profit—how much a company is making, spending, losing, and saving. 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.
- By this time, you should be able to find the right accounting platform for your nonprofit.
- The program supports multiple organizations and offers free, unlimited phone and email support.
- Before choosing your fund accounting software, it’s important to know exactly what you need and how to get the most out of it.
- Fund EZ is ideal for large nonprofits and nonprofits with complex accounting needs and is great for organizations needing Medicaid billing or foster care support.
- Donor management tools then help you increase retention, track donations and fundraise.
- With MIP Fund Accounting, your nonprofit can make informed financial decisions based on your in-depth analysis of grant progress, fundraising campaigns, and past and current budgets.
Freshbooks is an incredibly helpful software solution for nonprofits focused on minimizing overhead costs and tracking internal operations. They offer time-tracking and management tools to make sure your team is on the same page. Fund EZ software was written exclusively for nonprofits to automate functions for accounting, fundraising campaign, grant management, and more in real time. Menus and customized toolbars make it easy to navigate this software and quickly access the information your nonprofit needs. QuickBooks is trusted by small businesses everywhere to handle finances. Now, they expanded their software to handle fund accounting for nonprofit organizations. Many nonprofit accounting solutions include features that prepare the Form 990—a tax form requiring certain federal tax-exempt organizations to file with the IRS.
QuickBooks Premier Plus Nonprofit Edition: Best Desktop Accounting Software for Nonprofits
It offers accounting and bookkeeping features comparable to QuickBooks Online and Xero but for exactly no dollars. Unfortunately, while Aplos’s nonprofit features stand out, its accounting features are more limited. Only the customized plan includes in-depth income and expense tracking, budgeting by project or fund, asset tracking, and recurring transactions. We looked into the accounting software’s overall features and the quality of user experience. We also gave heavy consideration to the popularity of the software among nonprofit organizations, as this will have a large impact on your ability to find assistance when problems arise. It can record and track grants, expenses, donations, and even volunteers, allowing organizations to keep their missions on the right track.
- These features include transaction importing, donation portal, payment receipts, bank reconciliation, budgeting, check printing, pledge tracking, etc.
- Top 9 Donor Prospect Research Software for Smart Fundraising.Prospect research is necessary to reach out to potential major donors.
- SmartSimple offers a tiered software plan, each with a different implementation fee, starting at $5,000.
- Keep track of your performance and boost the impact of your future actions thanks to insightful analytics.
- Cloud-based software — Software or services available via the Internet.
- Aplos stands out for its customer relationship management component.
- With the platform’s accounting dashboards, businesses can easily track the live status of their company’s financial health.
NonprofitPlus’s accounting software is built for nonprofits looking to get a handle on fund accounting and management, budget checking, grant management, and board management. Knowing which features you need and what problems you need these features to solve can help point you in the right direction. Maybe you mostly need accounting software but want a few nonprofit tools thrown in. If so, try Xero or QuickBooks Online Perhaps you want something specific to your industry, such as Breeze.
Best for Donation Tracking
It likewise excels in helping nonprofits to be more transparent with board members, donors, and volunteers, allowing them to keep their trust and their cash flows in the process. All nonprofits generally face problems when it comes to recording expenses. Luckily, Bill.com automatically records cash inflow and outflow and syncs all data from other business systems you leverage for transactions. It also comes with ePayment processing tools that make it easy to facilitate transactions as securely as possible.
One of the manyNetSuite ERP features is an accounting module that is designed for nonprofits. This system is scalable, and therefore, suitable for businesses of any size. It can automate different business processes, including bookkeeping for nonprofits revenue, order, billing, and inventory management, to name a few. The software can be used by virtually anyone in the organization, from top brass to rank-and-file employees, giving them total visibility into reports and KPIs.