While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Sage Intacct is best for global nonprofits that must work across currencies and tax codes to manage their financials. If you are not a US based organization or you cannot find your nonprofit in the list above, no worries! Get more information on more must-have reports for nonprofits, examples of statements and reports, and dashboard templates.
Consulting with advanced product experts or software providers can save time and ensure you make an informed decision. These advanced product experts can guide you through features, compliance requirements, and implementation processes tailored to nonprofits. Implement robust security measures to protect sensitive financial information and donor data. With its powerful reporting capabilities and ability to segment accounts six ways to Sunday, MIP is a favorite among larger nonprofits and those with complex financial structures. Protecting your and your donors’ sensitive financial data is non-negotiable. Opt for software with robust security measures, such as data encryption and secure access controls.
On the other hand, large organizations may prefer an option like AccuFund that has employee management features as well. Nonprofit+ is the only software in this category to earn perfect marks in nonprofit accounting. It stands out for its nonprofit-specific features, offering a wide range of tools like fund accounting, grant management, and member management. We recommend Aplos Core for its valuable features, such as fund accounting, donation tracking, and online giving forms.
This capability is crucial for nonprofits that rely heavily on grants and must ensure compliance with funders’ reporting requirements. We like that users can generate detailed reports by grant, program, and other dimensions without requiring manual adjustments. Document incoming funding (donations and fundraised money) throughout the year.
Zoho Books emerges as a user-friendly solution for nonprofits in need of accounting software. Its strengths lie in its intuitive interface, comprehensive financial overview, and effortless fund management capabilities. MoneyMinder’s strengths lie in its user-friendly interface, member tracking capabilities, and integrated online payment options. However, it may lack some of the more advanced special features larger nonprofits require. It’s the perfect fit for small, volunteer-led nonprofits that need straightforward bookkeeping services and reporting without the accounting degree.
- Intuit QuickBooks offers several plans, ranging from $35 to $235 per month ($17.50 to $117.50 per month for the first three months during the current promotion).
- Pricing is usually determined by how sophisticated the software is and the features your organization needs.
- Serenic Navigator is an integrated cloud-based enterprise resource planning (ERP) solution designed for nonprofit organizations and government agencies.
- It also generates IRS Form 990, 990-EZ, and 990-N filings for tax compliance, which are essential for municipalities.
- In addition, they can track expenses and capture receipts to simplify tax filings and report to donors the nonprofits’ overhead-versus-project costs.
They may be able to throw in additional functionality as a bonus or give you a price break based on prepaying for a full year or other possible discounts. More than 80 percent of small businesses use QuickBooks, so parent company Intuit must be doing something right. If you’re concerned about getting board approval of your decision, QuickBooks may be the right choice, as it will likely be familiar to the staff and board.
Not to mention, without a reliable accounting software, you run the risk of losing track of donations and grants, creating inaccurate financial reports, and more. Current versions of Quickbooks must instead be customized to enable nonprofit-specific functionality. For organizations, this requires savvy Quickbooks experts capable of customizing the software to meet their organization’s particular needs. Many NPOs instead look to adopt new nonprofit accounting software solutions that work out of the box. NPOs are responsible for keeping detailed records of their donations, funding sources, and earnings. Without meticulous recordkeeping, NPOs can be subject to audits, fines, or other legal consequences.
Keep Your Data Secure
Organization s that support and manage multiple entities should contact Aplos to discuss its Enterprise plan, which is tailored to each customer. Yes, many nonprofit accounting software solutions offer integration capabilities with donor management systems. This integration allows you to sync donor data and financial transactions across platforms, providing a comprehensive view of your organization’s finances. By integrating these systems, best accounting software for nonprofits you can streamline your financial processes and maintain accurate records without manual data entry. Wave is a top choice for small to mid-sized nonprofits with budget concerns. It offers essential features like income and expense tracking and invoicing at no cost.
Its true fund accounting allows these organizations to accurately track and report on each fund separately, ensuring compliance and maintaining donor trust. With over 70 built-in customizable reports, organizations can get granular insights into all aspects of their financial performance. However, we wouldn’t recommend Aplos for large nonprofits that require more comprehensive features like payroll or project management. NetSuite, which was purchased by Oracle a few years ago, offers a wide range of accounting, CRM, and ERP (enterprise resource planning) solutions for dozens of industries—including nonprofits.
How do nonprofits prepare financial statements?
Consider not just the upfront costs but also ongoing expenses like training, support, and upgrades. Its strengths include specialized modules for grant accounting, program-efficiency tracking, and automated generation of key FASB reports. FundEZ shines in its ability to track multiple grants and projects across fiscal years, which is as handy as finding an extra dollar in your pocket on laundry day. The customizable user interface is a plus, making FundEZ a solid choice for nonprofits that need robust budgeting tools without overwhelming complexity. Choose software that can integrate with your current systems, like online fundraising, donor management, and volunteer tracking.
Nonprofit accounting software FAQ
Your accounting software should integrate seamlessly with existing tools like donor management systems, CRM platforms, or fundraising software. FINSYNC positions itself as an all-in-one intuitive software for nonprofits, focusing on simplifying accounting, payments, invoices, and payroll. Its strengths include automated payroll processes, real-time cash flow management, and the ability to invoice donors and sustainers efficiently. MoneyMinder is the friendly neighborhood superhero of nonprofit accounting software, designed specifically for volunteer-run organizations. It strikes a balance between the complexity of full-fledged accounting software and the simplicity (and risks) of spreadsheets.
For instance, the budget development module supports unlimited cycles and budgeting at any organizational level. Organizations can better allocate their expenses through budget management for every program. Accounting software for nonprofits handles financials, invoicing, and donation and grant management for organizations. Xero also excels at accounting basics that can keep your nonprofit’s budget on track, including thorough financial reporting and expense tracking. Its mobile app lets you collaborate on the go, and it integrates with hundreds of third-party apps. Next, make a list of the features your organization needs to properly track, report and manage its funds and taxes.
To process a transaction via credit card, you must pay a fee of at least 2.9% plus $0.60 per transaction. Xero’s highly customizable and in-depth reporting tools make Xero stand out. By tracking categories, you know if funds are being allocated to the right projects based on donor intent. Aplos stands out for its customer relationship management (CRM) component. 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. Donor management tools then help you increase retention, track donations and fundraise.
While you don’t need to become a tech head to make this decision, there is some key technical language and some key accounting terms that you’ll need to know. Quicken’s dashboard comes with a spending overview feature and transaction tracking that can help you monitor your nonprofit’s spending. Realm doesn’t have the fanciest dashboard out there, but it comes with a unique focus on churches that can make it a great fit for those organizations.
Wave is a free accounting software designed to meet the needs of small businesses, including freelancers, consultants, and startups. For organizations set on sticking with QuickBooks Online, Intuit has been recommending QuickBooks Online as the accounting system for nonprofits. The solution has one of the lowest cost of entry points, starting at $20/month for the self-employed version or $90/month for the Plus version. Industry-specific solutions (software developed with nonprofits in mind) can start around $75/month.