What Is Accounting Software ?
report software handles certain bookkeeping and accounting tasks. It stores your organizations ’ fiscal data and records and can perform some clientele transactions .
For example, accounting software can be used to store and track your organization ’ south expenses, payroll, and transactions. It can besides record incoming donations and grants, and run reports. Accounting software can help you save time, as it can handle bank reconciliation and speed up tasks like invoice, placard payment, and even payroll .
Why Do Nonprofits Need Accounting Software ?
nonprofit organization accounting is vastly different from for-profit report. Nonprofits are backed by donations and grants, so they have hard-and-fast fiscal report standards they have to meet. In terms of report requirements, nonprofits have to meet FAS 116 ( Accounting for Contributions Received and Contributions Made ) and FAS 117 ( fiscal Statements of Not-for-Profit Organizations ) standards.
Nonprofits are frequently on tight budgets. While having a dedicate accountant or bookkeeper—or several—on-staff is ideal, that ’ s not always possible for new or growing organizations. The right report software can help nonprofit organizations meet these standards even if they have a lean staff, so they can reach their fiscal objectives and minimize their costs .
The software can help handle the extra accounting needs of a nonprofit constitution, such as meet unique report requirements, tracking grants, making fiscal data available to donors and stakeholders in a seasonably manner, and creating balance sheet reports .
What ’ s the Right Nonprofit Accounting Software for Me ?
When choosing accounting software, consider the needs of your organization and the experience of the person who will be handling accounting for your organization.
Smaller organizations and volunteer-led groups will probably be better off with complimentary or low-cost options that are streamlined, simpleton, and offer basic account functions .
If your constitution is larger, has hundreds of donors, or accepts a significant come of on-line payments, you probable need a more full-bodied plan and will need to pay more money for accounting software.
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large-scale organizations with thousands of donors will need enterprise-scaled solutions, such as QuickBooks Enterprise Nonprofit or Blackbaud ’ s Financial Edge .
How We Chose Accounting Software Companies
We selected the top seven accounting software companies for nonprofits after reviewing 20 different long-familiar companies. We evaluated each accounting software plan based on its features, pricing, ease of consumption, and customer reviews on Capterra. particular vehemence was placed on the foil of monetary value ; companies that did not publicly disclose its software ’ second price were eliminated, and organizations that were not rated on Capterra or had lower than a 4-star evaluation were not included on our tilt .