This version of QuickBooks Online offers the accounting features and functionality non-profits need, including the ability to manage non-profit finances and tax. Accordus works with your staff and executive leaders to handle accounting, HR, donor management systems, and other industry-specific technical systems. Implement robust security measures to protect sensitive financial information and donor data. Its user-friendly interface and intuitive features make accounting tasks a breeze, even for those who think “balance sheet” is a yoga pose.
What are the typical costs associated with nonprofit accounting software?
In addition to positive user reviews, MIP has received the Campbell Award for several years. This software is focused strictly on 8 best accounting software for nonprofits custom designs for your system to enable you to manage effectively, get timely information, streamline processes, and provide strong controls. CenterPoint Fund Accounting’s in-depth fund accounting is designed to help manage financial sectors’ financial activities, specifically government entities, nonprofit sectors, and educational institutions. With this feature, you can create, manage, and track budgets for various funds, whether grants or donations, ensuring that your funds are utilized according to legal requirements and donor intent. Araize is cloud-based accounting software so it could be great for a global or remote workforce. The company offers accounting, fundraising, and payroll services specific to nonprofits or small governmental agencies.
It provides a good starting point for NPOs that need to collect donations online and start tracking donors without breaking the bank. However, if you want to store your donor’s information in the add-on CRM, expect to pay for each saved contact. Bloomerang’s core features include CRM, online giving, email marketing, engagement meters, generosity scores, and reports.
What is the best accounting method for nonprofit organizations?
However, it’s crucial to choose software that meets your specific needs, rather than deciding based on price alone. Nonprofits operate differently from for-profit organizations, but they still have to produce standard financial statements, such as the statement of financial position and the statement of cash flows. These reports can be challenging to create manually, but this process can be seamless with accounting software tailored for nonprofits. Einstein (Salesforce) is ideal to enhance an online fundraising platform with in-depth donor insights with AI-powered predictive and generative marketing tools, with a 4 /5 rating on Capterra. However, it only offers a free trial, which provides limited access to certain features, such as grant and program management.
- Nonprofits need to understand that all donors give for different reasons and in different quantities at different intervals of the year.
- ETapestry acts as an all-in-one tool for managing charitable programming activities in one place.
- Nonprofits can use FreshBooks to help with bookkeeping, invoicing, time tracking, and more.
- When you spend donor funds, you can provide them with detailed reports outlining where you used their money.
Integrate with Your Other Systems
The platform automates revenue recognition in accordance to GAAP standards, ensuring compliance with nonprofit accounting regulations. It also streamlines the allocation for funds across various special programs or locations. Additionally, Sage Intacct generates essential financial reports, including the Statements of Activities, Financial Position, Cash Flow, and Form 990 reports. With simple 1-click consolidations, the system provides visibility into your entire NPOs financials, including all entities, multiple currencies, and tax jurisdictions. Donorbox is great for new nonprofits with a free plan for organizations that raise less than $1,000/month.
Pricing is quote-based, so it may not be the best fit for emerging nonprofits, but each system is tailored to your organization’s size, complexity, and unique requirements, which larger NPOs may appreciate. FastFund Accounting is designed for nonprofits that need a FASB-compliant fund accounting system. It helps you track every dollar with true fund accounting, offering a customizable chart of accounts to monitor funds, programs, departments, and donors. This ensures transparency and compliance with nonprofit reporting requirements without the extra hassle.
Best Online Donation Tools for Fundraising
Here is our pick of the best accounting software packages for non-profits available today. Forbes Advisor selected these options based on features, pricing, reputation, and more. Its strengths include specialized modules for grant accounting, program-efficiency tracking, and automated generation of key FASB reports.
MIP Fund Accounting: Top all-in-one solution financial software for nonprofits
Nonprofit leaders have a lot on their plate — but there’s no need to handle everything on your own. Nonprofits use a different approach to accounting than for-profit companies called fund accounting. The goal of a nonprofit is not to make money but instead to raise money and use it toward a stated purpose, so it makes sense that there would be different requirements for accounting software. Sage Intacct is real-time, cloud accounting software with a nonprofit solution to make it easier to view and manage nonprofit responsibilities in small to medium-sized companies. Under this program, NetSuite provides a Suite Donation that provides a base donation to nonprofit organizations of all sizes and activation of NetSuite for nonprofits. An ERP for nonprofits is an enterprise resource planning software system that manages back-office functionality throughout your nonprofit organization with a unified database.
It’s boring stuff like operations and payroll and accounting—which means your accounting software needs to hit the mark, not just with numbers, but with solutions tailored to the nonprofitsphere. Because nonprofits have unique challenges around budgeting and compliance, it’s crucial to pick software that aligns with your goals. If choosing a financial management platform sounds overwhelming (or incredibly boring), read on! We’re breaking down what to look for in nonprofit accounting software, highlighting the must-have features that can boost your operational efficiency, and sharing our picks for 2025.
- FastFund Online was designed by CPAs with extensive experience working in the nonprofit sector.
- For example, if a certain donation is specifically meant to fund a school feeding program, you use the money and account for it specifically under that school feeding fund.
- A subtype of nonprofit software, fundraising platforms is a critical IT resource for nonprofit organizations that depend on the continued support of contributors to deliver resources and services.
- Donorbox is great for new nonprofits with a free plan for organizations that raise less than $1,000/month.
We’ve compiled a list of popular systems for various organizations to help you find the best solution. All Xero plans offer reporting, payment acceptance, file storage, contact management, tax calculations and the ability to connect Xero to a bank account. Nonprofit-specific accounting software offers nonprofits flexibility and accessibility. Keeping best practices in mind allows nonprofit accounts and financial professionals to maximize the benefits of your purpose-built tech solution.