This level of financial oversight is crucial for nonprofits, which often operate on limited resources and need to maximize every dollar. This pricing structure can potentially make QuickBooks pricier than some alternative accounting solutions such as Xero, Wave, or FreshBooks. It’s crucial for nonprofits to carefully assess their specific needs and compare costs across different options before selecting a QuickBooks product or any other accounting software. Unfortunately, there aren’t many free nonprofit-specific accounting software options.
Put financial statements at your fingertips
- Find out who they are and how to properly manage their involvement so you can improve your programs and fundraising efforts.
- The finances are a mess, you’re struggling to understand how much money is allowed for spending and people are complaining that they’re not getting reimbursed when paying for things on the organization’s behalf.
- These integrations ensure that transactions are automatically recorded in QuickBooks, saving time and reducing errors.
- Kindful offers fundraising automation, online donation management pages, donor CRM, and reporting tools—all aimed at helping nonprofit organizations fundraise effectively.
- With QuickBooks, you can ditch the spreadsheets and improve your accounting strategy.
Yes, QuickBooks integrates with several fundraising software solutions, including Zeffy. Zeffy’s 100% free fundraising platform works with Zapier API connection platform. This enables your nonprofit to easily retrieve donation and sales data from Zeffy and send it to the application of your choice, including QuickBooks. QuickBooks is a user-friendly platform with intuitive tools and tons of resources to make onboarding and training easy.
QuickBooks is a powerful accounting software offering seamless financial management to those involved in nonprofit organisations. It offers automation of critical tasks, easy income and expense tracking, and efficient oversight of cash flow. From philanthropic organisations and human services organisations to community improvement, there is provision for all types of nonprofit stakeholder. Nonprofit organizations across the United States face unique accounting and financial management challenges. Unlike traditional businesses, nonprofits need to track donor contributions, manage grant funds, comply with IRS Form 990 requirements, and maintain transparency with stakeholders. We selected the top seven accounting software companies for nonprofits after reviewing 20 different well-known companies.
It’s the only way to ensure our results remain reflective of the present day. The platform even lets you use Class location to track each fund separately and sub-accounts to keep tabs to keep tabs on them from your Chart of Accounts. QuickBooks for Nonprofits also stands out for its specialist toolkit, and its respectable entry price of $99 per month. If this is a bit too steep for you, it’s worth checking out our list of the best free accounting software options for small businesses and nonprofits.
While accounting software is robust, it can only assist with certain aspects of nonprofit responsibilities. A nonprofit needs to do much more than collect donations and record them. The tool makes financial management less burdensome by allowing you to set up recurring transactions and automatic expense categorization. QuickBooks Online automated workflows help your nonprofit save valuable time, leaving more room to focus on mission-critical activities.
Do I need separate payroll and accounting software?
(Nonprofit Treasurer, our favorite free option, recently closed its doors.) If you’re looking for fully featured free accounting software, though, your best bet is Wave Accounting. 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. However, if your nonprofit receives multiple grants, tracks restricted funds, or needs detailed financial reporting, outsourcing to an accountant can provide peace of mind and ensure compliance. As an executive director, you have a mission to focus on, fundraising to manage, and programs to oversee.
Is QuickBooks Good for Churches?
Xero presents itself as a cloud-based accounting software that it’s ideal for small and not-so-large businesses. Among its features, you can find invoice management, expense tracking, and even help to create financial reports. What makes Xero an excellent choice for nonprofits, it’s that it really emphasizes collaboration. Xero allows multiple users to access the system simultaneously, making it easy for your team to work together. Rather than track how much profit is earned like small businesses, nonprofit organizations track how money is spent. QuickBooks makes it easy to allocate revenue and expenditures to specific funds or programs, automatically allocates overhead to programs, fundraising, general, and administrative expenses for you.
- Nonprofits use financial statements to ensure transparency and accountability, allowing stakeholders, donors, and government agencies to evaluate the organization’s financial health.
- This allows you to generate detailed reports and gain insights into the financial health of different areas of your organization.
- QuickBooks handles this beautifully – create a pledge for the full commitment amount, set up a payment schedule for when installments are due, and generate aging reports to follow up on overdue pledges.
See what QuickBooks Enterprise customers are saying
Right out of the box, QuickBooks assumes you’re a regular business trying to turn a profit. But nonprofits are fundamentally different – you’re tracking accountability to donors and grantmakers, not chasing profit margins. Getting your QuickBooks setup for nonprofits to speak the right language makes everything clearer for your team.
While QuickBooks can be used by businesses of all sizes, it is particularly well suited for small businesses that lack the resources to maintain a full-time accounting staff. QuickBooks offers class and location tracking features that can be incredibly useful for nonprofits. These features allow you to track income and expenses by program, project, or funding source.
This plan is suited for large nonprofits or those needing robust financial management tools with more users and advanced features like automation and data synchronization. However, Wave doesn’t offer fund accounting or any other nonprofit-specific features, so we hesitate to recommend it to nonprofit bookkeepers and treasurers. The same is true of ZipBooks and other free accounting software options. Xero also excels at accounting basics that can keep your nonprofit’s budget on track, including thorough financial reporting and expense tracking.
Nonprofits need financial tools that do more than just crunch numbers- they need systems that align with their mission and ensure financial integrity. QuickBooks for Nonprofits delivers on that need by offering robust, customizable, and affordable accounting solutions built for the nonprofit world. While it doesn’t offer all the specialized features that some nonprofit-focused software does, you can always transition to QuickBooks Enterprise if you find you need more specific tools.
Nonprofit Accounting with QuickBooks: Tips and Best Practices
Stay informed on the top business tech stories with Tech.co’s weekly highlights reel. To help you find out if QuickBooks NonProfit is worth the investment, scroll down to learn more about its value offering, features, and limitations. Alternatively, check out our quicken for nonprofits comparison table to see how it stacks up against its competition.
