Fund accounting is a method of accounting that tracks and reports on the financial activity of specific funds or programs within an organization. It is essential for nonprofit accounting software because it allows organizations to stay compliant with grant requirements by keeping detailed records. Though general-purpose accounting services for nonprofit organizations accounting software is often less expensive than industry-specific solutions, NPOs must work harder to make general solutions fit their unique needs. For example, there needs to be ways to differentiate different donation types, like money from grants versus donors.
🏆 Our pick: The best nonprofit accounting software
- Wave doesn’t offer industry-specific features, but small nonprofits most likely won’t need them.
- The cost for the wireless plan is $149/year, making Software4Nonprofits on the lower end for pricing when it comes to nonprofit accounting software.
- Unlike QuickBooks Online, however, QuickBooks Premier is a desktop-based solution, meaning it must be downloaded to your computer and will only be accessed via that particular device.
- Overall, although QuickBooks Online was not designed exclusively for nonprofit organizations, like Aplos, it’s a flexible, feature-rich, highly-functional accounting solution that can be customized for your nonprofit.
If you’re hoping to grow, make sure that your accounting software can grow with you. Standout features include a variety of related services like IT and HR services that make it easy to get all your admin help from one place. The accounting tool in particular has reporting tools, core fund accounting, grant and award management, and easy-to-use budgeting tools. When nonprofits automate their AP processes, many select software solutions that only meet basic requirements. Download our whitepaper, The Holy Grail of Accounts Payable, to discover a more holistic strategy for automating accounts payable and taking a modern approach to nonprofit accounting.
- For the Standard plan, you’ll pay $20 per month, for the Professional Plan, you’ll pay $50 per month, and finally, for the Premium Plan, you’ll pay $70 per month.
- Also, consider whether web-based software is enough or a mobile app is necessary for any employees that are on-the-go.
- Strong feature set includes thorough record-keeping, invoicing and advanced inventory management and pricing rules.
- In this way, Blackbaud Financial Edge NXT provides secure data management and enhances strategic decision-making based on accurate financial data.
- By analyzing financial data, nonprofits can assess the financial health of the company, evaluate the impact of programs, and make better decisions to optimize resource allocation.
- FreshBooks also offers time tracking features which make it useful for nonprofits that rely on volunteers or have projects with billable hours.
Compare the Best Accounting Software for Nonprofits
You can accept major payment methods and access mobile accounting tools to track payments. Standout normal balance features include connecting your account to an unlimited number of bank accounts and credit cards, invoicing, revenue and expense tracking, and financial reporting. If you have multiple nonprofits, Wave also makes it easy to manage multiple organizations with a single account. A nonprofit uses Blackbaud to manage programs, track outcomes, and measure impacts. These tools can be utilized to set program goals, monitor progress, collect data, and run in-depth reporting.
Aplos Nonprofit Accounting Software
Some accounting programs do more than just let you track your organization’s finances. That can be a big plus if you’re looking for a single service that does it all. Time-saving efficiencies help nonprofits ease employee workload and reduce burnout. Tipalti helps a nonprofit strengthen financial controls to mitigate risks and reduce payment errors by up to 66%. Nonprofits can automate invoice processing and scale successfully by managing headcount, reducing costs, and automating supplier management.
Consider the options.
Xero is a cloud-based accounting software designed for small and medium-sized businesses, providing tools for invoicing, expense tracking, and financial reporting. The platform is known for its user-friendly interface, accessibility, and integration capabilities, making it a valuable solution for businesses looking to manage their finances efficiently and make informed decisions. The accounting features include accounts payable and receivable, collaboration tools, cash flow management, contract billing, project costing, payroll management, financial reporting, tax calculations, and much more. The system also allows a nonprofit to consolidate the financials of multiple global entities into one platform, then integrate business management software and other accounting super champs like Tipalti. The Tipalti Sage Intacct integration helps clients accelerate visibility, strengthen controls, and scale with greater efficiency. Nonprofit accounting software is a type of nonprofit software designed to meet the unique reporting, fundraising, and compliance needs of nonprofit organizations.
- We looked into the accounting software’s overall features and the quality of user experience.
- Current versions of Quickbooks must instead be customized to enable nonprofit-specific functionality.
- In addition to the functionality described above, you’ll need extra features.
- The Tipalti platform boasts a 99% retention rate and a 98% customer satisfaction rate.
Zoho Books
These solutions have emerged as powerful tools to streamline operations, enhance accountability, and ensure transparency every step of the way. Nonprofit-specific functions can save an organization a lot of time and effort compared to generic accounting software, which may require extensive customization. All plans come with unlimited technical support and an amazing customer success team. Custom reports can be created and include your typical financial statements like https://www.bookstime.com/ balance sheets, transaction details, and income statements by fund or composite. Zoho is also unique in that it offers specific pricing and discounts for nonprofits, making the system more accessible and cost-effective. Companies can benefits from the suite of integrated apps, allowing them to streamline operations, enhance engagement, and improve efficiency.
Best for Donation Tracking
Some organizations need help when it comes to donor management and donation tracking. So, if you’re relying on multiple spreadsheets or outdated databases, Sumac can be an affordable upgrade that can streamline how you work with your constituents. If you want to track donations and donor information, you’ll need to purchase additional software. Cooperstock Software offers another program called DONATIONS, which is free if you have 100 donors or less per year. The cheaper plan is accessible for one user logged in at a time while the advanced program allows up to five users.