Bookkeeping for Small Businesses and Individuals in NY, NJ, CT and Virtual Offices Executive Bookkeeping Services, LLC

When the time comes to report your financial activity or make a budgetary decision, you’ll be equipped with precise and thorough information. That way, you can be sure that your nonprofit maintains both its 501(c)(3) status and the trust of its supporters. Following these tips, you should be able to find the best accounting software for your nonprofits. With a little bit of research, you should be able to find the perfect accounting program for your nonprofits.

• The accounting system that aids in storing and retrieving a not-for-profit organization’s financial information is known as non-profit accounting.
• Write and print checks, sync with your bank account, generate reports…all in the same place.
• The financial statements created by a nonprofit organization differ from those released by a for-profit organization in a number of ways.
• We offer trusted accounting services for nonprofits in Atlanta, Georgia, and beyond.
• Your nonprofit bookkeeping services utilize our nonprofit accounting software, which includes online giving & donation tools.
• Audit and assurance services give organizational leaders the financial tools they need.

It is advised that one obtain the necessary non-profit accounting certification before performing this sort of accounting. Let’s get finance tasks off of your to-do list, so you can spend your time making a difference for others. Get our FREE GUIDE to nonprofit financial reports, featuring illustrations, annotations, and insights to help you better understand your organization’s finances.

Your Data, Visualized

Of course, the central role of nonprofit bookkeeping is to keep the books of your organization current and accurate. But expense allocation is even more complex in nonprofit bookkeeping, thanks to the need for functional expense reporting. Each expense must be recorded in your accounting software and allocated to the correct expense account, like office supplies, rent expense, payroll, etc.

• It is advised that one obtain the necessary non-profit accounting certification before performing this sort of accounting.
• Included free with your engagement, our team of Intacct and Quickbooks Online experts will migrate, setup, and review your chart of accounts to ensure it aligns with GAAP and nonprofit standards.
• No one understands the complexity and nuance of nonprofit bookkeeping quite like the compliance professionals at Foundation Group.
• Accurate and timely bookkeeping practices will make the job of those tasked with budgeting much easier to tackle.

All of our bookkeepers are US-based, Quickbooks ProAdvisor certified, and experts in nonprofit accounting. Dedicated accounting, payroll, and financial reporting for nonprofits striving for organization growth. The more transactions your nonprofit makes, the more often you should reconcile your bank statements. You might start by reconciling every time you receive a bank statement (usually once a month), then schedule additional time as the size and quantity of your transactions grow. Essentially, you should view bookkeeping as the financial oversight process that’s necessary for operating your nonprofit daily. For example, bookkeeping ensures your nonprofit uses its revenue wisely and maintains its tax-exempt status.

Why is accounting software important for nonprofits?

For example, QuickBooks Enterprise includes inventory management tools that help businesses keep track of stock levels and avoid overstocking or running out of goods. Gail Sessoms, a grant writer and nonprofit consultant, writes about nonprofit, small business and personal finance issues. She volunteers as a court-appointed child advocate, has a background in social services and writes about issues important to families. To ensure that the charity is on track for future objectives, accountants will check that everything in the accounts of the organization appears to be in order. They then input this data into the relevant spreadsheet or piece of software. Bookkeepers keep detailed records of all donations, payments, and other financial transactions on a well-organized software platform or spreadsheet.

To do this, have your bookkeeper monitor and record your transactions or invest in a software solution that automatically tracks each expense for you. Your nonprofit has important work to do, but limited resources to do it with. To fulfill your mission and impact the communities you serve, you have to raise and allocate funds wisely—That’s why bookkeeping for nonprofits is an essential part of what you do.

Why Are Accounting Services Important for Your Nonprofit?

Once you’ve made the decision to work with a nonprofit bookkeeper or accountant, you should first assess your organization’s requirements. Make a list of the services your nonprofit need, and then determine if they fall under the purview of nonprofit accounting or bookkeeping. Accountants reconcile any inconsistencies between the two reports by comparing the cash amounts on your balance sheet to the bank account data. Internal controls are maintained by nonprofit accountants to guarantee that financial security and GAAP compliance requirements are satisfied. While a budget may not always be employed in for-profit enterprises, it is seen to be a crucial part of nonprofit accounting.

• YPTC’s commitment to excellence includes the identification of specializations, and addressing each organization’s unique needs.
• Whether you’re most concerned about compliance or about opening more cash flow to move toward a new opportunity, we can make it happen.
• Accounting programs can also help nonprofits manage donor information and compliance with government regulations.
• In addition, QuickBooks Enterprise is also scalable, so it can grow with your nonprofit as your organization expands.
• You’ll have a full team of qualified professionals working with you when you work with our nonprofit bookkeepers and accountants, answering queries and offering suggestions to help you succeed.
• Our team of skilled tax and accounting professionals is prepared to assist you with your business objectives, whether it’s a brief meeting, consultation, or in-depth audit.
• The organizations lose faith if the financial statements show inconsistencies.

However, the software can be expensive, and it can be challenging to learn how to use all of its features. In addition, the software is designed to be user-friendly, with a simple interface that makes it easy to navigate. While the software has many features and benefits, it also has some drawbacks. We recommend the best products based on our review process, and advertisers do not influence our picks. Our site contains links from our partners who compensate us (at no cost to you).

We maintain your financial information in accordance with Generally Accepted Accounting Principles (GAAP), as well as the needs of auditors, grantors, and the board of directors. These varied requirements present challenges that only experience can overcome, and our experience has earned us a reputation of excellence and dependability in the nonprofit accounting industry. A nonprofit bookkeeper is in charge of categorizing and recording nonprofit bookkeeping services transactions, reconciling bank statements, and producing financial statements. Others may be involved in the day-to-day activities of budgeting and paying the nonprofit’s bills. The software includes tools for managing donations, tracking expenses, and preparing financial statements. The financial statements created by a nonprofit organization differ from those released by a for-profit organization in a number of ways.

Nonprofit Collaborative of Southern California
Janet Fohrman is the founder of the Nonprofit Collaborative of Southern California (NPCSC). It’s members consist of CPA, Marketing, Attorney, Insurance and other industry professionals that service nonprofit organizations. Think of bookkeeping as studying for a test—it’s the necessary first step you must take to prepare yourself for the big exam. In the same way, bookkeeping can prepare your nonprofit’s financial records and budget for tax filings, annual reports, and every other deep dive into your assets. Fund accounting and financial management are important features of accounting programs. By choosing software with these specific features, you can be sure that your right nonprofit accounting software is well organized and efficient.