Its free accounting tools offer income and expense tracking, reports (such as overdue invoice reports) and a reporting dashboard. Finally, its banking tools allow you to automate bookkeeping, receive instant payments and deposit checks via a mobile app. Intuit QuickBooks offers several plans, ranging from $35 to $235 per month ($17.50 to $117.50 per month for the first three months during the current promotion). Plan differences revolve around the number of users, customization options, inventory management, automations and expense tracking. You have to pay an extra fee for payroll services, starting at $45 per month.
Paying employees
Unfortunately, NetSuite’s site is pretty sparse, and it’s definitely on the pricier side of accounting software (third parties estimate it starts at around $499 a month). Still, since Oracle NetSuite focuses on ERP and CRM software, it’s a better fit for midsize to large nonprofits with a bigger budget for accounting. If you’re searching for accounting software that’s user-friendly, full of smart features, and scales with your business, Quickbooks is a great option. Many nonprofits have small staffs and tight budgets, making it difficult to dedicate personnel to bookkeeping and financial reporting tasks.
- Proper accounting and financial management are necessary for nonprofit organizations to stay viable and remain accountable to the public, donors, funders, and other stakeholders.
- Donation details can be converted into ledger entries and reports for a bookkeeper or accountant, and you can craft summarized annual giving reports.
- We selected the top seven accounting software companies for nonprofits after reviewing 20 different well-known companies.
- Forbes Advisor selected these solutions based on features, pricing, reputation and more.
- Our list of the year’s best free accounting software can help you keep your books in order while you plan for growth.
Which Financial Statements Do Nonprofits Have to FIle?
You can also consolidate the financials of multiple global entities into one platform, then connect business management software such as Salesforce. You can consolidate across multiple currencies and local tax codes automatically and in minutes. With everything consolidated, you can track inter-entity transactions to improve reporting and donor-dollar traceability. In addition, as you build new global entities, you can seamlessly add them to the software.
If you upgrade to the Gold, Platinum, or Diamond plans, you can even get payroll services for your organization and pay your staff directly through QuickBooks. Sage Intacct also offers free seminars to help nonprofit organizers get off the ground, which is particularly useful for nonprofits struggling to make ends meet after COVID-19. And on the review site TrustRadius, Sage Intacct gets 8.6 stars out of 101 with customers indicating they’re happy with Sage’s fast customer service response time.
He created ACCOUNTS as an alternative to the more expensive and complex accounting software available at the time. For small organizations like churches or community organizations, we selected ACCOUNTS as the best accounting software. It’s affordable and easy to use and it’s specifically designed for small organizations and churches that need basic bookkeeping and accounting services.
Best for Tailored Accounting Software
In addition, there may be a lack of accounting expertise on staff. An income statement for nonprofits is a financial statement that shows the sources and uses of funds over a set period. It typically details all revenue, such as contributions, grants, salaries, administrative costs, and program costs. Delegating accounting tasks in nonprofit organizations ensures the organization is mindful of its financial commitments and adheres to legal and tax requirements.
Best for Donation Tracking
QuickBooks Desktop Enterprise supports over 100,000 employees, customers, vendors and other names quicken for nonprofits combined. However, performance may slow when processing files containing more than 250 employees. If your nonprofit is investing in accounting software for the first time, the Plus plan will likely meet your needs. However, if your organization has a more complex financial situation that could benefit from the additional user permissions and more extensive functionality that the Advanced plan offers, it’s worth it to upgrade. While QuickBooks was originally designed for businesses, there are many ways to adapt the platform to the unique aspects of nonprofit accounting. Because your organization by definition can’t turn a profit, its goal in using QuickBooks is different from that of a business—to ensure accountability in financial management rather than to track profitability.
Sumac was launched in 2003 and supports thousands of nonprofit professionals around the world. With Sumac’s fundraising program, staff can access critical data from anywhere, and they can view databases at the same time, so they always have the most up-to-date information. The program allows you to create customizable donor profiles so you can adjust fields to meet your organization’s needs. ACCOUNTS through Software4Nonprofits is a program offered by Cooperstock Software, a small Canadian-based company. It was founded by the treasurer of a religious finance committee because he couldn’t find software to meet his needs.