Best Nonprofit Accounting Software 2024 Reviews & Pricing

To process a transaction via credit card, you must pay a fee of at least 2.9% plus $0.60 per transaction. NonProfitPlus Accounting Suite is a cloud-based accounting solution designed specifically for nonprofits. The software works to provide a single financial system with better controls, reporting, budgeting, and automation.

  1. As briefly mentioned, nonprofit accounting works differently from businesses.
  2. These companies employ approximately 10% of the U.S. workforce and are an important part of the economy.
  3. Within Sumac, you can see each donor’s history with your organization, including past donations and communications.
  4. Only the customized plan includes in-depth income and expense tracking, budgeting by project or fund, asset tracking, and recurring transactions.

By adopting these solutions, nonprofits can strengthen financial management practices, increase their impact, and build stakeholder trust. This ultimately empowers nonprofits to better focus on their core values and mission of making a difference in the communities they serve. 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. Tipalti also offers Approve, a procurement solution that assists early-stage nonprofits in automating the buying process and ridding themselves of Excel spreadsheets.

The system has Zoho CRM which helps nonprofits manage their donor and supporter relationships more effectively. It enables organizations to manage interactions, track donor information, and streamline fundraising efforts. It also provides tools for donor segmentation, email marketing, and campaign tracking. QuickBooks Enterprise and QuickBooks Online offer a version specifically designed for nonprofit organizations. It provides a variety of features like donor management, grant tracking, and fund accounting. Intuit Quickbooks is best for mid-sized nonprofits that need better cash flow control and customization options.

Access is locked out after multiple failed login attempts for the same user. Security features, functionality and access are subject to change without best accounting software for nonprofits notice as deemed necessary by Right Networks. Availability can vary and are subject to occasional downtime and may change without notice.

Education & Tools

Some focus primarily on traditional fundraising like monthly gifts, planned giving, online fundraising, and special events like galas. Others receive grant funding from governmental agencies, private foundations, and community funds. While the market offers many promising options, you only need to find one that caters the most to your needs. But what if you seek more than just an accounting and bookkeeping solution? What if you want something that does even more for your nonprofit or ecommerce business? Accounting tools are good, but they might not cover everything you need.

Costs of Accounting Software

Accounting provides nonprofits with the information and tools to effectively manage their financial resources. It allows companies to track expenses, income, and assets, ensuring that resources are used efficiently and in accordance with the company’s objectives and mission. Nonprofits are accountable to stakeholders, including board members, donors, regulatory bodies, and the public. Maintaining transparency in financial reporting and providing timely and accurate data is crucial for establishing brand trust and credibility. When it comes to allocating expenses, nonprofits must do this accurately among various programs and fundraising activities.

When we contacted a sales representative for a starting price, we were told there is no set starting price as each solution is uniquely catered to the NetSuite client. For a growing nonprofit, free accounting software’s limited capabilities will likely become a constraint on your financial progress. Maybe your nonprofit needs more dynamic accounting software, offering stronger features and capabilities. Or, maybe you need a stronger management system for things such as grants and donors.

Zoho Books helps nonprofits manage the financial aspect of operations and can be used to maintain accurate financial records, generate reports for stakeholders, and ensure compliance with all accounting standards. The Zoho brand also has Zoho Grants, a cloud-based solution designed specifically for a nonprofit to manage grants and scholarships. You can streamline the grant application process, evaluate applications, track submissions, and manage funds. All Xero plans offer payment acceptance, reporting, file storage, contact management, and tax calculations. They range from $13/month to $70/month depending on the features your business needs.

Best Free CRM Software (February 2024 Update)

The offers that appear on the website are from software companies from which receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all software companies or all available software companies offers. We believe these robust capabilities firmly establish Aplos not only as an exceptional choice for church accounting but also as a standout in the nonprofit software arena.

While they may not have specific tools for nonprofit organizations, they still have the necessary features to help you keep your finances in check. Moreover, it will guide you in your search for great tools that don’t impact your bottom line. Best of all, some of the listed products have special pricing for nonprofits. Meanwhile, others have affordable subscription plans, and some are entirely free or freemium. The software enables nonprofits with tools and technologies such as Optical Character Recognition.

Zoho Books

The size of your organization will likely come into play when you’re choosing between nonprofit accounting software options. Accounting solutions can make maintaining your nonprofit organization’s finances smoother, more accurate, and more predictable. Online accounting systems provide software solutions that help organizations manage and maintain their bookkeeping and accounting with less questioning and stress at the end of the month. Relying on donations and grants means funding for nonprofits can vary drastically from month to month. This makes it very difficult to create realistic budgets and longer-term goals if you don’t have the right accounting tools.

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. Fund accounting is not required by generally accepted accounting principles (GAAP), but nonprofit organizations still need purpose-built fund accounting software. Fund accounting requires specific industry expertise, knowledge, and experience to bridge the gap between tracking the use of funds and generating GAAP financial statements that focus on the changes in net assets.

Another perk of this small nonprofit accounting software is that it’s very easy to use, so you can onboard the system in a matter of a few hours. For larger needs, we recommend the Advanced plan, accommodating more than five users. Are you a small nonprofit that wants to move beyond Google and Excel spreadsheets for tracking expenses? Or maybe you’re a growing nonprofit organization that deals with hundreds of donors and volunteers and needs a solution that will improve its efficiency.

Leave a Reply

Your email address will not be published. Required fields are marked *