How to Set up QuickBooks for Nonprofits: The Complete Guide

While your fee includes monthly training webinars and online video training, one-on-one training sessions are an additional cost. The standard program is available for as little as $45 per month while the advanced plan starts at $100 each month. There is no setup fee and you don’t have to commit to a contract; you can cancel at any time. The price for Sumac starts at $99 per month for the standard plan, which comes with standard features. If you have more complex needs, you can purchase add-ons, including additional record-keeping capacity.

Should I Hire an Accountant for my Nonprofit?

These types of funds grew by 9% in 2022, having increased yearly since 2009. For small nonprofits that don’t require detailed accounting, Wave is a great option with its free plan, making it ideal for simple invoicing and bookkeeping. If you’re looking for software with a stronger focus on nonprofit needs, consider Blackbaud Financial Edge NXT or NonProfitPlus. For just $16, you gain added convenience with features like automated transaction imports. However, the free version still offers all the essential bookkeeping tools. Given that Wave is free, it’s understandable that its accounting score doesn’t match more comprehensive platforms like QuickBooks Online.

Nonprofit accounting vs. for-profit accounting

However, Sage Intacct is definitely on the pricy end of the nonprofit software spectrum. 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. Most NPOs’ operating expenses are entirely from funds, grants, and donations. A customizable solution can automatically account for and allocate funds from grants and donations, allowing your organization to focus on actual outreach rather than behind-the-scenes administrative tasks.

Detailed budget tracking

Between employees, board members, accountants, and more—your nonprofit will have many different individuals involved in your financial processes. Although not all accounting software platforms include the ability to accept payments, many of those that don’t at least give you the ability to connect a third-party payment tool. Since donations are integral to the financial processes of a nonprofit, you’ll want to look for accounting software that can accommodate donation payments.

Do more for others with our nonprofit accounting software

Your organization may also be growing and adding on paid staff members (rather than being fully volunteer-run), meaning payroll and time tracking are features you can no longer ignore. Both fund accounting and payroll are functionalities that can be bought as stand-alone or add-on software features to existing accounting packages. Looking for a fully integrated (all-in-one) option will be the better long-term option to avoid integration issues and paying multiple software vendors a month. We like that the platform can track unlimited funds, including advanced audit reporting and fraud deterrence.

Pricing

However, it excelled in ease of use because of its multiple customer support channels and assisted bookkeeping services. We recommend Aplos Core for its valuable features, such as fund accounting, donation tracking, and online giving forms. It is also ideal for faith-based organizations with few employees; see how it benefits churches in our evaluation of the best church accounting software. NetSuite’s accounting software offers accounts receivable and payable, cash management, fixed asset management, a general ledger and tax management solutions.

In this way, Blackbaud Financial Edge NXT provides secure data management and enhances strategic decision-making based on accurate financial data. While its grant budgeting tools are effective, we found the lack of payroll and HR modules to be a drawback at its high price point. Nonprofit accounting software helps organizations track donations quicken for nonprofits and grants, manage budgets, and generate financial reports. It also saves time, reduces errors, and ensures compliance with nonprofit accounting standards. QuickBooks Enterprise is a robust desktop accounting software that is the sole remaining QuickBooks Desktop product following the recent retirement of QuickBooks Desktop Premier.

• Therefore, in order to streamline board presentations and reports, you’ll want accounting software that can help you extract and synthesize your financial data.
• Nonprofit accounting solutions will help streamline your tax preparation and filing process.
• Since your nonprofit will be working within a unique and possibly stringent financial structure, you’ll want to ensure that the accounting software you choose can accommodate your specific processes.

The basic version of MoneyMinder is free and comes with limited features. But, MoneyMinder’s Full Edition is $199 per year and well worth the added cost. Unlike the free version, you can import PayPal transactions, print checks, and store documents. Remember to provide transparent and detailed guidelines for compensation and include employee benefits—even if they are nonmonetary, such as flexible working hours and paid time off.

This being said, if you’re looking for the right accounting software for your nonprofit, you might be researching QuickBooks for nonprofits. After all, QuickBooks is one of the most well-known, popular, and tried-and-true accounting solutions for a variety of businesses. In contrast to regular financial accounting, fund accounting tracks your money based on which “fund” the money is intended for. You can use this data to generate fund-specific reports, demonstrating to both your stakeholders and the government that you’ve used donated funds for their intended purpose only. Nonprofits have unique fiscal needs and financial obligations, including tax obligations. While accounting software without nonprofit features can work for small charities or churches, the best solutions should include some, if not all, of the following features.

Nonprofits rely on accurate, timely financial information throughout the year. Here are a few items to watch closely each month on your nonprofit financial statements. Advanced Pricing is included in the Platinum and Diamond subscriptions only. Advanced Reporting is included in all QuickBooks Desktop Enterprise subscriptions. Add up to 40 users with custom permissions and securely manage thousands of donors, vendors, and items easily with QuickBooks Enterprise.