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I looked for accounting programs that offered donor management tools and other services focused on the unique needs of nonprofits. Standout features include budget tracking, expense sorting, and automated reporting. Quickbooks will also let you accept donations through multiple payment methods. If you want HR-related services, it also comes with payroll and time-tracking options.

• Cloud-based financial management and accounting software FreshBooks is not only for SMBs.
• For example, they must fulfill FAS 116 (Accounting for Contributions Received and Contributions Made) and FAS 117 (Financial Statements of Not-for-Profit Organizations) standards for reporting purposes.
• Reporting on financial information important to you, your board, and your supporters is one of MIP’s biggest assets.
• There are nonprofit solutions that offer single applications for nonprofit accounting, donations management, and membership management.
• Choose the software solution that best meets your nonprofit’s budget, needs, and long-term goals.
• I recommend reading reviews of different accounting software options and talking to other nonprofit leaders to get their recommendations.

Standout 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. To rank the best accounting software for nonprofits, we first considered whether the software offered nonprofit-specific features, like donation tracking and Form 990 generation. We also considered price, ease of use, data security, types of plans, and customer reviews. However, Wave doesn’t offer fund accounting or any other nonprofit-specific features, so we hesitate to recommend it to nonprofit bookkeepers and treasurers.

Quickbooks vs. Blackbaud Financial Edge or MIP Fund Accounting

If you upgrade to the local network version—which costs $220 for the first year—up to five users can access the database at once. For smaller nonprofits or nonprofits who are just starting out, you probably don’t need software with as many features as QuickBooks Enterprise Nonprofit. For smaller organizations and charities with more basic accounting needs, QuickBooks has other plans that start at lower prices such $25 per month. We also looked at customer reviews on Capterra, a leading software review provider.

This fund management software offers a number of interesting features, including accounting, invoicing, etc. Simple and fun, this online solution allows you to manage the accounting of your structure. DONATION Standard is the local program that costs $99/year with unlimited support, access without internet, and up to 100,000 donors.

Best Software For Bookkeepers (2023 Updated)

Nonprofit accounting solutions provide organizations of all sizes the tools they need to manage income and expenses efficiently. As nonprofits are subject to federal audits, it’s https://accounting-services.net/20-best-accounting-software-for-nonprofits-in-2023/ important to accurately record all of an organization’s financial details. Therefore, these systems track an organization’s donations, grants, expenses, assets and transactions.

Does my nonprofit really need accounting software?

Donorbox can be seamlessly embedded to your organization’s existing website or as a standalone widget. Payment processing is available from a variety of methods including ACH and SEPA bank transfers, Google Pay and Apple Pay, credit cards, PayPal, and Stripe. 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. Advanced plans include bulk transaction reconciliation, higher bill pay limits, analytics, and project tracking.

Large Nonprofits

However, QuickBooks Premier Plus 2023 is our recommendation if you prefer desktop-based software with built-in nonprofit accounting features. The program is also ideal for organizations that require consolidated reporting, thanks to its consolidation management module, which allows users to merge financial statements across multiple organizations. On the downside, it lacks transparent pricing, is complex, and requires a lot of training and support to get up to speed on the basic functionality. Aplos might be a simpler and more convenient alternative for nonprofits not leaning toward ERP functions.

Aplos: Best nonprofit-specific

The Premium plan includes all of the features of the Standard plan plus advanced features such as inventory management and tax compliance. Based on these criteria, the four best accounting software for nonprofits are Zoho books, QuickBooks Online, Netsuite, and Patriot. The best accounting software should be able to manage donor records and track expenses. MemberClicks starts at $275 per month (when billed annually), and has a one-time setup fee starting at $1,495. MemberClicks states that most products start with a minimum $3,000 investment.

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. Aplos is the finest software for its excellent general accounting functionality and core features specifically targeted to nonprofit operations. This cloud-based tool offers complete management options for contributors and members. Large nonprofit organizations will be happy to hear the software offers grant accounting features. For instance, you’ll be able to track your grants by type, status, amount, and start/end dates with built-in fields and store grant-related information in one place. Some of the accounting software options would be more suitable for smaller organizations and others for large-scale nonprofits with more complex needs.

Prior to editing this publication, Simon spent years working in, and running his own, investor relations agency, servicing public companies that wanted to reach and connect deeper with their shareholder base. Simon’s experience includes constructing comprehensive budgets for IR activities, consulting CEOs & executive teams on best practices for the public markets, and facilitating compliant communications training. Whenever you’re working with important data, such as financial information or donor contact info, it’s important to consider security. Integrations include other Zoho tools, along with PayPal, Stripe, WePay, and other payment tools.