With a less overwhelming set of features compared to some competitors and award-winning customer support, Realm offers churches an easy platform for managing donors and their donations. Each subscription includes a 24/7 online Help Center, phone support, online webinars, personalized training, local user groups and an annual client conference. Put simply, whatever support format is easiest for your church is available with Realm. Xero’s highly customizable and in-depth reporting tools make Xero stand out.
Statement of functional expenses
It includes recording nonprofit growth in revenues and expenditures, tracking expenses, preparing financial statements and analysis reports, budgeting, and ensuring compliance with relevant laws and regulations. Right Networks uses top-tier data centers and multiple layers of redundancy within its infrastructure to provide 24×7 availability. However, availability can vary, is subject to occasional downtime and may change without notice. Virtual desktop connections are protected via TLS with a minimum of 128 bit encryption and authentication.
Next, make a list of the features your organization needs to properly track, report and manage its funds and taxes. Such features may include the ability to track and allocate restricted funds, process payroll and pull reports to aid you in filing your 990 form. Now, reference your list of considered providers and the plans you can afford. Find the provider and plan that most closely matches the list of features your organization needs. You and your volunteers can accept donations from a credit card, debit card, bank transfer, cash, or check.
Set up Your Chart of Accounts
Access to each QuickBooks company file is controlled at multiple layers including file access permissions. Access is locked out after multiple failed login attempts for the same user. Security features, functionality quicken for nonprofits and access are subject to change without notice as deemed necessary by Right Networks. Availability can vary and are subject to occasional downtime and may change without notice. Financial management is easy with QuickBooks fund accounting software. Connect your bank and get instant updates for expense tracking and cash flow.
- This is especially important since board members have a fiduciary duty—requiring them to be transparent about finances.
- Only the customized plan includes in-depth income and expense tracking, budgeting by project or fund, asset tracking, and recurring transactions.
- 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 large organizations: Blackbaud Financial Edge NXT
Although QuickBooks Online makes all of these processes simpler, it’s still most effective to navigate them with expert help from nonprofit financial professionals, like the team at Jitasa. Driven by donations, nonprofit organizations face unique challenges when it comes to accounting. Americans donated over $557.16 billion to charitable organizations in 2023. With so much money passing through, nonprofits have to meet the strict standards and guidelines established by the Financial Accounting Standards Board. MoneyMinder was specifically created for volunteer-led nonprofit organizations that are often overwhelmed by complex accounting programs.
The delegation also helps alleviate leadership of day-to-day accounting tasks and allows them to focus on other organizational objectives. Nonprofits, in particular, follow a specific type of accrual accounting called “fund accounting,” which tracks expenses and income in separate funds or accounts representing specific revenue sources like donations or grants. It also helps nonprofits measure their financial performance against their charitable goals. NetSuite’s accounting software offers accounts receivable and payable, cash management, fixed asset management, a general ledger and tax management solutions. 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.
If you want to track donations and donor information, you’ll need to purchase additional software. Cooperstock Software offers another program called DONATIONS, which is free if you have 100 donors or less per year. Smaller or new nonprofits probably don’t need software with as many features as QuickBooks Enterprise Nonprofit.
