Using spreadsheets for nonprofit financials causes frustration and unreliable results. This blog post explores the potential dangers of preparing nonprofit financials with off-the-shelf spreadsheet software. Pitfalls of Spreadsheets for Nonprofit Financials Financial Statement preparation and presentation are key elements for nonprofit financial sustainability, transparency, and stewardship. The fiscal responsibilities for nonprofit organizations can sometimes be burdensome…

Not-for-Profit Organizations must follow strict accounting guidelines. Trying to shoe-horn the functionality of an off-the-self commercial accounting package, such as QuickBooks for Nonprofits, can be risky. There is no one-size fits all when it comes to nonprofit accounting software. Nonprofit Accounting Guidelines There are vast differences between nonprofit accounting and for-profit accounting. Unlike…

The main difference between for-profit and nonprofit accounting is that for-profit businesses operate under the principles of profit and loss, while nonprofits operate under the principles of social welfare. What are the differences between for-profit and nonprofit accounting? A for-profit company makes a profit for its owners. A nonprofit has two bottom lines. The first goal fulfills its stated…

Proper nonprofit audit preparation builds donor trust, financial transparency and accountability. This guide steps you through preparation, requirements and standards. Table of contents What is a nonprofit audit? What is the purpose of a nonprofit audit? Who performs a nonprofit audit? Do all nonprofits need to have an audit? Alternatives to Audits When…

Nonprofits are required by the IRS to file an annual financial information return called the Form 990. This guide provides form 990 filing instructions by breaking down the who, what and why. What is the IRS Form 990? Form 990 is a tax form that any nonprofit organization must file with the Internal Revenue Service. The…

Nonprofit funding relies on donors to help fund activities that aid the communities they serve. Having an accounting system that integrates donor management applications can help nonprofits streamline their activities and provide donors transparency and accountability. Nonprofit Accounting Software Edit descriptionhtml5-player.libsyn.com Joseph Scarano from Araize and Stephen Halasnik from Financing Solutions, a leading provider of…

True nonprofit fund accounting software must track revenue and expenses to demonstrate accountability and compliance. Let’s take a deep dive into why nonprofits need fund accounting. A compliant fund accounting software system tracks revenue to a designated purpose and prevents misuse of donations. If a nonprofit wants to be compliant…

Nonprofits and government agencies need nonprofit accounting software to demonstrate accountability and compliance. Let’s take a deep dive into what you need to know in choosing the most compliant software. A compliant nonprofit accounting software system tracks revenue to a designated purpose and prevents misuse of donations. If a nonprofit…

A fiscal sponsorship agreement program provides nonprofits with financial support and guidance from a tax-exempt nonprofit. Let’s take a deep dive into how to do it right and find the best fit. Fiscal Sponsorship Overview Fiscal sponsorship is a great way for new nonprofit organizations to raise money before they are recognized by…