Nonprofit accounting is the process of recording, managing, and preparing compliant financial statements for 501(c)(3) organizations. This includes everything from tracking income and expenses to tax returns to generating financial reports necessary for maintaining tax exempt status.[Read more…] about Nonprofit Accounting: Best Practices for Preparing Financial Statements
Nonprofit Fund Accounting
Donor Stewardship: Relationship Building Strategy for Nonprofits
Donor stewardship involves fundraising, tracking donations, managing expectations, communicating with donors, and setting up systems to track results.[Read more…] about Donor Stewardship: Relationship Building Strategy for Nonprofits
Quickbooks for Nonprofits: Does It Do Fund Accounting?
Quickbooks for Nonprofits does not follow nonprofit fund accounting guidelines, which can pose compliance risks for nonprofits. Not-for-Profit Organizations must follow strict accounting guidelines. There is no one-size fits all when it comes to nonprofit fund accounting software.[Read more…] about Quickbooks for Nonprofits: Does It Do Fund Accounting?
Chart of Accounts for Nonprofits: Guide to Proper Setup
The proper setup up of the chart of accounts for nonprofits is the critical first step in getting started with your nonprofit fund accounting system. Learn how to segregate funds the easy way for tracking revenue and expenses.[Read more…] about Chart of Accounts for Nonprofits: Guide to Proper Setup
8 Reasons Why Financials for Nonprofits Are More Difficult than For-Profits
Financials for nonprofits require an in-depth understanding of the sector as well as exposure to some of the challenges that make it so unique.[Read more…] about 8 Reasons Why Financials for Nonprofits Are More Difficult than For-Profits