Internal controls are measures designed to safeguard an organization’s assets, ensure accurate financial reporting, and promote operational efficiency. They range from simple procedures like segregating duties to more complex systems like automated financial software. In this blog post, we will delve deep into the most important internal controls for nonprofits, providing a comprehensive guide for those seeking to enhance their organization’s financial integrity.[Read more…] about Essential Internal Controls for Nonprofits: Best Practices in Accounting
Accounting Software for Nonprofits
Are you running a nonprofit organization and struggling with managing your payroll properly? Do you find it tedious to handle payroll taxes and withholdings for your employees? Nonprofit payroll management can be quite challenging for nonprofits, especially with unique tax obligations and compliance requirements. However, with the right knowledge and guidance, nonprofits can significantly streamline their payroll processes and ensure compliance with legal regulations.
In this blog post, we will discuss some of the best practices for managing and reporting when it comes to nonprofit payroll. We will explore different resources and tools that can help nonprofits manage their payroll efficiently, save time, and reduce the margin of error.[Read more…] about Nonprofit Payroll: In-Depth Guide for Managing and Reporting Expenses
Are you a not-for-profit organization using Quickbooks Online for your nonprofit accounting needs? While the software may seem convenient, it’s important to note that it does not necessarily follow fund accounting guidelines. This can pose significant compliance risks for nonprofits that must adhere to strict accounting standards.
In this blog post, we’ll take a closer look at why using the wrong accounting software can be problematic for nonprofits and provide some tips on selecting the right fund accounting software for your organization.[Read more…] about Quickbooks for Nonprofits: Does It Handle Fund Accounting?
A nonprofit audit is an independent examination of a nonprofit organization’s financial statements and records to ensure compliance. An audit can also provide insight into the organization’s financial health and help identify areas of improvement.[Read more…] about Nonprofit Audit: Best Practices for Preparation
Charitable contributions are a great way to receive tax deductible donations. They also give your donors a chance to give back. Above all, they allow them to make a real difference in the world. But, are all charitable donations tax deductible?
Donating to a qualified nonprofit benefits those in need while also reducing taxes. However, maximizing charitable donations is no easy task. In this blog post, we’re going to discuss 10 steps your donors can take to increase tax deductible donations and encourage charitable donations.[Read more…] about 10 Steps to Maximize Tax Deductible Charitable Donation Giving