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 StatementsFund 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 NonprofitsFunctional Accounting: Guide to Classifying Expenses
Functional accounting classifies expenses by functional area in compliance with unique reporting requirements for nonprofits and the Statement of Functional Expenses. Take a deep dive into nonprofit functional accounting.
[Read more…] about Functional Accounting: Guide to Classifying ExpensesWhy It’s Risky Using Spreadsheets for Nonprofit Financials
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.
[Read more…] about Why It’s Risky Using Spreadsheets for Nonprofit FinancialsQuickbooks 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.
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