Nonprofit organizations play a crucial role in addressing societal issues and improving the lives of people around the world. However, they often face unique financial management challenges preventing their ability to achieve their missions. In this blog post, we will explore the top 5 financial management challenges facing nonprofit organizations, including financial planning, funding restrictions, budget cuts, sustainability and growth, collaboration, and reimbursement issues.[Read more…] about Top 5 Financial Management Challenges and Strategies for Nonprofit Organizations
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
Fund accounting for nonprofits tracks nonprofit revenue and expenses, demonstrating accountability rather than profits to funding sources. Let’s take a deep dive into the basics of fund accounting and why nonprofits need to understand it.[Read more…] about What Is Fund Accounting for Nonprofits: Basics and Best Practices