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OneStream
OneStream
OneStream Software provides a market-leading intelligent finance platform that reduces the complexity of financial operations. OneStream unleashes the power of finance by unifying corporate performance management (CPM) processes ...Read more about OneStream
FastFund Software Suite
FastFund Software Suite
FastFund Online is the only cloud-based solution that provides a single source solutions for all your fiscal management needs, with nonprofit fund accounting, fund raising donor management and payroll in a single system. Think ...Read more about FastFund Software Suite
Denali Fund
Denali Fund
Denali FUND is an on-premise and cloud-based accounting solution designed for nonprofits with multiple funds. The product is suitable for small to midsize nonprofit organizations. Primary features include grant management, donatio...Read more about Denali Fund
SylogistMission ERP
SylogistMission ERP
Serenic Navigator is part of SylogistMission -- software designed especially for nonprofits, which includes accounting and financial management, ACH support, account schedules, award management, bank reconciliation, document manag...Read more about SylogistMission ERP
AccuFund Accounting Suite
AccuFund Accounting Suite
AccuFund is 100% focused on serving nonprofits and government entities. The complete fund accounting financial management solution, available online or onsite, consists of a strong core system and modules that allow you to expand ...Read more about AccuFund Accounting Suite
MIP Fund Accounting
MIP Fund Accounting
Purpose-built to meet the needs of the modern nonprofit, educational organization, and government agency, MIP Fund Accounting® empowers organizations to track by fund, manage restrictions based on unlimited funding sources, and m...Read more about MIP Fund Accounting
Blackbaud Financial Edge NXT
Blackbaud Financial Edge NXT
Blackbaud’s cloud fund accounting software Blackbaud Financial Edge NXT provides transparency across teams, security, and compliance, and reduces the need for manual processes. The fund accounting software provides a general ledge...Read more about Blackbaud Financial Edge NXT
FUND EZ
FUND EZ
Fund EZ nonprofit accounting software gives visibility into every facet of their organization. The software helps users to create and track budgets across fiscal years, detailing actual vs. budget for multiple projects, programs, ...Read more about FUND EZ
Aplos
Aplos
On Sale Now! Get 50% Off 6 Months. Limited-time Offer. Start your free 15-day trial today! No credit card required. Aplos is a cloud-based system designed specially to serve the needs of nonprofit and church organizations. The Ap...Read more about Aplos
Xledger
Xledger
Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses and helps them manage day-to-day operations by automating routines ranging from bank reconciliation to invoice entry....Read more about Xledger
Tangicloud
Tangicloud
Tangicloud is a fund accounting software that helps private equity and venture capital firms track the funds’ financial performance, generate reports for investors, and monitor funds’ investments. The platform enables managers to ...Read more about Tangicloud
NetSuite
NetSuite
With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more about NetSuite
Sparkrock
Sparkrock
Sparkrock provides SaaS-based finance, workforce management, payroll and employee scheduling software built for Not-for-Profit, Health and Human Services, and Educational organizations. Their software improves staff efficiency by ...Read more about Sparkrock
NonProfitPlus
NonProfitPlus
NonProfit+ is a cloud-based accounting solution designed specifically for nonprofits of all sizes and offers modules and suites for fund and grant accounting, financial management, and procurement management. With its modular desi...Read more about NonProfitPlus
MonkeyPod
MonkeyPod
MonkeyPod helps nonprofits get down to business. Accounting, donor management, grants management, CRM, email marketing, online fundraising, and more — all in one simple, integrated platform. Consider it your nonprofit-in-a-box. O...Read more about MonkeyPod
AccountEdge
AccountEdge
AccountEdge is a powerful, easy-to-use, small-business accounting software for the Mac and Windows desktop. With AccountEdge, business owners can organize, process, and report on their financial information so they can focus on...Read more about AccountEdge
Daxko Accounting
Daxko Accounting
Daxko Accounting is a cloud-based accounting platform that helps small to large businesses manage budgets across different levels in organizations. Designed for YMCAs, JCCs and other nonprofit organizations, the tool allows users ...Read more about Daxko Accounting
QuickBooks Desktop Enterprise
QuickBooks Desktop Enterprise
QuickBooks Enterprise is an accounting solution designed for SMBs across different industry verticals such as construction, nonprofit distribution, manufacturing, and retail. With QB Enterprise solution, any business owner can exp...Read more about QuickBooks Desktop Enterprise
MoneyMinder
MoneyMinder
MoneyMinder is a comprehensive nonprofit financial management software designed to simplify and streamline financial operations for a wide range of group types. Whether you belong to a parent group, service club, youth club, sport...Read more about MoneyMinder
Quickbooks Online
Quickbooks Online
QuickBooks Online is a small business accounting software and app that allows you to manage your business anywhere, anytime. Used by over 7 million customers globally, QuickBooks provides smart tools for your business, yet is easy...Read more about Quickbooks Online
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Buyers Guide
Last Updated: March 16, 2023Here's what we'll cover:
What Is Nonprofit Accounting Software?
Common Features of Nonprofit Accounting Software
Benefits of Accounting Software for Nonprofits
What Is Nonprofit Accounting Software?
Nonprofit organizations, associations, churches and faith-based ministries face different challenges than their for-profit counterparts. Among these challenges are a nonprofit’s accounting needs. Rather than managing sales and revenue, nonprofits have to manage donor contributions, fundraising events, grants, investment income, membership fees etc. In addition, with limited funds for administrative tasks and strict reporting requirements, such as FAS 116 and 117, nonprofit organizations can save time and money, while reducing the likelihood of reporting errors, by implementing a nonprofit accounting system.
Common Features of Nonprofit Accounting Software
Nonprofit accounting solutions aim to help organizations manage their finances in both an accurate and transparent manner. These solutions should include accounting features that are specific to nonprofits and enable them to:
Manage funds and donations: Nonprofits receive funds and donations from numerous sources (individuals, organizations and websites) and locations. They have to meticulously keep track of their earnings and expenses, as they may be subjected to federal audits. Any inconsistencies in their reports can subject them to reputation damage, fines or even legal action.
Integrate online donations with primary fund pool: Donations from different countries via websites or payment portals, such as PayPal, need to be reflected in the nonprofit’s main fund pool and not as a separate account.
Filter reports by varying transaction codes: Different transactions need to be assigned different codes for clarity and efficient fund management. Adding filters to expense and earnings reports will help users easily view these different transactions and provide clarity into how funds are used.
Generate reports in multiple formats: Nonprofits need to be able to create and present reports in a variety of different formats, such as Excel files or PDFs. This is because most volunteers are not proficient in accounting and thus need to view reports in familiar, easy-to-use formats.
Convert donations in multiple currencies: Donations or funds received in different currencies need to be integrated with the nonprofit’s primary account and converted automatically.
What Type of Buyer Are You?
Identifying what type of buyer you are can help you choose the right solution. You should be aware of your unique needs and pay only for the features you deem necessary. Many buyers mistakenly pay for solutions that offer a plethora of features that they rarely use. Common buyers of nonprofit accounting software include:
Nonprofit or voluntary organizations: These organizations depend solely on volunteer donations and sometimes receive corporate funding. Their primary expense is implementing social welfare programs and initiatives.
Charities: These can be privately or publically funded organizations that work toward a single cause. These organizations receive donations from many different sources, and thus must establish a single fund for all their expenses.
Churches: Funding is received primarily in the form of weekly collections and member donations. Since accounting is primarily managed by church attendees, churches need a solution that offers a simple, easy to use interface.
Private schools, colleges and universities: These institutions receive state or federal funding, private donations and tuition fees. In addition to managing funds, they need to allocate resources toward staff incomes, administrative costs, maintenance, promotions and/or advertisements and other daily expenses. Most schools have in-house accountants, so their needs are more complex and varied, which means they will likely seek a more robust nonprofit accounting solution.
Benefits of Accounting Software for Nonprofits
Nonprofit accounting solutions provide organizations of all sizes the tools they need to manage income and expenses efficiently. As nonprofits are subject to federal audits, it’s important to accurately record all of an organization’s financial details. Therefore, these systems track an organization’s donations, grants, expenses, assets and transactions. Their focus in on maintaining a healthy balance between receiving donations and spending funds on welfare activities.
Similar to nonprofit accounting software, nonprofit financial software (sometimes called fund accounting software), helps achieve fiscal transparency, ensure federal reporting standards are met, maximizes donor dollars and minimizes unnecessary expenses.
Accounts in Blackbaud Financial Edge
These features work together so a nonprofit organization can make the most of their assets, maintain fiscal visibility, nourish their reputation and acquire lasting trust from supporters.
Market Trends to Understand
At the end of each fiscal year, nonprofit accounting regulations and end-of-year acquisitions and partnerships often become newsworthy topics. There is increased scrutiny around their operations and they are under pressure to ensure transparency, lest their funding be affected due to accounting inaccuracies.
Here are some important trends to know about:
Keep fund ledgers separate. Nonprofits must keep different ledgers for all of their fund sources: direct donations, grant monies, fundraising dollars, pledges etc. Nonprofit accounting software independently tracks fund sources and expense types, simplifying reports and ensuring accuracy.
Prioritize expenditures. Ledger reports provide a holistic overview of an organization’s financial landscape. This allows an organization to strategically prioritize future investments and upcoming expenses.
Document and meet budget goals. Having a holistic picture of an organization’s entire financial portfolio allows board members to create realistic budgets and meet associated goals.
Simplify tax preparation. Many nonprofit accounting solutions include features that prepare the Form 990—a tax form requiring certain federal tax-exempt organizations to file with the IRS.
Reinforce trust in your organization. Transparency in an organization’s financial data shows current and prospective donors how their dollars are utilized.
Prevent fraud or errors. Omissions or errors may occur due to internal deficiencies. Therefore, nonprofits should stick to the legal definitions of what constitutes contributions (revenues, gains, gifts or transfer of assets), donated services and expenses (fundraising and management).
Understanding these trends and taking appropriate steps can help a nonprofit organization maximize their available assets, ensure fiscal transparency, boost its reputation and build trust. The right nonprofit accounting software will address all of an organization’s accounting needs. Daily operations also have to be run efficiently, as the goal of a nonprofit organization is benefit the community in which they operate. For more information on software especially for nonprofit organizations, read our nonprofit buyer's guide.