Nonprofit Accounting Nonprofit HR, Accounting, & Fiscal Sponsorship Services
You’ll categorize each inflow and outflow, reconcile bank statements, and prepare reports that satisfy donors and regulators alike. Another distinct aspect of nonprofit bookkeeping is the method of fund accounting. Fund accounting is a system used by nonprofit organizations and government entities to manage and track funds separately according to their specific purposes or restrictions. Resources are divided into various funds, each representing a separate entity or activity with its own set of accounts. This helps ensure that money designated for specific projects, programs, or objectives is used only for those intended purposes, providing transparency and accountability. Managing nonprofit finances can get complicated, especially if you have a tight budget and limited staff.
Record In-Kind Donations
Each statement relies on quality information regarding the organization’s income from cash donations, grants, in-kind gifts, and expenses. Bookkeepers must ensure the financial reports providing this information are correct and updated. From accounting and month-end close to financial reporting to data visualization, we conduct a variety of services and can customize them to your nonprofit’s specific needs.
The financial expertise your organization is missing
Keeping your books in order and up-to-date is important for the basic financial strength of your organization. Hiring a full-time bookkeeper is essential when your organization is ready. Between the competing demands of management, auditors, funders, board members, and staff, you need a partner who knows nonprofits. Manage accounts payable, categorize expenses, and find out where most of your nonprofit’s money is going. You need to have capital to keep giving back, but you don’t have to sacrifice your cause to run your nonprofit like a cash flow positive business. Wave is simple and easy to use for anyone—no accounting experience needed.
Operational & Program Budgeting
The program offers numerous integrations and an easy-to-use interface, even for those who aren’t https://nerdbot.com/2025/06/10/the-key-benefits-of-accounting-services-for-nonprofit-organizations/ tech-savvy. FreshBooks is available on both computers and mobile devices, so you can stay on top of your nonprofit organization at any time. Whether you spend one dollar on paper clips or $1,000 on a venue for a fundraiser, every transaction must be recorded.
Plus, view cash flow reports to keep an eye on income and expenses and make smart business decisions. With features like bill and invoice reminders, bank connections, and a receipt scanning app, you can invest more time in The Key Benefits of Accounting Services for Nonprofit Organizations making a difference and less in your nonprofit accounting software. Document incoming funding (donations and fundraised money) throughout the year.