Overview Of QuickBooks For Nonprofits
Just because your company is nonprofit doesn't mean you shouldn't keep a close check on its finances.
Since charities have a distinct legal and financial structure, these companies may have a more difficult time understanding all of their alternatives for a company accounting software. But sticking to a strict budget and reporting your spending to your board will make anyone an accounting perfectionist.
Having said that, if you're looking for the best accounting software for your organization, you might want to check out QuickBooks for nonprofits. QuickBooks is a well-known, popular, and a tried-and-tested accounting solution for a wide range of enterprises.
QuickBooks For Nonprofits: Top Options
If you're seeking the finest QuickBooks for a nonprofit solution, you've come to the right spot.
While there is no "QuickBooks for nonprofits" software, there are a variety of QuickBooks solutions that can fulfill the demands of a nonprofit, particularly those seeking price and flexibility.
Quickbooks Desktop For Nonprofits
If you want a local accounting program to manage your nonprofit's finances, you might choose one of QuickBooks Desktop versions instead of QuickBooks Online.
There are several desktop-based QuickBooks for nonprofits to select from, each with varying prices and features.
With QuickBooks Pro, you can manage your nonprofit's finance and accounting requirements by selecting one of two alternatives.
With the basic QuickBooks Pro, you can download the desktop-based program for a one-time fee of $399.99.
- Inventory management and purchase order creation
- Sync charitable bank accounts
- Create and distribute personalized estimates and invoices
- Accept cash and contributions
- Make a list of your members and donors
- Keep track of revenue and expenses
- You can manage accounts payable and invoices
- You may run over 100 different financial reports
- Keep track of sales tax
- Allow up to three people access
On the other hand, QuickBooks Pro Plus is available for an annual subscription fee of $299.99.
Pro Plus offers unlimited customer support, automatic data backup and recovery, and access to the most recent features and updates, in addition to all of the features listed above.
QuickBooks Premier provides more features, including the nonprofit version option described above. QuickBooks Premier, like QuickBooks Pro, is available in Premier or Premier Plus versions and is priced equally. It is a one-time purchase, which costs $649.99, whereas Premier Plus has a $499.99 yearly subscription.
This QuickBooks for nonprofits package will contain, in addition to the capabilities of Premier:
- Up to five users are permitted
- Set product and service prices based on the kind of consumer
- Keep track of product and inventory expenditures
- Make sales orders
- You may run over 150 industry-specific reports
Furthermore, by selecting the nonprofit edition, you will be able to produce end-of-year gift statements, form 990, donor contribution summary reports, and much more.
QuickBooks Online for Nonprofits
QuickBooks Online is one of the top solutions for nonprofit accounting software.
While not expressly developed for charities, QuickBooks Online may nonetheless satisfy the needs of nonprofit organizations in a variety of ways.
QuickBooks Online Simple Start is the most basic and least expensive of the QuickBooks for nonprofit alternatives.
According to QuickBooks' current offer, Simple Start will cost $12.50 for the first three months of your subscription and $25 per month after that.
If you choose Simple Start, you'll get web-based account access for one user with the following features:
- Using the QuickBooks for Nonprofits mobile app, you may access your data
- Keep track of revenue and expenses
- Increase your tax deductions
- Synchronize your nonprofit's bank account
- Create an invoice and take payments or donations
- Receipts should be captured and organized
- Make a list of your members and donors
- Control 1099 contractors
- Keep track of sales and sales tax
- Execute basic reports
- Integrate with a plethora of third-party apps
As a result, if you're seeking the most economical QuickBooks Online for NGOs option, Simple Start is the way to go.
Essentials are the next level up from QuickBooks Online Simple Start. You'll get access to all of the tools included with Simple Start, as well as the ability to add up to three users, manage your organization invoices, and track staff hours with this QuickBooks for nonprofits option.
QuickBooks Online Essentials will cost $50 per month, with a present discount of $25 per month for the first three months.
If you want to accomplish more with your QuickBooks for nonprofit accounting software, you should look at the QuickBooks Online Plus option.
Plus, the most popular QuickBooks Online package contains all of the capabilities of both Simple Start and Essentials, as well as the following:
- Up to five users are permitted.
- Keep track of project profitability
- Make complex custom reports based on a fund, program, board member, donor, or grant
- Keep track of your budget by program or money
- Keep track of inventories
The monthly charge for this edition of QuickBooks Online for nonprofits is $80, which is lowered to $40 for the first three months of your membership with the current QuickBooks offer.
Finally, the Advanced plan is the final choice at QuickBooks Online for nonprofit organizations.
This option has the most features for managing nonprofit finances, but it is also the most expensive of the four QuickBooks Online editions.
QuickBooks Online Advanced will have the following features in addition to the features of the previous three plans:
- Up to 25 users are permitted
- Fathom's intelligent reporting
- Permissions for individual users
- Pay your nonprofit's bills
- QuickBooks Priority Circle provides superior client service
- Invoicing expedited
The Advanced Plan will cost $180 per month with all of these features, with the existing discount for the first three months of your subscription bringing the monthly price down to $90.
Quickbooks For Nonprofits: What To Look For In Nonprofit Accounting Software
In general, whether you're looking at QuickBooks for nonprofits or other accounting systems, you'll want to look for the following features to fulfill your organization's needs best.
You’ll want your charity accounting software to be able to monitor your contributors, especially because regular donors are likely to provide the majority of your working capital.
As a result, keeping in touch with your contributors is much more than a nicety—it's a critical financial procedure for any organization.
Maintaining The Budget
Because your organization likely has a unique and perhaps rigorous financial structure, you’d want to ensure that the accounting software you pick can suit your special operations.
As a result, whether you use QuickBooks for nonprofits or another platform, you'd want to make sure you have the tools you need to accurately manage your budget to satisfy your legal requirement to reinvest any profit you make back into your business operations.
Donations In Process
Although not all accounting software systems allow you to take payments, many of those allow you to link a third-party payment service.
Donations are essential to a nonprofit's financial procedures, so choose an accounting software that can accept gift payments.
Collaboration Within A Team
Last but not least, your charity accounting software should allow for team communication.
Employees, board members, accountants, and others are just a few of the people that will be involved in your nonprofit's financial activities.
Quickbooks For Nonprofits: Top Alternatives
Although any QuickBooks for nonprofits options will undoubtedly benefit your organization, it is also worthwhile to consider other accounting software solutions in the market.
Aplos offers features such as nonprofit customer relationship management, donor management, fund accounting, fundraising tools, online donations and payments, and event registration.
One of the market's few truly free accounting software options, Wave offers core accounting functions and the opportunity to enhance your capability with premium Payments or Payroll add-ons.
The Bottom Line
It would be best to determine whether any of the QuickBooks for nonprofit choices we examined is appropriate for your organization.
To make this selection, evaluate the exact nonprofit accounting software capabilities you desire, your budget, and how any QuickBooks for nonprofit solutions will or will not satisfy these criteria.
Unfortunately, there is no one-size-fits-all accounting solution for NGOs, just as there is no one-size-fits-all accounting solution for any other sort of organization.
There's no doubt that the QuickBooks for nonprofits are among the greatest accounting systems available in the market because of their dependability, extensive feature sets, and general usefulness.