5 Budget Software for Nonprofits
Is it possible to do accounting correctly without any other headaches?
Well, for most nonprofit organizations donations are their bread and butter, but this brings in some pretty unique challenges as they face constant requests for accountability and transparency in financial reporting.
Many nonprofit organizations want to find an effective tool that can help them with their budgeting and accounting.
This is especially the case when they are starting out.
So, if you’re starting a non-profit and wondering how to handle all the accounting and budgeting, then keep on reading.
In this article, we’ll go through some of the best budgeting software that can help non-profits with their accounting needs.
Why Do Non-Profits Need Budgeting Software
Most NPOs are funded and operate solely on contributions and donations of their patrons. This means that have to provide transparent reports on their cash flow.
This is why there is a need for an accounting service that can track the organization’s goals, donors, completed work, and others.
The accounting service should be able to create and customize financial reports:
- balance sheets;
Purchasing the right product is not as simple a task as it may seem. It would be best to consider the peculiarities of record keeping, available functionality, integration with services, upgrade options, and, of course, the cost of purchase and maintenance.
DID YOU KNOW?
The number of nonprofits in the US in 2021 was close to 2 million. Of those, most were registered in California, Texas, and New York. Texas has about one nonprofit for every 4,000 people. The US nonprofit sector employs 11.9 million people, making it the third-largest industry by employment in the country.
There are both simple and not-so-easy accounting tools on the market today. The cost of them is strikingly different. If you are on the threshold of opening, perhaps there is no need to purchase an expensive solution.
In our review, we will consider the most affordable accounting programs. You will be able to find the most suitable option just for you.
The best option for accounting for nonprofit foundations. This software ships some very practical tools that can be used to generate regular reports, balance sheets, income and expense reports, cash flow reports, bank reconciliations, and term reports. Additional features are available:
- automation of tasks;
- management and fundraising;
- contribution control;
- reports on financial and accounting issues for non-profit organizations (with the ability to analyze, predict, and prepare budgets).
To learn more about the software and get familiar with its use, you can attend some free seminars. Sage Intacct has had many organizations become clients over the years.
It is a modern option for those who are looking for a more comprehensive reporting tool. The automation of tasks in Zoho Books greatly simplifies routine work. Data entry is quite simple and does not require any special knowledge.
With Zoho Books, it’s very easy to generate expense reports, track the organization’s funds, or delegate tasks to your employees.
You can use Zoho Checkout for free if you accept less than 50 donations.
Conveniently, you get a 15% discount on the initial price of Zoho Books to familiarize yourself with the program.
SAP is a pretty great budgeting software that is good for accounting, bookkeeping, and CRM too. Many of its clients come from various industries, including the non-profit sector.
You can always reach some professional SAP consultants with a simple call.
They can help you in customizing service features such as fund accounting, inventory management, etc.
It is the most profitable software for large nonprofit organizations with hundreds of thousands of members.
This budgeting tool was specifically designed and built to help users who have little to no experience in the field.
With its help, you will be able to:
- pay bills;
- keep records of valuables;
- keep track of income, and expenses;
- calculate taxes.
This tool is used to break down budgets by programs and funds. The application’s instinctive interface is a practical option for tracking financial transactions and managing donors.
NonProfitPlus allows you to manage your board of directors, donors, and unlimited users.
It also allows you to delegate your work and divide it among your employees and volunteers. If you need to sell items or fundraise, NonProfitPlus is perfect for you. Even a beginner can cope with the settings.
Non-Profit Software Market Size
The non-profit Software Market is expected to grow at a CAGR of 7.6% for the next five years. This growth is mainly attributable to the increase in the adoption of non-profit software across organizations.
Software for accounting transactions of non-profit organizations can help in the optimization of financial management. If you want transparent reports, you should use functional accounting and budgeting software or too for this.
If you are searching for cost-effective software for your organization, it is recommended that you consider the options presented above and opt for the most suitable one for you.
It will greatly simplify most of your work tasks, help you use quick loans same day, speed up the creation of reports, and put your accounting in order.
So, when you’re picking the right product, it is recommended that you consider your organization’s needs and financial capabilities.