Features include time tracking and reports, budget building and estimates, customized quotes (so donors know the need), cost linking to jobs and projects, and reports that show how every donor dollar is spent. With no payroll tools, Quicken allows solo-run nonprofits that rely on volunteers to perform basic business accounting, such as allocating funds based on donor intent to different categories or budgets. In addition, they can track expenses and capture receipts to simplify tax filings and report to donors the nonprofits’ overhead-versus-project costs. While Wave offers free plans, its payroll (tax services), transactions and bookkeeping and accounting support cost extra.
Is Quicken Right for You or Your Business?
This approach helps organizations manage funds in line with donor restrictions, thereby maintaining trust and support. Financial Edge NXT by Blackbaud is a cloud-based fund accounting solution. Like all of Blackbaud’s products, it was designed specifically for nonprofits. Customization starts at $179 a month if you need advanced accounting solutions.
Cons of using QuickBooks for nonprofits
- QuickBooks integrates with several fundraising software options, including Donorbox.
- With Wave, you can easily manage receipts, record transactions, and reconcile accounts.
- Aplos is our top alternative to Nonprofit+ for those who find the latter too complex for their needs.
- A statement of cash flows is a financial statement that provides information about a nonprofit organization’s cash receipts and payments.
- Plan differences revolve around the number of users, customization options, inventory management, automations and expense tracking.
- It should also offer nonprofit-specific accounting functionality, such as the ability to receive donations, manage restricted funds and file Form 990.
- With all of this functionality, the Advanced plan will cost $180 per month, with the current discount for the first three months of your subscription bringing the monthly price down to $90.
Donor-advised funds (DAF) let the donor receive an immediate tax deduction and even get involved in recommending grants to the organization of your choice. These types of funds grew by 9% in 2022, having increased yearly since 2009. Blackbaud earned the income summary second-highest score in nonprofit features, largely because of its status as a nonprofit ERP.
Best for Tailored Accounting Software
While Quicken offers four different https://www.bookstime.com/ subscription packages for users, the Home & Business package is likely to be the one most relevant for entrepreneurs. However, Sage Intacct is definitely on the pricy end of the nonprofit software spectrum. Still, Zoho Books offers 15% off its starting price for registered nonprofits, which helps lighten some of the fiscal load. The point of this statement is to help determine whether or not the organization meets its goals or has enough funds to support its programs. You’ll be able to provide a snapshot of the organization’s financial health so that stakeholders can assess its performance and decide its future direction. It also outlines the reporting, filing, and notification requirements related to a nonprofit’s activities.
- QuickBooks Premier will cost a one-time payment of $649.99, whereas Premier Plus will cost an annual subscription of $499.99.
- Nonprofit accounting associations offer resources, training, and support specifically tailored to the needs of nonprofit organizations.
- Add up to 40 users with custom permissions and securely manage thousands of donors, vendors, and items easily with QuickBooks Enterprise.
- Intuit QuickBooks offers several plans, ranging from $35 to $235 per month ($17.50 to $117.50 per month for the first three months during the current promotion).
- This plan is ideal for enterprise-level nonprofits that require extensive reporting, multiple users, and a dedicated support team.
- You can expect a live human to answer the phone within two seconds, then zero hold time.
At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. Finding the right software for your nonprofit helps determine its success, so make sure to snag those free trials and test-drive different options. With the right bookkeeping software on your side, you’ll be able to make the most of your donations and reach people who support your cause. But if you want to accept donations (which you undoubtedly do) you can’t just sign up for Zoho Books.
Nonprofit accounting software runner-ups
Aplos stands out for accounting services for nonprofit organizations its customer relationship management (CRM) component. With this software, you can create donor profiles, communicate with donors and keep a record of the relationship, and personalize your engagement and retention strategies with targeted outreach tools. Donor management tools then help you increase retention, track donations and fundraise.