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Yes, we know how to track all the complexities of restricted funds, but most importantly, we know how to set up a simple process that is easy for the client and delivers clear reports. We use technology to leverage our extensive accounting into clear processes and deliverables. Customizable reports make tracking and visualizing your nonprofit\u2019s financial health easier. Look for accounting software with robust financial reporting features and a user-friendly dashboard. This statement enhances financial transparency by showing stakeholders how resources are allocated to support your organization\u2019s mission. These qualities make it easier for donors, regulators, and other stakeholders to understand your nonprofit\u2019s financial health.<\/p>\n<\/p>\n
No matter who does your books, choosing the right accounting software for your nonprofit is crucial. You\u2019ll need an accounting program to track everything and be prepared when tax season rolls around. Nonprofits run the risk of fraudulent activity if they don\u2019t carefully manage bookkeeping and accounting.<\/p>\n<\/p>\n
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So, it is also of the utmost importance to ensure you properly account for and report your incoming and outgoing money. You can also consolidate the financials of multiple global entities into one platform, then connect business management software such as Salesforce. You can consolidate across multiple currencies and local tax codes automatically and in minutes. With everything consolidated, you can track inter-entity transactions to improve reporting and donor-dollar traceability. In addition, as you build new global entities, you can seamlessly add them to the software. Quicken offers plans ranging from $5.99 to $10.99 per month (billed annually and offered at a promotional discount for the first year).<\/p>\n<\/p>\n
Another big difference between bookkeeping vs accounting is that bookkeepers provide the foundation to accountants, whereas accountants prepare financial statements and conduct audits. Nonprofit accounting and bookkeeping revolve around representing an organization\u2019s financial records in compliance with generally accepted accounting principles (GAAP). Your nonprofit\u2019s bookkeeper must prepare regular reports for the organization\u2019s Board of Directors that provide updated financial information.<\/p>\n<\/p>\n
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