The 9 Best Small Business Accounting Software of 2023

best free bookkeeping software for small nonprofit

In reviews of Araize, many people say the program is robust and powerful. However, if you’re used to pricier programs like Financial Edge, you may find that the reports aren’t as customizable. While your fee includes monthly training webinars and online video training, one-on-one training sessions are an additional cost. Do you just need new software or do you need to hire a certified public accountant? Do you have adequate accounting staff or do you want to pick a software company that also offers staffing? Before you can compare software, talk to your finance team, analyze your existing capacity and get a clear picture of what you need.

Take Advantage of Easy-to-Use Systems

  • 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.
  • To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business.
  • Cloud-based software like QuickBooks Online allows you to access your books from any internet-enabled device.
  • If you are starting out or are on a tight budget, you might find the free Wave accounting software sufficient.
  • Entrepreneurs who outsource a lot of labor to freelancers or who manage most administrative tasks on their own.
  • Since its launch, it has become a household name, earning over $14.4 billion in revenue in 2023.

Its fund accounting tool NetSuite for Nonprofits is designed to help users manage all their financial processes. It sports numerous features that are sure to satisfy your accounting requirements while providing you with useful business capabilities. Finally, we’ve reached the last option on our list of the best accounting software solutions for nonprofits. Like QuickBooks Desktop Premier, this option, Sage Intacct for Nonprofits, is going to accounting services for nonprofit organizations be best-suited for larger nonprofits who need significant functionality from their accounting system. If you’re a larger nonprofit organization with more complex accounting needs, QuickBooks Premier is likely going to be one of your top options. Therefore, whether you’re looking for functionality, cost-effectiveness, or an accounting-first approach, QuickBooks Online is going to be one of the best accounting software options for nonprofits.

Best for Large Organizations

You want to improve financial transparency, have efficient fund management, accurate tracking of donations and grants, and streamlined compliance reporting but need to figure out which tool is the best fit. In this post I make things simple, leveraging my consulting experience and exposure to accounting software to bring you this shortlist of the best nonprofit accounting software. Wave Accounting is an online invoicing and accounting solution that simplifies nonprofit bookkeeping processes. Some of the notable features of the software include payment tracking, payroll management, credit card processing, and finance management, among others. Wave Accounting features a finance dashboard that displays cash flows, bills, net income, bank account statements, and other financial insights useful to a nonprofit treasurer. MoneyMinder offers volunteer management tools that allow nonprofits to track volunteer hours in relation to events and generate reports.

QuickBooks Desktop Premier for Nonprofits

best free bookkeeping software for small nonprofit

This can also assist them in sending payments to their vendors or suppliers on time to maintain profitable relationships. If you are a growing nonprofit looking to streamline your accounts payable process, AvidXchange can be an excellent solution. It is a cloud-based software with modern automation features such as OCR technology that can reduce manual data entry and human error. Meanwhile, customizable and automated workflows can help your AP team gain more visibility and control when it comes to tracking the status of invoices. It helps you accelerate the donation process, which can greatly help your organization in its undertakings. It enables donors to send donations through a variety of online payment options that are not only convenient but highly-secure as well.

Adminsoft Accounts

best free bookkeeping software for small nonprofit

Examples include donation reports, profit/loss reports, transactions reports, and expense reports. Fueled by grants and contributions, nonprofit organizations often face increased requests for accountability and transparency in financial reporting. Recording donations, managing payroll, and handling cash flows are some of the common issues these organizations face. Araize FastFund Accounting is our pick for the best cloud-based solution for organizations that want total remote access. It offers comprehensive accounting, fundraising, and payroll services and can be accessed from anywhere in the world.

In fact, Kashoo claims that you can get set up with full double-entry accounting in less than a minute. As you can see above, FreshBooks pricing covers a range of costs (the crossed out price above is the ongoing price, while the lower price refers to the deal you receive for the first three months). The lowest plan is a reasonable $17, although the $30 per month plan is more popular. Still, Wave would make a brilliant choice for small companies that are just starting out. The free plan provides no obstacles to entry for businesses on a budget and the basic features still provide the help you need to get started.

QuickBooks Online also has great inventory accounting, and we think it is a little easier to set up and use than Xero. The problem is that if you need over five users with QuickBooks Online, then you must upgrade from Plus to Advanced, which increases the price from $90 or $200. Xero gives companies with inventory a solid option for unlimited users and a much lower price.

Do I need to be an accountant or bookkeeper to use accounting software?

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