Tip Sheets

Know When to Say Goodbye to Quickbooks

Blackbaud K12 Tip Sheets

Issue link: https://k12hub.blackbaud.com/i/695670

Contents of this Issue


Page 0 of 3

© June 2016 T 800.443.9441 E solutions@blackbaud.com W www.blackbaud.com Knowing When to Say Goodbye to Quickbooks ® The Top 10 Most Common Accounting Software Needs for Growing Nonprofits You're part of a burgeoning nonprofit, and you have unique and complex accounting needs. Perhaps your organization opted to use QuickBooks ® early on because it was affordable and worked well enough. But as your organization has grown, it has become apparent that QuickBooks ® isn't growing with you. This resource demonstrates how proper fund accounting software can make data entry and reporting more efficient for your organization. With it, you can work smarter—not harder. Below, you'll discover 10 of the most common accounting software needs for growing nonprofits, and learn our best tips for meeting them. 1. Meeting Report Guidelines In order to maintain nonprofit status, organizations are required to comply with the generally accepted accounting principles (GAAP) set forth by the Financial Accounting Standards Board (FASB). These principles include the following key requirements: • Organizations must track and report net assets based on restrictions set by donors (unrestricted, temporarily restricted, and permanently restricted) • Pledged funds must be recorded as income when promised • Expenses must be reported by function (programs, management and general, and fundraising) If you're finding it increasingly difficult to create reports that accurately meet these requirements, then it's time to reexamine your financial system. Fund accounting software is designed so that nonprofit staff can easily meet these standards without worrying about compliance. 2. Creating the Reports You Need, When You Need Them Due to the nature of nonprofit work, charitable organizations are constantly under pressure to be transparent. Monthly to quarterly stakeholder reporting is becoming the new norm. Audit preparation, grant budgets, and nonprofit financial statements are all challenges for QuickBooks ® . Using it to track items like restricted funds can be complicated and tedious, especially when managing numerous projects.

Articles in this issue

Links on this page

Archives of this issue

view archives of Tip Sheets - Know When to Say Goodbye to Quickbooks