© 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.
