15 Best Accounting Software For Nonprofits In 2024

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA. Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.

What are the benefits of small-business accounting software?

It’s why we vet and verify all our user reviews and recommend only the tools endorsed by people like you. Accounting for nonprofits is quite different from for-profit accounting, so selecting the right software can be a bit more complex. Here are a few important considerations you can keep in mind before finalizing the best free accounting software for nonprofits. Investopedia launched in 1999 and has helped millions of readers around the world become educated on personal finance. Luckily for you, we’ve done the research so you don’t have to take the time out of your schedule.

Best Nonprofit Software for Prospect Research

However, if it’s simple, you may be able to use software that does both. If anything, accounting software is even more important for a small team that is handling many different functions with limited capacity. Indeed, several of the leading accounting software providers offer specific products that are designed for small organizations. Wave is missing a few key features that other paid services have but none are essential, particularly for a smaller organization. Additionally, take a look at this list of small business accounting software that lists 15 of the best options on the market today.

  • Zoho Checkout is free as long as you accept only 50 donations—ever, not per month.
  • Tim has spent the past 4 years writing and reviewing content for Fit Small Business on accounting software, taxation, and bookkeeping.
  • It also comes with ePayment processing tools that make it easy to facilitate transactions as securely as possible.
  • Fonteva Events is a nonprofit event management tool that helps organizations plan both in-person and virtual experiences.
  • Content marketing ideas include videos, customer testimonials, blog posts and demos.

Blackbaud Financial Edge NXT

It will take time for nonprofits to recover, but accounting software will be there to keep tabs on all incoming and outgoing funds. In this article, we will present the 20 best accounting software for nonprofits, which are capable of helping the sector manage donors, grants, and expenses. In the end, you should have a better idea of which accounting tool is the most suitable for your nonprofit or charitable institution.

If you have inventory to manage, we recommend QuickBooks Online for five or fewer users and Xero if you need more than five users. The main advantage of upgrading to the Pro tier is that it supports unlimited users, which can be useful for small businesses or freelancers working with a team. The most important added feature is automatically importing and categorizing your expenses from a bank feed. With the free plan, you can import bank transactions from a statement and then manually categorize them. In our accounting rubric, QuickBooks Online consistently stands out across various criteria, such as banking, A/P, A/R, and inventory.

  • Financial Edge is a product released by Blackbaud, a leading software company that caters to nonprofits, educational institutions, and healthcare facilities.
  • Read our Xero vs FreshBooks vs Sage guide to see how these solutions weigh up side by side.
  • Comprehensive accounting software A2X is designed to simplify bookkeeping processes.
  • These tasks are closely tied to businesses, and we believe most business owners like maintaining control over these activities.
  • You can schedule payment reminders to be automatically emailed to customers, and even create a multitude of messages to be sent at different points during your chasing.
  • When choosing nonprofit accounting software, you’ll want to identify the obstacles blocking your work.

While Tally ERP 9 is an older version and people are accustomed to its shortcut keys, Tally Prime, being a newer version, has made some changes to the keyboard shortcuts. However, many of the keys remain the same as in Tally ERP 9.For a smooth transition, it’s recommended to initially install Tally Prime in a separate folder and practice with some accounting services for nonprofit organizations demo data. Once comfortable, you can then shift your business from Tally Data to Tally Prime. This way, you can ensure a smooth transition while maintaining your current work on Tally ERP 9. Bookkeeping and accounting are different from each other in several aspects. Bookkeeping does not involve data analysis whereas it includes accounting.

How do I get a loan for a new business?

Bank Reconciliation