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Running a nonprofit? Explore the best accounting software tailored to the needs of nonprofit organizations. 👉 MIP Fund Accounting 👉 MoneyMinder 👉 Zoho Books 👉 Accounting Seed 👉 Akaunting Read more: https://lnkd.in/e85jmSMU 🤝 Follow Geekflare for more tools and resources like this. #Nonprofit #Accounting #Software #TechTools #TechNews #FinancialManagement #NGO

Looking for the best accounting software for your nonprofit organization? Check out our latest article on the Tipalti Accounting Hub to discover top tools tailored to meet your needs. #Nonprofit #AccountingSoftware

Nonprofit accounting can feel like navigating a maze of options—where do you even start? 🧩 In my latest blog post, I break down four top tools (QuickBooks, Aplos, Sage Intacct, and Financial Edge) to help nonprofits find their perfect fit. Whether you're new to the game or just exploring options, this guide has you covered! Check it out below. #NonprofitFinance #AccountingMadeEasy #TechForGood

You worked your way up through the normal accounting roles. You cut your teeth on accounts payable and have managed more than your fair share of audits.     But you are tired of the for-profit world. You want to use your accounting skills for an organization that makes a difference. So, you land a role leading the finance team at a nonprofit.    Now, be prepared to re-think a lot of what you know about accounting.    In this blog post from Customer Success Manager Stephen Churchill, he outlines how for-profit accounting is different from nonprofit accounting, and what you need to know before you make the switch. 

Exploring nonprofit accounting software can be overwhelming, especially if you’re just starting out. This week, I’m breaking down four popular tools—QuickBooks, Aplos, Sage Intacct, and Financial Edge—highlighting the strengths and challenges of each so nonprofits can find their perfect match! #NonprofitAccounting #NonprofitTech #FinancialTools https://lnkd.in/eHsxyjX7

As a nonprofit, you need to track donations, grants and other sources of income with transparency and accuracy. 🧐 How do you do this is the best way? Through accounting software! We know software can be pricey and budgets are tight, so we've put together a list of the best free bookkeeping software! Check out our recent blog and see: 💸 7 free accounting software for nonprofits 🗝 Key features of these options ⭐ What to look for in nonprofit accounting software Read more here: https://lnkd.in/gTg8rjMk #AccountingSoftware #NonprofitAccountingSoftware #FreeAccountingSoftware

You worked your way up through the normal accounting roles. You cut your teeth on accounts payable and have managed more than your fair share of audits. But you are tired of the for-profit world. You want to use your accounting skills for an organization that makes a difference. So, you land a role leading the finance team at a nonprofit.    Now, be prepared to re-think a lot of what you know about accounting.    In this blog post from Customer Success Manager Stephen Churchill, he outlines how for-profit accounting is different from nonprofit accounting, and what you need to know before you make the switch. 

Explore the essentials of grant accounting for nonprofits, including recording methods, roles, and key practices for compliance and transparency. #accounting #nonprofits #netsuite #erp https://lnkd.in/g5Gji3nR

You worked your way up through the normal accounting roles. You cut your teeth on accounts payable and have managed more than your fair share of audits.     But you are tired of the for-profit world. You want to use your accounting skills for an organization that makes a difference. So, you land a role leading the finance team at a nonprofit.    Now, be prepared to re-think a lot of what you know about accounting.    In this blog post from Customer Success Manager Stephen Churchill, he outlines how for-profit accounting is different from nonprofit accounting, and what you need to know before you make the switch. 

Allocation of Program Expenses in Nonprofit Organizations. In August 2016, the Financial Accounting Standards Board (FASB) announced some major changes to accounting rules for nonprofit financial statements. Among other things, the new accounting standard – known as ASU 2016-14 – requires nonprofit organizations to report expenses according to the purpose for which they are incurred. This process, referred to as functional expense allocation, can be especially perplexing for nonprofits that don’t have experience reporting expenses in this manner. All nonprofit organizations must now categorize their expenses by “function” or purpose. The most common functional classifications used by nonprofits are: Salaries and wages, fringe benefits, payroll taxes, professional fees, grants and assistance, program expenses, non-personnel expenses, Occupancy, travel and meetings expenses, capital expenses, event expenses, other expenses etc. Proper expense allocation is essential for nonprofit to accurately reflect how funds are used to support various programs and activities. It involves dividing expenses among different categories based on a reasonable and consistent method. To ensure accurate expense allocation, start by categorizing expenses into distinct groups, such as program expenses, administrative costs, and fundraising expenses. Then, allocate each expense to the appropriate category based on its primary purpose and benefit. For instance, if a staff member's salary is split between program-related tasks and administrative duties, allocate the salary expense accordingly. Be consistent in your allocation methods to maintain transparency and facilitate accurate financial reporting. Proper expense allocation not only ensures compliance with accounting standards but also helps donors and stakeholders understand how their contributions are utilized to support your nonprofit's mission.   Common sense tells us that every business needs to know how money is being spent in order to know if the business is truly profitable. Both efficiency and profitability matter to nonprofits as much as any business – and properly allocating expenses helps you sustain both. Proper expense allocation is required by the guidelines set forth in GAAP (Generally Accepted Accounting Principles). But taking the time to do expense allocation right is also a smart business practice for nonprofits, with benefits to your organization both internally and externally. The good news is that once you’ve established a methodology for allocating expenses, the process for keeping it running will be that much easier.