The Top 6 Nonprofit Accounting Solutions Your NPO Needs
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When it comes to managing and tracking your money, only the best software will do. You likely want a solution that’s reliable, accurate and inexpensive. For nonprofit organizations (NPOs), finding the best nonprofit accounting software is a vital component of the organization’s ultimate success. Most companies report on how money was earned, but NPOs focus on accountability and must track where and how money was spent.
Unlike traditional accounting solutions, nonprofit-specific software can handle the unique challenges not-for-profit companies face, which include generating NPO-specific tax forms, fund accounting, managing grants and tracking a variety of donation types, from soft credits to in-kind to recurring donations. Nonprofit accounting software also improves consistency and transparency between donors, members or volunteers by generating reports on financial information that can be distributed to constituents to maximize donor support.
Read on to view the industry’s top nonprofit accounting products and the features that help them stand out from the crowd.
Blackbaud’s The Financial Edge
The Financial Edge fulfills all standard accounting needs and offers a variety of additional tools that specifically address a nonprofit’s unique financial position. You can use Blackbaud Financial Edge to generate insightful reports on the fly, manage nonprofit workflows or to provide constituents with the highest level of transparency.
The Financial Edge contains a superior grant management tool that can track grant activity and perform administrative tasks on the market. You can choose to deploy the accounting software as either an on-premise or SaaS solution. Best of all, The Financial Edge integrates seamlessly with more than 30 nonprofit-specific Blackbaud products, including The Raiser’s Edge, Luminate Online Marketing, eTapestry and industry-specific solutions.
Blackbaud’s comprehensive coverage ensures that your NPO’s donor management, accounting and business processes will all be improved. The company understands the unique parameters that affect nonprofit workflows, so they offer unparalleled financial reporting and restricted fund management tools.
AccuFund Accounting Suite for Nonprofits
AccuFund Accounting Suite for Nonprofits is a robust software solution that’s fully scalable for use in small, mid- or enterprise-sized organizations. The software is offered as both an on-premise and SaaS solution, and contains a wide variety of standard accounting functions that include accounts payable, accounts receivable, budgets and bank reconciliation.
Using Accufund’s nonprofit accounting software, one can easily import or export financial information to and from Excel, or use the Financial Report Writer tool to generate reports without the use of a designer. A number of helpful modules such as grant management and budget development can be added on to the core system, making AccuFund’s software the perfect choice for NPOs that seek additional features and customization options.
As nonprofit organizations know, it can be difficult to manage financial data when a number of people such as volunteers, members and employees are logging information and handling accounts. With Xero, your workforce can check in from work, home or on-the-go mobile devices, simplifying collaboration and reducing communication errors.
Xero also automatically imports bank statements and codes transactions, reducing the burden on treasurers. Use Xero to view a real-time snapshot of your NPO, then share this snapshot with your constituency to provide the level of transparency and fraud prevention necessary to keep donors, board members and the public happy. Xero is deployed as a SaaS solution, and the solution allows you to receive payments online and integrate with a variety of add-ons. The only downside to Xero is the solution’s lack of a robust fund accounting system.
Aplos Accounting is a modern nonprofit accounting solution that’s great for companies seeking cloud-based deployment and on-the-go mobile access. The solution is simple and intuitive, meaning your nonprofit will not need an accountant to manage the software or finances. Should users run into any problems, Aplos offers complimentary customer support and training webinars.
To handle nonprofits’ unique financial challenges, Aplos Accounting provides an impressive arsenal of tools that can track a variety of donation and fund types. Although Aplos doesn’t offer as many basic accounting capabilities as other nonprofit software, it’s fully customizable and equipped to integrate with many of your current applications (including check printing, accounts receivable and accounts payable), making Aplos a reliable, no-fuss nonprofit accounting solution for NPOs that lack a full-time accountant or bookkeeper.
Serenic Navigator is an excellent nonprofit accounting solution for NPOs already using Microsoft products such as Outlook, OneNote or Excel, as it integrates seamlessly with all existing Microsoft applications. The accounting software is built on Microsoft Dynamics NAV 2013, so it’s fully scalable, rapidly deployed and easy to implement.
With Serenic Navigator, one can expect reliability and a number of nonprofit-specific features. For instance, Serenic Navigator offers tools intended to improve budgeting and forecasting, streamline workflows and generate a number of insightful, advanced reports. You can choose to deploy the nonprofit accounting software as either an on-premise or SaaS solution based on your NPO’s needs. The robust Role Center provides administrators with tools to manage role-based access and the familiar interface makes implementation a breeze.
NetSuite ERP is a SaaS not-for-profit accounting software solution used by more than 16,000 nonprofit organizations. The software provides a real-time snapshot of key performance metrics (KPIs) and current financial inventory, and provides roles-based access through dashboards so every individual can access the information he or she needs.
NetSuite ERP automates a variety of operations, and can help nonprofit companies plan for the future with the “what-if” financial modeling tools. This software is an excellent choice for nonprofits who interact with their constituents in a variety of ways, as the product allows you to solicit donations, sell products or engage with your funding-base. Robust accounting features create audit trails that keep your nonprofit from being bogged down by taxes, errors and mistakes.
For a side-by-side comparison of these vendors and more, make sure to download our free Top 10 Nonprofit Accounting Software report. We give you the low-down on the industry’s top solutions by comparing pricing, features and deployment methods of the top nonprofit accounting software.