Nonprofit accounting is vastly different than traditional for-profit accounting. It presents its own set of unique challenges that can make using a typical accounting platform harder to use and manage.
That’s why you should look at accounting software that has been designed and programmed specifically for nonprofit organizations. These solutions are built with fundraising, grants, and reporting in mind, making it easier for you to practice responsible financial management.
Not sure nonprofit accounting software is the way to go? Below are just a few reasons why the accounting software you choose should be designed specifically for your organization.
Understands Your Unique Challenges
Configuring a traditional accounting solution to track grants, fundraising and fund management can end up being more work and not worth the effort.
Solutions like Abila MIP or Blackbaud’s Financial Edge or Financial Edge NXT cater specifically to nonprofit accounting principles. They provide the right setup to track your various funds, grants, payroll, reports, and more.
Uses Your Terminology
The accounting jargon you use everyday is particular to your industry. The accounting platform you use should also adopt the same language, allowing you enter and review information easily and effectively.
Updates on Nonprofit Accounting Guidelines
Programs that can automatically update with the latest accounting principles and guidelines is great. However, when the updates are for traditional accounting practices and not nonprofit-specific, you run the risk of not being compliant.
Nonprofit specific platforms are necessary to keep your financial and fundraising integrity in place. To learn more about the benefits and various features available, contact Capital Business Solutions by emailing email@example.com, calling (888) 249-6008, or filling out this form.