How to Determine the Best Nonprofit Accounting Software
With so many nonprofit accounting software programs on the market today to choose from, it can be hard to tell which solution is the best for your nonprofit.
Unfortunately, there is no one-size-fits-all for the best nonprofit accounting software. The “best” solution is one that can be tailored to your accounting process and which complements your organization to improve efficiency.
There are features, however, that you should look for to enhance your software experience.
Must Have Features in Your Nonprofit Accounting Software
Advanced Financial Management
Even the most basic fund accounting solutions will allow you to enter and track journal entries. But you’ll get so much more out of your data if your software has advanced features like:
- Deep dive reporting
- Budgeting
- Forecasting
- “What If” scenarios
Grant Management
Grant management is an important part of the nonprofit puzzle. There are a lot of different pieces that go into securing grants and converting them into funds that your organization can use to spread your mission. Being able to follow your grant management process in your fund accounting software can make tracking grants all the more easier.
Third-Party Integrations
Most nonprofits use more than one tool to run their organization. This can be difficult and frustrating if the information can’t talk to one another or be organized together for easier reporting and analyzing.
Luckily, there are fund accounting programs that can connect with your third-party applications to help compile your information in one place. This can help you run more in-depth reports on your different funds, track grants, or even review human resource information.
Scalability
As your mission spreads and you raise more money for your cause, your organization is also going to grow. More people, more programs, more tracking, and more reporting. In order to keep up with growth, your fund accounting solution needs to be scalable, allowing you to grow together instead of outgrowing your system.
Need Help Choosing the Best Nonprofit Accounting Software For Your Nonprofit Organization?
When reviewing the features and benefits of possible accounting solutions, you should pick the one that is best for you and your organization. There is no right or wrong choice, as long as the software complements your accounting process.
If you need assistance deciding on an accounting platform, contact Capital Business Solutions by calling us at (843) 971-9061, or by filling out our contact form below.
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