Accounting software handles certain bookkeeping and accounting tasks. It stores your organizations’ financial data and records and can perform some business transactions.
For example, accounting software can be used to store and track your organization’s expenses, payroll, and transactions. It can also record incoming donations and grants, and run reports. Accounting software can help you save time, as it can handle bank reconciliation and speed up tasks like invoicing, bill payment, and even payroll.
Why do NGOs need Accounting Software?
NGO accounting is vastly different from for-profit accounting. NGOs are backed by donations and grants, so they have strict financial accounting standards they have to meet. In terms of reporting requirements, nonprofits have to meet some standards.
NGOs are often on tight budgets. While having a dedicated accountant is ideal, that’s not always possible for new or growing organizations. The right accounting software can help nonprofit organizations meet these standards even if they have a lean staff, so they can reach their financial objectives and minimize their costs.
The software can help handle the additional accounting needs of a nonprofit organization, such as meeting unique reporting requirements, tracking grants, making financial information available to donors and stakeholders in a timely manner, and creating balance sheet reports.
What’s the right NGO Accounting Software for you?
When choosing accounting software, consider the needs of your organization and the experience of the person who will be handling accounting for your organization. Smaller organizations and volunteer-led groups will likely be better off with free or low-cost options that are streamlined, simple, and offer basic accounting functions.
If your organization is larger, has hundreds of donors, or accepts a significant amount of online payments, you likely need a more robust program and will need to pay more money for accounting software. Large-scale organizations with thousands of donors will need enterprise-scaled solutions.
With 20 years of experience, we have worked with all business niches and helped them effectively manage every aspect of their business. You will, therefore, benefit from a wide range of knowledge and expertise from this webinar.
Register for the webinar
The webinar will take place on 16th September 2021. To register, follow this link