Nonprofit Accounting Services to Build Stronger Nonprofits

Nonprofit bookkeeping is one of the most crucial needs in an organization to maintain good financial health and transparency with supporters. Bookkeepers can be paid staff members nonprofit bookkeeping or volunteers, but they should understand GAAP principles and fund accounting. QuickBooks is the most well-known accounting software for nonprofits and for-profit organizations.

• Once a year, you’ll send the required documents to an accountant to submit Form 990 to the IRS and provide tax documentation to staff.
• Amid this vibrant landscape, managing finances while meeting regulatory standards is essential for these organizations’ success.
• Grants are often a primary source of revenue for nonprofits, and when secured, they typically come with specific reporting and tracking requirements.
• And we can offer you on-demand advice on grant utilization, fundraising strategy, tax compliance, and other topics that often trip up growing nonprofits.
• Now is the perfect time to use nonprofit bookkeeping services to ensure your financial records and policies are set up correctly.

Why Our Clients Trust Us

It’s great when organizations set up their bookkeeping systems correctly from the start. Some start as fiscally sponsored projects but eventually need to track things themselves. Outside of IRS requirements, payroll can be the most important role for a nonprofit bookkeeper. Fund accounts make creating budgets easier by providing more details on where the money comes from and where it goes. As restricted funds enter your accounts, you may notice specific programs receive more donations.

• Essentially, you should view bookkeeping as the financial oversight process that’s necessary for operating your nonprofit daily.
• Nonprofit bookkeeping can seem complicated, but there are several resources to help experienced and novice bookkeepers.
• Bookkeepers can be paid staff members or volunteers, but they should understand GAAP principles and fund accounting.
• We use technology to leverage our extensive accounting into clear processes and deliverables.
• Going through an assessment with SAOS gives you the diagnosis and plan you need at a fraction of the cost.
• We ensure the uttermost protection of customer property throughout the entire product development process, including storage and logistics.

Non-profit Bookkeepers have Hands-On Experience

Jitasa’s tax specialists have filed more than 4,000 tax returns for nonprofits of all shapes and sizes. In addition to your IRS Form 990, we’ll prepare any and all additional tax forms required by your state or local government. All of our clients are backed by a fully staffed accounting department. We match you with Our Experts who knows the ins and outs of your industry and state. Get answers to your most challenging questions; get the advice your business needs to grow.

Reconcile your bank statements

These financial statements can provide helpful insight into your nonprofit’s financial health so that you can adjust accordingly and plan your next moves. Think about your budget like a roadmap to where you’ll spend your money. You have to know the area to plan a route, and the same can be said about your nonprofit’s budget. Accurate and timely bookkeeping https://www.bookstime.com/articles/what-is-a-bookkeeper practices will make the job of those tasked with budgeting much easier to tackle. In other words, effective bookkeeping practices will accurately record and monitor your financial activity throughout the fiscal year. When the time comes to report your financial activity or make a budgetary decision, you’ll be equipped with precise and thorough information.

• You might start by reconciling every time you receive a bank statement (usually once a month), then schedule additional time as the size and quantity of your transactions grow.
• For example, 501(c)(3) organizations typically have to demonstrate their earnings aren’t benefitting private interest to maintain their tax-exempt status.
• If you’re looking for a one-stop-shop online fundraising tool that seamlessly integrates with your CRM, marketing tool, or accounting software, take a look at Donorbox.
• Using the details you recorded about your nonprofit’s transactions, create a broad overview of your financial position and develop a plan to get your revenue where it’s supposed to be.
• The team knows e-commerce enterprises and has industry understanding of the systems we should employ to make our bookkeeping go smoothly.
• And we’ll show you how to use those reports to make smarter decisions for your organization.

Create a Budget

A budget and strategic plan will help plan for better use of these funds and others. When you start a nonprofit bank account, you’ll want to authorize someone as a signatory. This person can be your organization’s board president, treasurer, or bookkeeper.

Managing payroll

Nonprofit Bookkeeping & Accounting