For many nonprofits, choosing the best accounting system for their organization can be especially challenging because of the many options available. Not only does your organization have to find a software that works for daily tasks like processing journal entries, sending invoices, and paying employees but it also has to find a system that can do the functions a for-profit establishment may never face – managing grant funding, tracking donations and memberships, handling event registrations and much more.
In addition to finding an accounting system that can effectively track the information your organization needs, it is important to consider a few other aspects of potential systems. One crucial decision for many nonprofits is the cost involved in implementing a new software product and different systems all have varying price points dependent on the many elements they may offer. It is also necessary for your organization to look at the features that allow a system to grow with you or even assist in your nonprofit’s growth, like cloud and network accessibility and customization.
Ultimately, choosing the right accounting system for your nonprofit is not a one-size-fits-all task. It’s important to recognize the features you need to succeed along with those that can help you meet your organizations’ goals. To help you identify the software that meets the needs for your nonprofit organization reference the article below from CPA Practice Advisor, which considers a variety of software options with their specifications along with reviews and ratings.
To discuss your options and which might serve your organization best, contact your HW&Co. advisor or Helen Weeber, CPA.