{"id":29287,"date":"2025-04-03T05:47:21","date_gmt":"2025-04-03T09:47:21","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=29287"},"modified":"2025-04-04T04:18:26","modified_gmt":"2025-04-04T08:18:26","slug":"how-to-comply-nonprofit-accounting-standards","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/how-to-comply-nonprofit-accounting-standards\/","title":{"rendered":"How to comply with nonprofit accounting standards"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/strategy-legal-operations\/\" class=\"entry-header__link\">Strategy, Legal &amp; Operations<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tHow to comply with nonprofit accounting standards\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2025-04-03T05:47:21-04:00\">April 3, 2025<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"How to comply with nonprofit accounting standards\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/how-to-comply-nonprofit-accounting-standards\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/michaelblanton\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2025\/02\/Michael-Blanton.jpg\" class=\"entry-author__image\" alt=\"Michael Blanton\" \/>\t\t\t\t<span class=\"entry-author__name\">Michael Blanton<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p>More than 2 million nonprofit organizations <a href=\"https:\/\/www.statista.com\/statistics\/1373626\/number-nonprofit-organizations-state-us\/\" target=\"_blank\" rel=\"noreferrer noopener\">operate across the United States<\/a>.<\/p>\n\n\n\n<p>California leads the way with almost 200,000, followed by Texas and New York at just over 145,000 and 122,000, respectively.<\/p>\n\n\n\n<p>Even the smallest state, Rhode Island, has more than 6,500 nonprofits.<\/p>\n\n\n\n<p>With numbers steadily growing and with significant variation, nonprofits range from churches to museums, zoos, observatories, and research facilities.<\/p>\n\n\n\n<p>The result is a range of revenue streams, expense types, and spending priorities, some simple and some complex.<\/p>\n\n\n\n<p>To help streamline the reporting process, regulatory organizations have established nonprofit accounting standards that help ensure clarity, consistency, and transparency.<\/p>\n\n\n\n<p>In this piece, we&#8217;ll break down the basics of nonprofit accounting standards, address the importance of standards compliance, offer steps to ensure compliance, and provide best practices to avoid regulatory headaches<\/p>\n\n\n\n<p><strong>Here\u2019s what we\u2019ll cover:<\/strong><\/p>\n\n\n<?xml encoding=\"utf-8\" ?><div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><ul><li><a href=\"#h-what-are-nonprofit-accounting-standards\" data-level=\"2\">What are nonprofit accounting standards?<\/a><\/li><li><a href=\"#h-the-purpose-of-nonprofit-standards\" data-level=\"2\">The purpose of nonprofit standards<\/a><\/li><li><a href=\"#h-key-standards-to-know\" data-level=\"2\">Key standards to know<\/a><ul><li><a href=\"#h-a-statement-of-financial-position\" data-level=\"3\">A statement of financial position<\/a><\/li><li><a href=\"#h-a-statement-of-activities\" data-level=\"3\">A statement of activities<\/a><\/li><li><a href=\"#h-a-statement-of-cash-flows\" data-level=\"3\">A statement of cash flows<\/a><\/li><\/ul><\/li><li><a href=\"#h-the-importance-of-standards-compliance\" data-level=\"2\">The importance of standards compliance<\/a><ul><li><a href=\"#h-transparency-and-accountability\" data-level=\"3\">Transparency and accountability<\/a><\/li><li><a href=\"#h-maintaining-tax-exempt-status\" data-level=\"3\">Maintaining tax-exempt status<\/a><\/li><li><a href=\"#h-building-trust-with-stakeholders\" data-level=\"3\">Building trust with stakeholders<\/a><\/li><\/ul><\/li><li><a href=\"#h-steps-to-ensure-compliance\" data-level=\"2\">Steps to ensure compliance<\/a><ul><li><a href=\"#h-step-1-understanding-the-standards\" data-level=\"3\">Step 1. Understanding the standards<\/a><\/li><li><a href=\"#h-step-2-implementing-strong-financial-policies\" data-level=\"3\">Step 2. Implementing strong financial policies<\/a><\/li><li><a href=\"#h-step-3-conducting-internal-audits\" data-level=\"3\">Step 3. Conducting internal audits<\/a><\/li><li><a href=\"#h-step-4-investing-in-training-and-education\" data-level=\"3\">Step 4. Investing in training and education<\/a><\/li><\/ul><\/li><li><a href=\"#h-best-practices-for-nonprofit-accounting\" data-level=\"2\">Best practices for nonprofit accounting<\/a><\/li><li><a href=\"#h-categorize-funds-and-reporting-expenses\" data-level=\"2\">Categorize funds and reporting expenses<\/a><ul><li><a href=\"#h-1-unrestricted-funds\" data-level=\"3\">1. Unrestricted funds<\/a><\/li><li><a href=\"#h-2-restricted-funds\" data-level=\"3\">2. Restricted funds<\/a><\/li><li><a href=\"#h-3-permanently-restricted-funds\" data-level=\"3\">3. Permanently restricted funds<\/a><\/li><\/ul><\/li><li><a href=\"#h-regularly-review-and-update-financial-policies\" data-level=\"2\">Regularly review and update financial policies<\/a><ul><li><a href=\"#h-leverage-technology-for-compliance\" data-level=\"3\">Leverage technology for compliance<\/a><\/li><\/ul><\/li><li><a href=\"#h-benefits-of-cloud-based-nonprofit-accounting-software\" data-level=\"2\">Benefits of cloud-based nonprofit accounting software<\/a><ul><li><a href=\"#h-streamlining-compliance-efforts\" data-level=\"3\">Streamlining compliance efforts<\/a><\/li><li><a href=\"#h-enhancing-financial-management\" data-level=\"3\">Enhancing financial management<\/a><\/li><li><a href=\"#h-improving-accuracy-and-efficiency\" data-level=\"3\">Improving accuracy and efficiency<\/a><\/li><\/ul><\/li><li><a href=\"#h-final-thoughts\" data-level=\"2\">Final thoughts<\/a><ul><li><a href=\"#h-considering-a-new-approach-to-npo-accounting\" data-level=\"3\">Considering a new approach to NPO accounting?<\/a><\/li><\/ul><\/li><\/ul><\/div>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Benefits of Cloud-Based Nonprofit Accounting Software<\/h2>\n\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ce9402be-5ef7-4a57-998e-9be275661881\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Download now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1215\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1435005474-1215x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1435005474-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-nonprofit-accounting-standards\">What are nonprofit accounting standards?<\/h2>\n\n\n\n<p>Nonprofit accounting standards are sets of rules and guidelines that specify what type of financial data your nonprofit must collect, and how this data must be reported.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-purpose-of-nonprofit-standards\">The purpose of nonprofit standards<\/h2>\n\n\n\n<p>Nonprofit standards create both transparency and consistency for your organization.<\/p>\n\n\n\n<p>Using a standardized reporting framework, nonprofits ensure that all relevant financial data\u2014such as donations, grants, gifts, capital purchases, and expenses\u2014is collected and verified.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-standards-to-know\">Key standards to know<\/h2>\n\n\n\n<p>Your nonprofit should run on the Generally Accepted Accounting Principles (GAAP) which forms the basis of standards compliance.<\/p>\n\n\n\n<p>GAAP rules were developed by the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA).<\/p>\n\n\n\n<p>Under <a href=\"https:\/\/fasb.org\/page\/PageContent?pageId=\/reference-library\/superseded-standards\/summary-of-statement-no-117.html\" target=\"_blank\" rel=\"noreferrer noopener\">current standards<\/a>, your nonprofit must typically provide:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-statement-of-financial-position\"><strong>A statement of financial position<\/strong><\/h3>\n\n\n\n<p>Also called a <a href=\"https:\/\/www.sage.com\/en-us\/blog\/nonprofit-balance-sheet-explained\/\" target=\"_blank\" rel=\"noreferrer noopener\">balance sheet<\/a>, this is a statement of your organization&#8217;s liabilities, assets, and net assets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-statement-of-activities\"><strong>A statement of activities<\/strong><\/h3>\n\n\n\n<p>This is a statement that reports how your organization&#8217;s net assets have changed over a period of time.<\/p>\n\n\n\n<p>It should include revenues, gains, expenses, and losses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-statement-of-cash-flows\"><strong>A statement of cash flows<\/strong><\/h3>\n\n\n\n<p>This statement tracks the flow of cash both into and out of your organization.<\/p>\n\n\n\n<p>It further classifies these flows into costs of operation, financing actions, and investment practices.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.fasb.org\/page\/document?pdf=ASU_2016-14.pdf&amp;title=UPDATE%202016-14%E2%80%94NOT-FOR-PROFIT%20ENTITIES%20%28TOPIC%20958%29:%20PRESENTATION%20OF%20FINANCIAL%20STATEMENTS%20OF%20NOT-FOR-PROFIT%20ENTITIES\" target=\"_blank\" rel=\"noreferrer noopener\">FASB also defines additional requirements<\/a> for nonprofits, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Providing the composition of net assets with donor restrictions, and how these restrictions affect the use of resources.<\/li>\n\n\n\n<li>Detailing the amounts of expenses in both their natural classification and functional classification.<\/li>\n\n\n\n<li>Reporting qualitative information that communicates how your nonprofit uses its liquid resources to meet cash needs.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-importance-of-standards-compliance\">The importance of standards compliance<\/h2>\n\n\n\n<p>Standards compliance plays a critical role in continued nonprofit operations.<\/p>\n\n\n\n<p>Key benefits of clear and consistent reporting include:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-transparency-and-accountability\">Transparency and accountability<\/h3>\n\n\n\n<p>As nonprofits evolve and grow, accounting teams may expand across multiple locations.<\/p>\n\n\n\n<p>Team members may be promoted or leave for other organizations, and financial priorities may change in response to economic or social factors.<\/p>\n\n\n\n<p>Compliant reporting ensures transparency across all financial statements, which allows teams to easily locate current data and make necessary changes.<\/p>\n\n\n\n<p>Compliance also creates accountability.<\/p>\n\n\n\n<p>When all processes are tracked, your nonprofit will know exactly how money is handled, where this money goes, and who makes these monetary decisions.<\/p>\n\n\n\n<p>This is critical in the event of an external or internal audit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-maintaining-tax-exempt-status\">Maintaining tax-exempt status<\/h3>\n\n\n\n<p>Nonprofits are typically tax-exempt.<\/p>\n\n\n\n<p>This means they don&#8217;t pay federal income tax on earnings or donations.<\/p>\n\n\n\n<p>Given that many nonprofits operate with limited resources and a small amount of staff, this status helps keep the organizations in operation.<\/p>\n\n\n\n<p>If, however, your nonprofit fails to report its finances as required by GAAP and FASB, it could lose tax-exempt status.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-building-trust-with-stakeholders\">Building trust with stakeholders<\/h3>\n\n\n\n<p>Your nonprofit depends on the generosity and commitment of stakeholders to fulfil its mission.<\/p>\n\n\n\n<p>This might take the form of monetary donations from members or the general public, or it might be a donation of time and effort.<\/p>\n\n\n\n<p>From industry experts willing to donate their time as members of the board, or individuals passionate about nonprofit priorities stepping up to help with donation drives or other initiatives, stakeholders are critical to your nonprofit\u2019s success.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-transparent-accounting-builds-trust\"><strong>Transparent accounting builds trust<\/strong><\/h4>\n\n\n\n<p>If your stakeholders are confident that money is well-spent and can trace revenue from source to spend, they&#8217;re more willing to invest time, effort, and money in your mission.<\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Benefits of Cloud-Based Nonprofit Accounting Software<\/h2>\n\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ce9402be-5ef7-4a57-998e-9be275661881\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Download now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1215\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1435005474-1215x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1435005474-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-steps-to-ensure-compliance\">Steps to ensure compliance<\/h2>\n\n\n\n<p>It&#8217;s one thing to recognize the need for regulatory compliance\u2014it&#8217;s another to put standards into practice. Here are four steps to get you started.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-1-understanding-the-standards\">Step 1. Understanding the standards<\/h3>\n\n\n\n<p>The more you know about GAAP principles and FASB standards, the better.<\/p>\n\n\n\n<p>Given the evolving nature of these regulations, however, it&#8217;s can be challenging to stay current, especially if you don&#8217;t have a financial expert on the payroll.<\/p>\n\n\n\n<p>It\u2019s worth exploring some of the <a href=\"https:\/\/www.fasb.org\/news-and-meetings\/educational-webinars#upcoming-webinars\" target=\"_blank\" rel=\"noreferrer noopener\">educational resources offered by the FASB<\/a>.<\/p>\n\n\n\n<p>For example, a recent webinar explored the impact of recent FASB updates on private companies and nonprofits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-2-implementing-strong-financial-policies\">Step 2. Implementing strong financial policies<\/h3>\n\n\n\n<p>The stronger your policies, the better your reporting.<\/p>\n\n\n\n<p>But what makes a strong financial policy?<\/p>\n\n\n\n<p>First, it must be clear.<\/p>\n\n\n\n<p>What data is required, how should it be formatted, and when should it be submitted to relevant compliance authorities?<\/p>\n\n\n\n<p>Next, it must be secure.<\/p>\n\n\n\n<p>This means protecting data in storage and use against tampering or theft.<\/p>\n\n\n\n<p>Here, using cybersecurity hygiene practices such as encryption and multi-factor authentication can help.<\/p>\n\n\n\n<p>Finally, a strong financial policy should be transparent.<\/p>\n\n\n\n<p>Ideally, multiple staff should review any data before it is sent for review.<\/p>\n\n\n\n<p>This both reduces the risk of mistakes and fosters both team accountability in your organization and community trust.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-3-conducting-internal-audits\">Step 3. Conducting internal audits<\/h3>\n\n\n\n<p>Even the best systems aren&#8217;t perfect.<\/p>\n\n\n\n<p>To ensure financial practices meet GAAP and FASB requirements, your nonprofit should schedule regular audits of all finances and transactions.<\/p>\n\n\n\n<p>While monthly or quarterly audits can often be handled internally, it&#8217;s worth working with a trusted third party to conduct a more in-depth audit at least once a year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-4-investing-in-training-and-education\">Step 4. Investing in training and education<\/h3>\n\n\n\n<p>The more your staff knows about accounting rules and regulations, the better.<\/p>\n\n\n\n<p>Consider paying for in-person or online courses that include both the knowledge and skills required to track, analyze, and report financial data.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-best-practices-for-nonprofit-accounting\">Best practices for nonprofit accounting<\/h2>\n\n\n\n<p>While every nonprofit has its own processes and policies to handle finances\u2014for example, some organizations are primarily donation-driven, while others operate on government grants\u2014try to use best practices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-categorize-funds-and-reporting-expenses\">Categorize funds and reporting expenses<\/h2>\n\n\n\n<p>Categorization of funds and expenses helps ensure accuracy and transparency.<\/p>\n\n\n\n<p>This makes keeping tabs on the money trail easy and helps you use funds appropriately.<\/p>\n\n\n\n<p>Funds typically fall into three categories:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-unrestricted-funds\">1. Unrestricted funds<\/h3>\n\n\n\n<p>Unrestricted funds can be used for any organizational purpose.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-restricted-funds\">2. Restricted funds<\/h3>\n\n\n\n<p>Restricted funds may have usage requirements based on time, purpose, or location.<\/p>\n\n\n\n<p>For example, they may be earmarked for use in a specific outreach campaign.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-permanently-restricted-funds\">3. Permanently restricted funds<\/h3>\n\n\n\n<p>Permanently restricted funds cannot be used directly by nonprofits.<\/p>\n\n\n\n<p>One example is a scholarship fund.<\/p>\n\n\n\n<p>While the money is given out by the organization to a recipient, it cannot be spent directly by the nonprofit on any expenses.<\/p>\n\n\n\n<p>Your expenses, meanwhile, may include:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-operational-costs\">Operational costs<\/h4>\n\n\n\n<p>These costs include rent, leasing, utilities, and staff salaries.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-administrative-costs\">Administrative costs<\/h4>\n\n\n\n<p>Administrative costs include accounting, legal, and other professional services.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-program-expenses\">Program expenses<\/h4>\n\n\n\n<p>These expenses may include outreach activities, events, tours, or digital initiatives.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-fundraising-expenses\">Fundraising expenses<\/h4>\n\n\n\n<p>Fundraising expenses are any costs incurred when applying for grants or seeking donations from stakeholders.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-regularly-review-and-update-financial-policies\">Regularly review and update financial policies<\/h2>\n\n\n\n<p>As noted above FASB regulations and GAAP best practices change over time.<\/p>\n\n\n\n<p>As a result, it&#8217;s worth regularly reviewing and updating financial policies to ensure they align with current expectations.<\/p>\n\n\n\n<p>To reduce the risk of missing a key change, you could schedule reviews each quarter.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-leverage-technology-for-compliance\">Leverage technology for compliance<\/h3>\n\n\n\n<p>The sheer amount of financial data now handled by nonprofits makes <a href=\"https:\/\/www.sage.com\/en-us\/blog\/nonprofit-tech-impact-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">technology a key component of compliance<\/a>.<\/p>\n\n\n\n<p>From securely managing donors&#8217; data to navigating expenses, investing, and outreach, it&#8217;s easy to get overwhelmed.<\/p>\n\n\n\n<p>Solutions such as cloud-based nonprofit accounting software can help streamline financial reporting and improve regulatory compliance.<\/p>\n\n\n\n<p>Even for small nonprofits, choosing the right technology can free up time to help your mission grow.<\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Benefits of Cloud-Based Nonprofit Accounting Software<\/h2>\n\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ce9402be-5ef7-4a57-998e-9be275661881\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Download now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1215\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1435005474-1215x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1435005474-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-benefits-of-cloud-based-nonprofit-accounting-software\">Benefits of cloud-based nonprofit accounting software<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.sage.com\/en-us\/industry\/nonprofit\/\" target=\"_blank\" rel=\"noreferrer noopener\">Cloud-based nonprofit accounting software<\/a> uses offsite computing resources to simplify your nonprofit\u2019s accounting process.<\/p>\n\n\n\n<p>This can be accessed anywhere, meaning you become more agile and your data is available whenever you need it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-streamlining-compliance-efforts\">Streamlining compliance efforts<\/h3>\n\n\n\n<p>Cloud-based tools let you centralize fund, expense, and stakeholder data.<\/p>\n\n\n\n<p>This provides easy access to relevant data sources, in turn reducing the amount of time required to collect and analyze key information.<\/p>\n\n\n\n<p>In addition, some cloud-based accounting services offer advanced functionality.<\/p>\n\n\n\n<p>Features such as automated accounts payable, spend management, and nonprofit revenue recognition are useful additional tools to add to your organization\u2019s financial management toolkit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-enhancing-financial-management\">Enhancing financial management<\/h3>\n\n\n\n<p>Using cloud-based solutions also enhances your nonprofit\u2019s overall financial management.<\/p>\n\n\n\n<p>For example, real-time reporting lets your teams quickly access role-based reports, in-depth dashboards, and data visualizations.<\/p>\n\n\n\n<p>Real-time budgeting and forecasting, meanwhile, help keep finances on track.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-improving-accuracy-and-efficiency\">Improving accuracy and efficiency<\/h3>\n\n\n\n<p>Finally, cloud solutions let you consolidate financial data across entities\u2014both local and global\u2014and access real-time metrics about these entities.<\/p>\n\n\n\n<p>In addition, your nonprofit can easily track time and expenses for employees and volunteers, and ensure staff are paid on time with advanced payroll tools.<\/p>\n\n\n\n<p>Worth noting?<\/p>\n\n\n\n<p>The right provider makes all the difference in nonprofit cloud accounting software.<\/p>\n\n\n\n<p>Look for solutions specifically designed for nonprofits by developers with industry experience.<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>With Sage Intacct, we have improved productivity by 25% for our worldwide field operations and global finance teams and seen a revenue increase of 15%. <br><br>This translates to added resources to reach an additional 100,000 children through our Literacy Program and 21,000 girls through our Girls&#8217; Education Program.<\/p><cite>Shari Freedman, CFO, Room to Read<\/cite><\/blockquote><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-final-thoughts\">Final thoughts<\/h2>\n\n\n\n<p>Nonprofits, like yours, face unique accounting challenges.<\/p>\n\n\n\n<p>If not having the budget for dedicated accounts staff, but you\u2019re faced with the task of collecting, analyzing, and reporting donations, grants, and other income from multiple sources sounds familiar, then a cloud-based solution specifically tailored to nonprofits could be what you need.<\/p>\n\n\n\n<p>Compliance with nonprofit accounting standards is a critical but often complicated step to nonprofit financial management.<\/p>\n\n\n\n<p>But with the right tools in place, your mission can continue to grow.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-considering-a-new-approach-to-npo-accounting\">Considering a new approach to NPO accounting?<\/h3>\n\n\n\n<p>Download <a href=\"#gate-ce9402be-5ef7-4a57-998e-9be275661881\">The Benefits of Cloud-Based Nonprofit Accounting Software<\/a> ebook.<\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to our Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get our latest business advice delivered directly to your inbox.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ab515c6e-7e90-4c2f-a67e-113872516e8b\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working from home with tea in hand\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n<section class=\"more-topics alignfull has-grey-light-background-color wp-block-sage-post-topics\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col col-12 col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/accounting-101\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tAccounting 101\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/boss-your-business\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBoss your business\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/business-intelligence\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness intelligence\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/business-strategy\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness strategy\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/staying-competitive\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tStay competitive\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section class=\"related-posts card-grid has-dark-background-color\">\n\t<div class=\"container\">\n\t\t\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--featured h1\">Explore more wisdom<\/h2>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"row related-posts__featured\">\n\t\t\t\t<div class=\"col card-grid__item\">\n\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-0 post-29487 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters category-strategy-legal-operations tag-accounting-101 tag-boss-your-business tag-business-continuity tag-business-intelligence tag-cash-flow tag-sage-accounting tag-small-business tag-starting-a-business business_type-small-business business_type-growing-business card-post--is-clickable\"\n>\n\t<div class=\"card-post__media-wrapper\">\n\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1214\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/10\/BrandShoot-LND_June2024_Financial-Services_0474-1214x810.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/10\/BrandShoot-LND_June2024_Financial-Services_0474-684x384.jpg 684w, 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h3\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\tclass=\"card-post__title-link\"\n\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/accounts-payable-vs-notes-payable\/\"\n\t\t\t\t>\n\t\t\t\n\t\t\tNotes payable vs accounts payable: Differences and examples\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/p>\n\n\t\t\n\t\t\t\t\t<p class=\"card-post__description\">\n\t\t\t\tAre you part of your business\u2019s accounting team? Understanding the difference between notes payable and accounts payable is key to effectively managing what your business owes. \t\t\t<\/p>\n\t\t\n\t\t\t<\/div>\n\n\t<\/article>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"row related-posts__non-featured\">\n\t\t\t\t<div class=\"col col-12\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--more h4\">More on this Topic<\/h2>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-1 post-29712 post type-post status-publish format-standard has-post-thumbnail hentry category-strategy-legal-operations category-trends-insights tag-accounting-101 tag-boss-your-business tag-business-intelligence tag-business-strategy tag-cash-flow tag-productivity tag-small-business tag-starting-a-business business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/accounts-payable-outsourcing\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-549776535-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-549776535-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-549776535-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-549776535-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-05-22T10:58:35-04:00\">May 22, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">14 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tIs accounts payable outsourcing right for your business?\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-2 post-36557 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters category-strategy-legal-operations tag-accounting-101 tag-boss-your-business tag-business-strategy tag-cash-flow tag-cloud-financial-management tag-cloud-technology tag-growing-a-business tag-sage-accounting tag-small-business tag-starting-a-business tag-technology business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/cloud-vs-desktop-accounting\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1338373163-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1338373163-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1338373163-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1338373163-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-05-20T07:46:54-04:00\">May 20, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">9 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tCloud versus desktop accounting: Which is right for you?\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-3 post-36550 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters category-strategy-legal-operations tag-boss-your-business tag-business-strategy tag-growing-a-business tag-starting-a-business business_type-small-business business_type-growing-business industry-financial-services\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/insurance-agency-business-plan\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/10\/BrandShoot-LND_June2024_Financial-Services_0905-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/10\/BrandShoot-LND_June2024_Financial-Services_0905-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/10\/BrandShoot-LND_June2024_Financial-Services_0905-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/10\/BrandShoot-LND_June2024_Financial-Services_0905-1214x810.jpg 1214w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-05-20T06:56:21-04:00\">May 20, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">13 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tHow to write an insurance agency business plan\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-4 post-36546 post type-post status-publish format-standard has-post-thumbnail hentry category-growth-customers category-money-matters category-strategy-legal-operations tag-growing-a-business tag-productivity tag-starting-a-business tag-staying-competitive business_type-small-business business_type-growing-business industry-automotive\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/how-to-run-an-automotive-repair-shop\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-691036551_updated-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-691036551_updated-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-691036551_updated-768x432.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-691036551_updated-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-05-20T06:11:58-04:00\">May 20, 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Here&#8217;s what you need to know.<\/p>\n","protected":false},"author":1862,"featured_media":13939,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"footnotes":""},"categories":[44,49],"tags":[110,195,4,170,155],"business_type":[41],"lilypad":[],"context":[],"industry":[58],"persona":[100],"imagine_tag":[209,444,472],"coauthors":[966],"class_list":["post-29287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy-legal-operations","category-trends-insights","tag-accounting-101","tag-boss-your-business","tag-business-intelligence","tag-business-strategy","tag-staying-competitive","business_type-growing-business","industry-nonprofit"],"sage_meta":{"region":"en-us","author_name":"Michael Blanton","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/02\/shutterstock_1827974753_c2222-1.jpg","imagine_tags":{"209":"Accounting","444":"Intacct Medium Business","472":"Nonprofit"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/29287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/1862"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=29287"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/29287\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/13939"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=29287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=29287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=29287"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=29287"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=29287"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=29287"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=29287"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=29287"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=29287"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=29287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}