Accounting systems are not something you often update or replace, but when the times comes, it’s important to choose the right solution for long-term success. Knowing what features to look for in nonprofit accounting software is crucial.
When the size or complexity of your nonprofit organization increases, manual processes drain your productivity and make it more difficult to assess the expanding financial and operational data you are collecting. At this point, an accounting system that makes use of the most recent technological advancements is required.
Modern accounting software for nonprofits should automate and simplify fundamental financial management tasks like accounts receivable, accounts payable, and financial close. Yet simply automating the bare minimum is unlikely to fuel your growth or improve accountability and transparency. Accounting, tracking, and reporting requirements for nonprofits necessitate specialized functionality in financial management systems.
Nonprofit accounting systems should:
• Build efficiency and accountability with a Fund Accounting Framework
• Efficiently manage fund restrictions and grand requirements
• Simplify grant, fund, and donor accounting
• Automate revenue management
• Easily manage multiple entities
• Adapt to your optimal organization structure and workflows
• Provide in-depth, real-time insight into the organization
• Deliver multiple operating dimensions for all transactions
• Lower IT costs, reduce technology risks, and improve productivity
To help you evaluate nonprofit accounting software, we’ve created the Nonprofit Accounting Software Buyer’s Checklist. Our goal is to assist you in comparing accounting software providers and ensure you get the cutting-edge features you need in your own accounting system.
Download our checklist below and get a list of the 40 essential features of a modern accounting system, with a side-by-side comparison of multiple software vendors.