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What is the Difference between For-Profit Accounting and Fund Accounting for Nonprofits?

There are many differences in the accounting tasks required for profit and nonprofits organizations. While both sectors are required to report and track income and expenses and perform payroll duties, nonprofits have more requirements to meet. These requirements stem from a nonprofit’s duty to apply their financial (and non-financial) resources to their mission and allocate […]

nonprofit fund accounting

5 Tips to Improve Data Security for Your Nonprofit Fund Accounting

A virus can bring your nonprofit to a raging halt when it infects your computer system, forcing your nonprofit to come to a stand-still until your IT staff takes care of the problem. It doesn’t matter how careful you are with your computer networks and systems, there is always a chance that a virus could […]

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5 Ways to Train your Team on the New Nonprofit Fund Accounting System

Before you get too excited about the new nonprofit fund accounting system you have chosen, have you made training plans for your employees? Training is often overlooked when it comes to launching new fund accounting software. Everyone that is involved with the selection, implementation, and use of the new software should be involved in the […]

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nonprofit accounting software

Embrace a New Mindset to Improve Your Nonprofit Accounting

Your nonprofit must face many choices every day, and one area where choices are of the utmost importance is in nonprofit accounting. Weighing and prioritizing different tasks, such as choosing the right nonprofit accounting software within your nonprofit, can be overwhelming, but is necessary. Choosing how to classify donations, whether to give a trusted employee […]

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FASB Changes Impact Nonprofit Accounting for Grant Revenues

Now is the time to update your nonprofit accounting policies for a clear and concise categorization and accounting of grants and contributions for your organization’s financials. The Accounting Standards Update (ASU), titled Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, still has changes coming. Even though the comments period has ended […]

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Nonprofit Accounting Solutions Can Help You Keep Your Organization’s Nonprofit Status Updated

The right nonprofit accounting solutions can keep your information organized so that it’s easy to file paperwork on time. The right nonprofit accounting solutions and software offer more than the convenience of easy reports and financial management. They can offer you peace of mind. When the information you need to file with the state is […]

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Careers in Accounting for Nonprofits: Become an Internal Auditor

  There’s a strong need in the nonprofit sector for more internal auditors. Accounting for nonprofits includes the role of the internal auditor, a staff member whose job it is to audit the finances of the organization but there are challenges in the industry to find good internal auditors. According to a Deloitte study, only […]

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Revenue Recognition Topics in Nonprofit Accounting

  Revenue recognition is an important topic for nonprofit accounting. Recent FASB updates changing revenue recognition guidelines and standards for nonprofits make it more important than ever to be clear on how your organization recognizes revenue. Many nonprofits struggle with the decision to recognize revenue as contributions or exchange transactions. The distinction between the two […]

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Nonprofit Accounting: Setting Transfer Pricing Policies

Among the many topics in nonprofit accounting, one of the least considered is setting transfer pricing policies. Transfer policies are often forgotten or neglected, yet they are critical for an accurate evaluation of your organization’s income and expenses. Transfer pricing means establishing the price for one division of your company to charge another when it […]

nonprofit accounting software

Use Your Nonprofit Accounting Software to Build Better Budgets

Your nonprofit accounting software can be used to build better budgets. The budgeting process is one that many people view as a tedious exercise, but it really is a simple tool that can help you detail unique features of the income and expenses needed for your nonprofit. An annual budgeting cycle can help you evaluate […]

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