In the beginning, most nonprofits don’t need special accounting software. Spreadsheets tend to do the job pretty well if your nonprofit is smaller, but as the size and scale of operations grow, it is time to invest in professional accounting software.
There are several options available, but when considering which one you want to go for, it is best to look into whether or not it provides features that are specific to nonprofits.
Here are four of the best accounting software for charities to make their accounting more manageable, and at lowcost too:
MIP Fund Accounting
MIP Fund Accounting is the best software for nonprofits that require features for accounting and financial management. This program also makes it easier to plan and manage budgets, maximize grants, manage HR, and produce reports. The software helps nonprofits keep track of and report the individual funds made from multiple different sources, and comply with reporting requirements such as FASB and GASB.
This program is also great for a growing organization whose funding sources, HR management, and payroll have started to become complex. The software accommodates these changes and can be configured to the unique individual needs of your organization.
File 990 helps nonprofits’ financial departments in saving time and money by facilitating the tax work. Nonprofits that are registered as 501c3s and want to maintain their tax-exempt status must file an annual Form 990, which can help them save a lot of money. Tax work can be complicated, so software like File 990 can help organizations ensure that their information is complete and delivered on time every year.
The software is easy to use and can file your tax returns within minutes by answering a few simple questions.
Aplos is widely considered one of the best accounting software out there for nonprofits, offering many features that one would want to see in such computer applications, including accounting, online donations, reporting, and management of all the contributions received. The accounting packages include features like fund accounting, check printing, and journal entries as well.
Aplos offers about 1GB of storage and is PCI compliant. There is no software to install, and the program updates regularly for free to make sure your organization is always ahead of the curve.
Cougar Mountain is a comprehensive, scalable accounting software that is excellent in helping nonprofits save time and money. Users of this software can create custom reports and modify existing ones, and the software also allows for integrated modules, one-step backups, and bank reconciliations. The pay-as-you-go pricing model makes it easier for smaller nonprofits to manage their accounting without making too large a dent in their budget.
The software is GAAP and FASB compliant and reports made can be easily transferred to other programs such as to a spreadsheet for ease.