Nonprofit Accounting & Bookkeeping Services

However, at some point, your organization will cross a threshold and you’ll begin to place more emphasis on the need for timely, accurate financial reports and intelligence. Transparency and timely delivery in financial reporting is crucial for non profits. Our non profit accounting practices are designed to ensure meticulous recording, tracking, meeting deadlines, and analysis of your organization’s revenue and expenses.

Creating a Budget

Move your mission forward with a reliable bookkeeping partner to track funds & expenses accurately. If your non-profit lacks the bandwidth or expertise to keep up with fund accounting rules, you could risk paying fines or losing your tax-exempt status. Accounting software can help non-profits with tracking and categorization activities.

Nonprofit Financial Board Reports Made Simple

Non-profit accounting includes financial analysis for presentation to owners and the board of directors. Accountants often obtain advanced degrees and CPA (certified public accountant) licenses, requiring deep technical knowledge. Both non-profit and for-profit organizations follow generally accepted accounting services for nonprofit organizations accounting principles (GAAP). Non-profit bookkeepers need to understand and apply GAAP rules and fund accounting principles. Bank reconciliation is the process of ensuring an organization’s records (balance sheet, general ledger account, cash flow, etc.) are accurate.

Consequences of Inconsistent Record-Keeping

They should also include the donors’ information and a list of goods and services. Take our 2-minute survey to find out if outsourced accounting and bookkeeping is a good fit for your organization. And we’ll even help you understand the story behind the numbers, so you’re never left speechless in front of your finance committee.

Essential Financial Reports

Non profits should seek professional help for complex financial transactions, regulatory compliance, audit preparation, and as the organization grows and financial management becomes more complex. Professional bookkeepers and accountants provide expertise and ensure accuracy. With our nonprofit bookkeeping and accounting services, we’ll ensure your books are always audit-ready. Plus, give you timely financial reports and expert advice that help you carry out your mission. Bookkeeping involves recording and analyzing a nonprofit’s financial transactions to ensure compliance with state and federal accounting rules. Timely and accurate record-keeping is one of the most important responsibilities every nonprofit organization faces.

• Internal controls are essential for safeguarding assets, ensuring accurate financial reporting, and preventing fraud.
• This includes maintaining records of donations, grants, fundraising events, and expenses.
• In general, a nonprofit bookkeeper is responsible for keeping records up-to-date and organized whenever funds change hands or new financial data is created.
• We recommend doing a bank reconciliation at least once a month to make sure your books are up to date and accurate, to help track cash flow, to prevent fraud and to detect bank errors.
• You might think bookkeeping for nonprofits is all about keeping track of finances and accounting, and you’d be right – but there’s more to it than that.
• She excels at process/continuous improvements, problem solving, and is a great team player willing to learn and help where she can.
• The nonprofit bookkeeper is the front line in the battle for the accurate financial data you need to run your business, so let’s review the core responsibilities of a nonprofit bookkeeper.

Nonprofit Bookkeeper: Key Responsibilities & Skills (+ Sample Job Template)

The following table compares the roles to help you determine the skillset you need. Non-profits categorize and track each source of receipts and related expenses. These contributions assist NGOs to meet their operational costs and achieve their goals. They then enter this information into the appropriate spreadsheet or software. Nonprofit bookkeepers oversee the day-to-day operations of the organization.

• Accountants often obtain advanced degrees and CPA (certified public accountant) licenses, requiring deep technical knowledge.
• Bookkeepers with this expertise help nonprofits reduce risks and maintain financial integrity.
• Once you’ve got a bookkeeping system in place, you need to start creating financial statements.
• Effective financial management is the backbone of a thriving nonprofit, ensuring stability, transparency, and informed decision-making.
• She has spent the last 10 years working for an aftermarket automotive company doing accounts payable.
• This person can be your organization’s board president, treasurer, or bookkeeper.

FreshBooks is available on both computers and mobile devices, so you can stay on top of your nonprofit organization at any time. Fortunately, nonprofit professionals don’t have to worry about your financial information if you choose FreshBooks. A purchase order is a document a purchaser (in this case, a nonprofit) sends to a vendor to confirm the purchase of different goods and services. The vendor signs this document and confirms all details of the purchase. To learn more about purchase orders and the numberings involved, check out our post on What is a Purchase Order Number. Invoices are legal documents and should have your organization’s logo, name, address, email, phone number, invoice number, and date.