With donations the driving force of every non-profit organization, it is crucial for these organizations to keep their books, especially financial records in check. According to data released by the Charity Navigator, at least $410 billion was donated to charities in 2017 alone. With such significant amounts going through these organizations, the Financial Accounting Standards Board established strict guidelines and standards that non-profits must abide by and follow. Thankfully, accounting software has helped streamline and simplify various bookkeeping and accounting tasks, making it easier to meet the set reporting standards and keep financial records in check.
QuickBooks is one of the best and most preferred accounting software for many organizations. Although packed with all the features and functionalities needed for accounting and reporting purposes, most non-profits struggle to use QuickBooks. One of the reasons for this is that QuickBooks is expensive to use in the long run. Thus, many are forced to look into cheaper and more affordable accounting software to integrate into their systems. Finding a good alternatives to QuickBooks for nonprofits can be a challenge for many. There are, however, a number of good options to choose from. All you have is to check to ensure these options have all the essential features you need and are cost-friendly too.
Key Factors to Consider When Shopping for A QuickBooks Alternative for Non-Profits
1. Features
The main idea behind investing in accounting software is to help streamline bookkeeping, accounting, and reporting services. That said, you want to look for providers offering most, if not all, the features you need for your organization. Some of the key features to look out for include the ability to create and unify multiple accounts, grand visibility to main stakeholders, a streamlined fund and grant management system, reliable and accurate forecasting, and the ability to integrate with existing software. While there are plenty of free options to choose from, paying an annual premium fee for the same can grant you most of these features – a small price for the functionality and ease of use.
2. Cost
It is every non-profit organization’s goal to keep expenses to the bare minimum, and a reason most struggle with the more expensive options, e.g., QuickBooks. That said, you want to go for the most affordable, reliable, and feature-rich accounting software to keep your expenses down. Most of the best alternatives out there offer free trials of up to 90 days and money back if you don’t like the software. Some options charge as little as $150 for a standard version option. Be sure to check if the standard option offers the ability to integrate with multiple organizations for seamless reporting at little or no additional cost.
3. Usability And Reliability
As much as you’d want to keep your expenses down, you still need to invest in easy-to-use and reliable accounting software. For this reason, it would be advisable to check the graphical user interface and functionality to see how fast you, or other users, can find and execute basic functions without going back to the manual. Simple and easy-to-use accounting software is better than complex systems that would take weeks or even months to master fully.
4. System Compatibility
Some of the best accounting software and QuickBooks alternatives can be launched from a web browser or an app. However, it is worth noting that most accounting software comes in desktop versions only and is only compatible with the Windows Operating system. As user-friendly and cost-effective as this option might seem, it wouldn’t be a wise investment if you only have iOS or Linux-based systems. Luckily, many providers provide cross-platform compatibility, meaning you can have the system installed on your windows, mac, or Linux system without tweaks. Cloud-based options would also make sense, especially if most of your employees work remotely or have to. Most providers also offer cloud computing as an option for their accounting software packages too.
While finding an easy QuickBooks alternative might be easy, identifying the best one from a sea of options out there can be intimidating. An easy way is to make a checklist of all the features you’d need for your accounting software, then start window-shopping for likely candidates. Be sure to identify at least six options and try them before settling on the best one. Ask your accountant to help identify the right accounting software too.