Wednesday, 31 Jul 2019
Unlike the common perception, non-profits are similar to other businesses, and they too generate profits. The only difference is that these profits are not put into commercial use but are utilised for a social cause. Naturally, they also need to organise their books and employ accurate accounting methods to manage their finances and leverage tax concessions.
However, they have specific accounting needs, such as the tracking of funds being generated through donations, fundraisers, grants, etc. Thus bookkeeping for non-profit organisations in Melbourne requires specialised accounting software that can handle their requirements.
There are a few options available in the market that can make the job of the bookkeepers a lot easier with their diversified features. However, you must first understand which one will be best-suited for your not-for-profit organisation in Melbourne. Here is a list of the best non-profit accounting software that will work best for your organisation.
Let us take a look.
Various organisations cannot work with the generic themes offered by the accounting software and struggle with them. This problem is easily solved by Intuit QuickBooks which has a specific package QuickBooks Non Profit which allows the tracking of donations and grants along with other bookkeeping responsibilities in Melbourne.
The best part about this package is that it comes with an add-on library which helps in personalisation of the software as per the needs of the organisation. It can be used on desktop as well as mobile phones to stay on top of the financial information involving incomings and outgoings and cash flow.
Its key features are payroll management, donor management, accounts payables and receivables, invoicing, fixed asset management, collections, and cash management. It can be integrated with non-profit applications including DonorPath and NeonCRM, and helps in maximising tax deductions in Melbourne.
Almost every not-for-profit in Melbourne wants to be cost-effective, but it is not always possible to do so. However, the NFPs which need to cut down on their expenses can take advantage of the Xero accounting software which offers discounts for non-profits.
It has a wide number of features and can be integrated with more than 500 tools and third-party apps such as Square, Paypal and Google Suite. It can be utilised by bookkeepers for bank reconciliation, invoicing, accounts payable and receivable, expense tracking, payroll management, tax management, trust accounting and much more.
It streamlines bookkeeping processes and allows quick sharing of financial information with donors and board members. The mobile app offered by the software is another additional benefit which helps to approve expenses and raise invoices on the go.
Sage Intacct cloud accounting is a boon for those non-profits in Melbourne which need quick consolidation of their data. It offers the flexibility of a multidimensional database which allows the aggregation of all the transactions taking place throughout the organisation in varied currencies and with different tax jurisdictions.
The push-button feature of the software helps in real-time analysis and swift closings that help in making the non-profit more efficient. It saves a whole lot of time spent on manual reconciliations and fussing over spreadsheets.
Sage Intacct makes separate closes for different income sources which aid in better management of cash in the organisation. With the advantage of non-profit product add-on modules, it provides a wealth of resources that enhance efficiency. With increased transparency, it makes it easier to retain the sponsors and donors for a long time.
Many non-profit organisations in Melbourne employ one of the team members in a multi-tasking position and burden him with the responsibility of bookkeeping, among other tasks. They usually avoid hiring a professional bookkeeping company to save money.
Thus they need a software which requires minimal training and effort. Aplos is one such accounting software which is extremely easy to comprehend and can be used by anyone with a little training.
It can be upgraded to add more features, and it offers various feature configurations depending on the type of non-profit using the software, such as configurations for churches, headquarters, nonprofits, etc.
You can create customised reports, track the donations, plan your budget, prepare a donor database, and get donation receipts and donor statements. The budget management feature is especially helpful to bookkeepers to which aids in comparing projected income with actual income so that the organisation can make informed financial decisions.
If you are in need of cash-rich projects that help your non-profit in Melbourne to grow and build a network of volunteers, then you need Netsuite, which is purpose-built to satisfy these needs.
It extends the benefits of automatic fund accounting, real-time visibility of the cash flow and estimated budget, enhanced effectiveness of fundraising initiatives, and building collaborative communities and relationships.
It can be easily used by all the employees and the top management to keep them updated with the financial reports. It helps in reducing costs and improving the use of resources as well as supports streamlining of global operations.
It helps in building customer relationships and has over 250 pre-built reports and a comprehensive dashboard that makes the job of the bookkeeper effortless and less labour-intensive.
Non-profits in Melbourne are always in need of an internal controlling system which helps in the promotion of ethical practices, reduction in the possibility of fraud, bringing down expenditure, and eliminating the chances of a policy breach.
Blackbaud Financial Edge NXT provides all this and much more through its customisable software which creates a controlled work environment with the help of automated workflows.
Besides these, you can effectively cover the grant accounting tasks and balance the management of finances. It also offers the benefit of streamlined communications, which reduce errors, synchronise the flow of information and boost transparency through access to real-time data.
With reduced manual effort and increased accountability, the software mentioned-above assist in developing the capabilities of non-profits. If you too are looking for bookkeeping for non-profit organisations in Melbourne, then first understand the requirement of your NFP before going forward with the implementation of an accounting system.
