Wednesday, 19 Jun 2019
The humungous non-profit sector in Australia has come a long way. The number of not-for-profit organisations is increasing, and they are operating in diverse genres in cities like Melbourne. While many are seeking a foothold in the industry, others have established themselves as credible entities working for the cause of greater good.
As soon as a non-profit starts spreading its wings, it needs the support of robust accounting software to manage the records of its incomings and outgoings. A professional company for non-profit bookkeeping in Melbourne can come to the rescue of such entities with its profound knowledge about accounting software and industry experience.
In the initial stages of the establishment of the non-profit, the bookkeeper can rely on the free accounting software. However, these come with a set of limitations, such as the number of accounts that can be managed.
Thus many opt for the paid accounting software, but often it is hard to find which one is best suited for their non-profit. To solve this puzzle, let us take you through the top-rated options available in the market to make the selection easier.
Xero has been leading the way in accounting ever since it arrived on the scene. It is especially recommended for non-profits as it allows them to focus on their cause by reducing the time spent on bookkeeping. Some of its unique and highly useful features make the cloud-based accounting software ideal for not-for-profits.
It helps in effortless sharing of donation and expenditure information online with the donors, volunteers and board members. The non-profit in Melbourne can sync the software with third-party apps for fundraising, marketing, workflow management, donor management, etc.
The bookkeeper or the administration can get all the real-time data on their phones using the accounting app. Also, it makes it easier to pay the salaries through its effective online payroll management. The most striking attributes include the Xero dashboard, which gives an updated outlook of the cash flow through easily comprehensible graphs and pie charts.
Another interesting feature is the ability to sync Xero with online payment service providers to get the invoices sooner. Thus many bookkeepers depend on this paid software for maximum efficiency and minimal errors. It is the best software for non-profits and is reasonably priced as well.
QuickBooks non-profit is apt for small and medium-sized organisations in Melbourne as it has all the required features, such as invoicing, billing, fund tracking, donation letter management, expenditure management, inventory tracking and reporting.
It extends an intuitive mobile and desktop interface which comes with the payroll management feature. It can be easily customised and has an add-on library to make it suitable as per the needs of the non-profit organisation in Melbourne. However, these add-ons are paid integrations.
The easy-to-use cloud-based system is recommended by bookkeepers because of its advanced invoicing quality and good tax support. It also has a lending platform which is called QuickBooks Capital. It is preferred by new entrants as it is much easier to learn.
However, its spectrum of features is not as extensive as the one offered by Xero. It is best for those non-profits in Melbourne which need a whole lot of personalised data which can be achieved through the use of the add-ons.
Aplos has been created to meet the needs of non-profits and offers features like fund accounting, fundraising tools, reporting, donation management, banking reconciliation, budgeting and forecasting, and membership management.
The user-friendly software makes tracking cash flow and creating journal entries effortless for direct double entry accounting. It has an online donation tool which can be utilised for fundraising purposes as well as other essential aspects of non-profits like generating donor database reports and event registration in Melbourne.
All the information can be stored and retrieved from one place. Many bookkeepers score it high on the ease of usage and functionality. However, it does not have a payroll management facility which makes it a bit inferior to other options.
Those non-profits which have an inexperienced person working as a bookkeeper can leverage this easy-to-understand software which needs negligible training.
Non-profits in Melbourne can take advantage of this cloud accounting software which increases transparency and takes away the dependency on manual calculations. It offers fund accounting solutions including general ledger, grants, accounts payable, receivable, partnership accounting, compliance management, endowments, projects, fixed assets, banking, etc.
The customisable software allows the bookkeeper to keep a tab on the income statements, cash reserves, expenses and more. It makes real-time reporting a possibility with the help of one-click functionality and export feature so that the non-profit can make informed decisions backed by valuable data.
It enhances data entry efficiency by curtailing human errors. The downside is a basic interface and the lack of payroll features in the software. It is known for providing the best support during the on-boarding of a new system.
Sage Intacct provides the capability of automating financial processes for small and medium-sized non-profits by offering real-time data insights. The main applications include accounts payable and receivable, general ledger, cash flow management, etc.
The bookkeepers for non-profits in Melbourne can take advantage of the dashboards and reporting features as well as project accounting, multi-entry consolidations, revenue management and more. It can be comfortably integrated with other business applications such as CRM and payroll for more elaborate functions.
The straightforward interface is yet another positive characteristic which makes it perfect for novices. Besides having no payroll management feature, it also lacks the donation management functionality. However, it is well-recognised for its in-depth reporting and detailed general ledger system which works well for data-driven fund accounting.
Whether your non-profit in Melbourne is just starting up or has made a mark for itself in society, it needs the support of comprehensive accounting software. The list of cloud-based software mentioned above enlists all the top-performing names in the industry which are endorsed by accomplished bookkeepers. So understand your organisations’ needs and make a wise choice accordingly.
