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Accounting is a troubling topic, even for non-profit organizations, which is often only tackled reluctantly. NGOs should not forget it however in no case! Because one thing is for sure: NGOs are too, are obliged with paying their taxes.
So that you, as an NGO owner or a manager, don't have to worry about the accounting of your organization. There are many affordable cloud based accounting software for NGOs that are specially tailored to the needs of non-profit organizations. So you can concentrate your efforts on doing good for the world while your accounting software takes care of the dull work.
Non profits pretty much survive on donations. While many large non profit organizations can afford and have the budget for an accounting department, a lot of small associations has to leave this important but tedious work to the hands of their volunteers. But they may not always be the most suitable person for the job.
Do Nonprofits Pay Taxes?
Nonprofits are exempt from federal income taxes based. But, they're of course subject to record keeping obligations. They must carefully document their income and expenses. Not only the IRS wants to see your finances, but also annual accountability reports are required to publish. Afterall, your volunteers and donators will want to see where their hard earned cash is spent!
For non profits and NGOs, generally a simple bookkeeping is good enough.
How complex is accounting for nonprofit organizations?
An association can, but does not have to be, non-profit. It depends on the non-profit status of whether the donations to the association are tax deductible or not. In addition, associations recognized as non-profit have the possibility to receive funding. These are often earmarked and the NGO must prove that it uses the money accordingly.
Accounting for non-profit associations is therefore also somewhat more complex than a regular for-profit organization. A non-profit association has a lot more to answer to IRS if it wishes to keep its non-profit status, thus avoid federal income taxes.
What should I look for in an accounting software for NGOs?
Best accounting software for non profit organizations should pretty much be able to do everything that a small business would need. NGOs too, just like SMBs, write invoices, have income, expenses and suppliers etc.
Accounting software for associations must be able to do everything that small businesses need. Clubs write invoices and occasionally give a member a nudge with a reminder. They book expenses and have suppliers. In order for the cooperation with the tax advisor to be uncomplicated, the simple transmission of data is important. That's where an accounting software comes into play.
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