QuickBooks has established itself as the industry standard for business accounting software. From small businesses to larger ones, QuickBooks has products for all types of enterprises. Here you will read about QuickBooks for nonprofits and if you want to know more about Quickbooks features like how to set up company information in QuickBooks online and the best QuickBooks apps to organize your documents then click on these links.
You’re in luck if you’re in charge of a non-profit organization and need accounting software. It shouldn’t be surprising that Intuit also offers accounting software geared toward nonprofit organizations.
Although QuickBooks is a well-liked option for companies and nonprofit organizations, the question is: is it the best option for you? We’ll assist you in finding the solution to that question in this post. In order to determine whether QuickBooks for Nonprofits will be beneficial for your business, we’ll look at features, pricing, and other factors. Learn more by continuing to read!
WHAT TYPES OF NONPROFITS DOES QUICKBOOKS SUPPORT?
There are no restrictions on the kinds of nonprofits that can use QuickBooks Desktop. Numerous features that are helpful to businesses are available in QuickBooks, including the following:
- churches and other places of worship
- Schools
- Charitable institutions such as animal welfare organizations, museums, and food banks
- clubs for recreation and socializing
- fraternal organizations and societies
- associations for businesses and professions
- Foundations
THE TWO DIFFERENT QUICKBOOKS NONPROFIT DESKTOP PRODUCTS
The QuickBooks Premier for Nonprofits and QuickBooks Enterprise for Nonprofits products are two that can be used by nonprofit organizations. Let’s examine each piece of software to assist you in selecting the ideal one for your business.
QUICKBOOKS PREMIER FOR NONPROFITS
Accounting software installed locally is called QuickBooks Premier. With a few significant differences, it is very similar to QuickBooks Desktop Pro, the program that most people envision when they hear the name “QuickBooks.” The Nonprofit Edition of QuickBooks Premier is one of its industry-specific editions. You will have access to more users, features, and reports that are specific to not-for-profit organizations with QuickBooks Premier for Nonprofits.
The learning curve for QuickBooks Premier is quite steep, just like for other QuickBooks Desktop products. To help you get started, there are a lot of resources available. While learning the software will take some time, you’ll discover that the range of features you have access to is truly unmatched.
QuickBooks Premier is best suited for small- to medium-sized businesses and organizations. The software supports up to five users, although your costs will rise as you add more users, so this is something to keep in mind.
ENTERPRISE FOR NONPROFITS
Consider Enterprise if QuickBooks Premier doesn’t seem to be a good fit for your larger organization. QuickBooks Enterprise has industry-specific editions, including one for nonprofits, just like QuickBooks Premier.
QuickBooks Enterprise for Nonprofits provides more users, individualized user permissions, online backups, and data protection in addition to hundreds of industry-specific reports. It like other QuickBooks Desktop products, can be challenging to use, especially for users with no prior accounting experience.
QUICKBOOKS NONPROFIT FEATURES
All the features you require for the effective financial management of your nonprofit organization are included with QuickBooks Nonprofit. It features invoicing, expense tracking, time tracking, inventory management, and contact management, as well as everything else you would anticipate from a strong invoicing system. However, the program also has a tonne of fantastic nonprofit-specific features that you won’t find in most accounting programs, all of which are grouped under a single, accessible tab.
CUSTOMIZED CHART OF ACCOUNTS
There is a default chart of accounts in QuickBooks Nonprofit Edition that is created especially for nonprofit organizations. This chart of accounts can be altered to suit the requirements of your business.
NONPROFIT REPORTS
In this area, QuickBooks Nonprofit Edition excels. There are nine reports specifically for nonprofits in addition to hundreds of other financial reports. These reports make it simple to track finances, develop budgets for your organization, and demonstrate financial accountability to your board of directors and donors.
You can generate the following reports for your nonprofit:
- Biggest Grantors/Donors
- Actual vs. Budget by Donors/Grants
- Grant Report and Donors
- Summary of Donor Contributions
- Actual Spending vs. Budget by Programs/Projects
- Report on Programs/Projects
- Financial Income and Expense Statement
- Financial Position Statement
- An explanation of functional expenses (990)
HOW MUCH DOES QUICKBOOKS NONPROFIT COST?
You can use the great features that QuickBooks Premier and QuickBooks Enterprise both have to manage your not-for-profit organization. Sadly, the price for those features is quite high. The good news is that QuickBooks frequently gives new clients discounts, so be sure to look at the QuickBooks website for any current offers.
QuickBooks Premier
There are three ways to get QuickBooks Premier. One choice is to pay $499.99 a year for a subscription to QuickBooks Premier Plus. Your subscription includes unlimited customer support, the industry-specific desktop software of your choice, and automatic data backup and recovery. There are add-ons available for payroll, extra users, and remote access via hosting.
The software is also available for a one-time payment of $649.99. You will get your preferred industry-specific edition. Despite the fact that this might appear to be the more affordable choice, there are a few considerations. There is an additional charge for unlimited support. Additionally, you won’t have backups and automatic recovery. Additionally, QuickBooks will stop providing support for the product after three years, at which point, depending on the requirements of your company, you might need to upgrade.
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