White Lotus Bookkeeping: Your Nonprofits Accounting Specialists

We use technology to leverage our extensive accounting into clear processes and deliverables. Get our FREE GUIDE to nonprofit financial reports, featuring illustrations, annotations, and insights to help you better understand your organization’s finances. But here is a list of tasks that some nonprofits push onto their bookkeepers that are instead the role of an accountant. Of course, the central role of nonprofit bookkeeping is to keep the books of your organization current and accurate. And ensuring that every receipt, bill, check, credit card charge, and bank transfer gets into your system is a core function of nonprofit nonprofit bookkeeper bookkeeping. Do a Google search on nonprofit bookkeeping, and you’ll find page after page of articles on nonprofit accounting.

• Nonprofit bookkeeping can seem complicated, but there are several resources to help experienced and novice bookkeepers.
• As you choose your organization’s bookkeeper and financial software, remember to consider your organization’s needs and abilities.
• It goes without saying that you should never use your personal bank account for your nonprofit organization.
• Another big difference between bookkeeping vs accounting is that bookkeepers provide the foundation to accountants, whereas accountants prepare financial statements and conduct audits.
• In addition to tracking each source of receipts as a separate fund, non-profits must categorize donations and expenses.

Monitoring compliance

However, using nonprofit accounting software like Quickbooks streamlines the process. It helps track expenses, create financial reports, and make accepting donations easier—all while saving time and minimizing errors. As with most decision-making processes at your nonprofit, financial management is most effective when it’s data-driven. Keeping clear records of your organization’s finances allows you to develop analysis, planning, and reporting procedures that lead to greater efficiency and sustainability.

Make an Annual Budget Plan

The program offers numerous integrations and an easy-to-use interface, even for those who aren’t tech-savvy. FreshBooks is available on both computers and mobile devices, so you can stay on top of your nonprofit organization at any time. Fortunately, nonprofit professionals don’t have to worry about your financial information if you choose FreshBooks.

Application Process:

Kristine Ensor is a freelance writer with over a decade of experience working with local and international nonprofits. Record Keeping for Small Business As a nonprofit professional she has specialized in fundraising, marketing, event planning, volunteer management, and board development. When managing payroll for a nonprofit, bookkeepers must administer federal and state taxes, deduct money for employee benefits, and determine how funds are affected. It can be tempting to combine nonprofit funds with your personal accounts during this time since you aren’t bringing in a lot. Nonprofit bookkeeping can seem complicated, but there are several resources to help experienced and novice bookkeepers.

Statement of Financial Position

• Regardless of your nonprofit size, there are several accounting software options available.
• Annual reports are also crucial for informing stakeholders and ensuring compliance.
• When you select board members or hire an individual to serve as your executive director, you likely aren’t selecting them for their strong background in bookkeeping and accounting.
• 1-800Accountant assumes no liability for actions taken in reliance upon the information contained herein.
• She also keeps us all in line and validates we are delivering on time, every time.

In addition to paying employees, office & equipment expenses, and retained earnings technology costs, nonprofits also need the right processes and procedures in place for audit readiness and mitigating watchdogs. Closing the year can be a confusing process for not-for-profit organizations. We’ll implement new technology and processes to modernize your bookkeeping and improve transparency. That helps us ensure your transactions are entered accurately and on time to give you confidence in your decisions. Your non-profit’s functional expense statement should detail all general & administrative, program, and fundraising expenses.

Professional Nonprofit Accounting & Bookkeeping Services

Organizing and maintaining receipts is essential for transparent and accurate financial reporting and ensures you’re audit-ready. Bookkeeping for nonprofit organizations mandates diligent recording of all payments and bank transfers to ensure every dollar’s journey aligns with your mission. Nonprofit bookkeeping software is invaluable for efficiently and accurately tracking each payment and transfer.