Financial management
QuickBooks tries to make managing your cash flow as simple as possible. The platform lets you categorize revenue expenditures by fund or program, track budgets by fund or program, and even forecast money-in and money-out up to 90 days in advance.
QuickBooks for Nonprofits users can even open a QuickBooks Checking account for free, allowing them to make custom forecasts, receive instant deposits, and even earn 1.75% APY by storing their spare cash in envelopes.
Donor management
QuickBooks makes it easy to keep track of donations no matter which forms they take, be it cash, cheque, e-cheque, credit card, or debit card. The provider also offers a mobile app that lets users record money directly through their mobile devices. This feature isn’t offered by similar software, which makes QuickBooks one of the most useful tools for recording charitable contributions.
Fund accounting
Like other providers like Xero and FreshBooks, QuickBooks has fund accounting software that helps non-business entities record the journey of their finances easily so they’re able to function efficiently and comply with legal standards. The platform even lets you use Class location to track each fund separately and sub-accounts to keep tabs to keep tabs on them from your Chart of Accounts.
Financial reports
Insufficient funding remains one of the top concerns for nonprofits. For organizations looking to become more financially efficient, QuickBooks for Nonprofits gives users access to powerful sales and profitability reporting software. QuickBooks’ even let organizations build customizable reports based on their distinct needs — a benefit that you’ll miss if you opt for solutions like Wave or FreeAgent.
Advanced users can even use QuickBooks’ to track revenue streams, cash flow, expenses, and more. These stand-out features that earnt it a perfect score (5/5) for financial reporting in our research, the only provider except for Xero that was able to achieve this feat.
