There is a lot going on in the nonprofit sector. There are tons of causes to support, and a multitude of ways for individuals to show their support. One of the trends in the nonprofit sector over the last few years is that more nonprofits are starting to invest in software solutions instead of hardware.
With this shift comes an increase in efficiency and overall ability to create an impact in the community. QuickBooks for Nonprofits is another one of those solutions that makes it easier for an organization to do their work, and get back to the impact that they care about. But there are certain things to think about when trying to decide whether or not QuickBooks is a proper solution for your team.
Primarily, we can point to four areas:
• Nonprofit use cases
• Integrated tools
So let’s start at the beginning.
What is QuickBooks?
QuickBooks is an account software developed by Intuit. It enables entrepreneurs, small businesses and charities the ability to take their accounting functions online. With intuitive automations, QuickBooks makes it easy for users to get to the information they need, decreasing admin time.
But this only scratches the surface. Among the plethora of features, you can use QuickBooks to:
• Manage bills
• Track income and expenses
• Invoice and accept payments
• Track time (like billable hours)
• Track inventory
• Run meaningful reports
• Calculate sales and sales tax
• Send estimates
• Maximize any tax deductions
• Pay employees
Many of these functions are purpose-built for the for-profit side. But there is also QuickBooks for Nonprofits.
QuickBooks for Nonprofits
Every nonprofit and charitable organization is managing their accounting in one way or another. It’s important to be able to do these tasks efficiently, and store records reliably. One reason that QuickBooks seems to be a good fit for nonprofits is because they’ve taken the time to ensure that they are not a square peg in a round hole — they fit into the nonprofit sector quite well.
Nonprofit Use Cases
One of the most inefficient uses of technology is to force a fit with the job you are trying to do. That’s why CRM systems that are focused on sales are not a good fit for nonprofits. On the surface they look like a good fit, but there are a lot of issues that come up because the tool is not purpose-built for the sector. That’s why QuickBooks is great for nonprofits.
Nonprofit Accounting. As a nonprofit, you might be tracking the expenses of various programs and funds. QuickBooks understands this and has a function that automates this type of accounting. It makes it easy to separate those accounts and expenses. This keeps your team on the right track, and on budget.
Tracking Donations and Grants. Donations are a big part of your work as a nonprofit. Whether it is fundraising, or allocating donor dollars – QuickBooks has a function that enables you to do it easily. The program also works nicely with popular fundraising platforms so you can automatically sync those donations.
Reporting. There are a lot of groups that nonprofits report to. Boards, staff, funders, the general public — there’s always a unique audience to report impact to. Using QuickBooks, you can pull those reports for your finances very easily — saving you time and effort. Much like Keela, QuickBooks helps you get back to impact.
Another great feature of QuickBooks for nonprofits is that it plays nice with other tools. Accounting software can be robust, but it can only do certain parts of the job. A nonprofit needs to do much more than just accept donations and account for them.
One of the biggest jobs that a nonprofit does is to build strong, lasting relationships. Make emails, phone calls, events and use other stewardship tools to accomplish this. The important part is to keep track of these interactions to truly strengthen relationships for years. That is why having a CRM is imperative for nonprofits.
For functionality like this, QuickBooks relies on other nonprofit software, and information is passed between the programs seamlessly. That way, when someone makes a donation, it is tracked on your CRM, and it is also accounted for properly on QuickBooks. This is an ideal solution!
QuickBooks for nonprofits is cloud-based
More and more, nonprofits are becoming decentralized. This means that there is a lot of work being done outside of the office. This could mean remote workers, but could also mean volunteers and contractors. Whatever the case is, nonprofits are relying on cloud-based technology to have their workforce access information from wherever they are.
This is of utmost importance when it comes to accessibility.
QuickBooks offer cloud-based solutions as well. This means that information is made available as long as there is internet access. This makes it easier for everyone to work, collaborate and create impact from wherever they are in the world.
Automation is always an important point for technology. When monotonous processes are automated, individuals are more efficient. They have more time to do the work that really matters to them.
QuickBooks automates a lot of the manual entry that would usually have to take place when doing accounting with pen and paper. Receipts are digital, so there is less fumbling around with old paperwork.
Overall, it is just a cleaner experience.
How to set up QuickBooks for Nonprofits
There are discounts available for nonprofits who choose to subscribe to a QuickBooks service. They are affiliated with TechSoup (this is where you can get discounts).
Steps to get your discounted QuickBooks Subscription
1: Register or login at Techsoup Canada.
2: Ensure that you meet the general eligibility criteria.
3: Ensure that you meet the Eligibility Guidelines for Intuit.
4: Look up the Intuit product available here.
5: Choose the product that you’d like (1 user license or 3 user licenses). Click “add to cart”. Then proceed to checkout.
6: Enter payment information
7: Allow for 2 – 3 business days for your donation request to be processed. Look out for an email explaining how to access your new tool.
For United States:
1: Register or login at Techsoup.
2: Look up QuickBooks for Nonprofits in the Product Catalog.
3: Ensure you meet the eligibility requirements in the “Rules, Eligibility and Restrictions” tab.
4: Choose the product that you’d like (1 user license or 3 user licenses). Click “add to cart”. Then proceed to checkout.
5: Enter payment information
6: Allow for 2 – 3 business days for your donation request to be processed. Look out for an email explaining how to access your new tool.
Using Keela with QuickBooks for Nonprofits
One of the tools that works really well with QuickBooks is Keela.
We know how important your time is and that it can be difficult to find time for accounting in a busy schedule.
With Keela’s QuickBooks Online integration, you no longer have to export your data from Keela first or manually enter information into QuickBooks. Once you set up the integration, you can sync transactions quickly and seamlessly, reduce data entry and human error, and get back to what matters most.
Keela’s QuickBooks Online integration includes the following capabilities:
• Allows one-way, one-time sync of individual records on donation and membership payments (including Stripe or PayPal transaction fees) from Keela to QuickBooks Online
• Sync transaction fees for Stripe and PayPal payments made through Keela
• Segmenting of your transactions based on payment method
• Selection of the sales deposit account, expense category, and expense withdrawal account for each transaction type
• Sync selected transactions from a specific date range
What the integration cannot do:
• Sync information from QuickBooks Online to Keela
• Have transactions in more than one currency synced
• Sync transaction fee information for imported Stripe or PayPal transactions
• Match information on in-kind or securities donations
• Sync information on Other Revenue types (grants, etc.)
• Integrate with more than one QuickBooks account
• Integrate with products other than QuickBooks Online
With the integration, you can increase the accuracy of the financial information you port to QuickBooks and reduce the time spent manually transferring data from multiple sources and spreadsheets.
QuickBooks is a great tool to help your team with nonprofit accounting. There are specific nonprofit use cases that you will be familiar with, there are integrated tools, it is cloud-based, and there is an emphasis on automation. It also works very nicely with Keela. All of these things make the software a great option.
But every nonprofit is different. The best thing to do is to jump on a trial or and play around with QuickBooks yourself. Some of the questions you can ask yourself to evaluate need can be found in this Guide for Buying Nonprofit Technology.
Best of luck with your search!
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