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5 Best Accounting Software For Nonprofits

by Scott Max
I'll offer two ways to find the tool, software or service you need, keep reading our breakdown and recommendations, or tell us about your business and the problem you are trying to solve and we will advise you for free!

So, you are in the market for accounting software that suits Nonprofits.

Ideal, because in this article we have our compilation list for our top picks, and we compare the features and pricing for you. 

If you just want the best choice, we’ve added that right at the top of the article as this was what is most requested by our customers. So, that’ll be the “can’t go wrong” option. 

Otherwise, feel free to explore all the options we’ve reviewed on the market to find something that might fit you a little better.

Enjoy the list!

The Best Accounting Software for Nonprofits specifically.

Nonprofit organizations must manage donations and government funds, organize social awareness events or campaigns and allocate finances to projects. Accounting software that offers accurate bookkeeping, project management and transaction tracking will be the perfect fit for this category. Have a look at the products below to choose the best accounting software for Nonprofits specifically:

1. GnuCash

GnuCash is a free accounting platform that allows you to track bank accounts, stocks, income and expenses. It is based on core accounting principles to ensure accurate reporting and bookkeeping. Moreover, GnuCash is downloadable on your device and ideal for every business due to its flexible, powerful, intuitive interface.

GnuCash Features

Here are some exclusive features of GnuCash:

Checkbook-Style Register: GnuCash offers a custom, practical and familiar interface to input financial transactions. Moreover, you can enter split transactions, display multiple accounts in a single register window and customize the display style. GnuCash lets you autofill and marks the transaction as cleared or reconciled.

Scheduled Transactions: GnuCash lets you create recurring transactions and set automatic due reminders. It offers high-level timeline customization and allows you to postpone the scheduled transactions without aborting or inputting them before the set date. GnuCash simplifies banking by providing automation and scheduling.

Reports and Graphs: GnuCash offers an integrated module to display your finances in the form of pie charts, bar charts and scatter plots. Additionally, it provides a full suite of customizable reports like balance sheet, portfolio valuation and profit margin. GnuCash's reports are personalizable in appearance, parameters and content.

Statement Reconciliation: GnuCash offers a reconciliation tool to compare your inputted transactions against bank statements. It allows you to spot untracked transactions or data entry errors and ensure your accounting books match the bank records. GnuCash automates the reconciling and highlights the discrepancies in your database records.

Contact Tracking and Invoicing: GnuCash offers customer and vendor tracking, invoicing and tax calculation tools within its platform. You can manage employee payroll and plan your financial strategy by organizing your business budget. GnuCash ensures you have all relevant details to connect with the clients and vendors.

GnuCash Pricing

GnuCash is open-source and free accounting software. It does not offer any pricing options; you can download the tool by visiting the GnuCash website.

2. ZipBooks

ZipBooks is a simple, powerful and intuitive accounting platform that gives you the tools and intelligence to upgrade your business. It saves your time from doing mundane Bookkeeping tasks by offering automation and intelligent insights. ZipBooks is an ideal entry-level solution for freelancers or firms looking for accounting software.

ZipBooks Features

Here are some exclusive features of ZipBooks:

Accounts Receivable: ZipBooks tracks receivable accounts and keeps accurate customer records. Moreover, it automatically updates the revenue earned and amounts owed in your accounts receivable report. You can manually edit any transaction outside ZipBooks into the database and gain thoughtful feedback on which clients regularly pay within a reasonable timeframe.

Bank Connect and Reconciliation: ZipBooks offers Bank connectivity and automatically streams your transactions on its platform after account verification. Moreover, you can view the current balance of your bank account plus the confirmed transactions in ZipBooks to make reconciling easier. 

Auto-Categorization: ZipBooks eliminates the repetitive data entry tasks from the bookkeeping and accounting process. It combines your work with research from other users and best accounting practices. Once done, it automatically categorizes your transactions. ZipBooks is an intelligent platform that uses Machine learning to learn your usage patterns and evolve accordingly.

Chart of Accounts: ZipBooks offers a chart of accounts, organizing everything in one central location. Here you can view the total inventory amount and overdue payments. Moreover, you can personalize additional account categories for your business.

Reporting: ZipBooks offers a snapshot of general payment trends and a balance sheet to document your assets, liabilities and equities. It calculates your profits and creates balance sheets that reflect periodic financial data. Additionally, you can highlight crucial aspects of your report and analyze all categories within your chart of accounts.

ZipBooks Pricing

ZipBooks offers 4 Pricing options for its accounting and reporting platform.

The "Free" plan is priced at $0 and connects with one bank account. Additionally, it offers unlimited invoices, basic reports, vendor and customer management and PayPal integration.

The "Smarter" plan is priced at $15/month and offers 5 team member accounts. Additionally, it provides reminder automation, multiple bank connectivity, time tracking and invoice scheduling.

The "Sophisticated" plan is priced at $35/month and offers unlimited user invitations. Additionally, it provides smart tagging, category customization, quick reconciliation and insightful reports.

The "Accountant" plan offers an on-demand pricing quote. It provides time tracking across client accounts, data migration, dashboard and transaction editing.

3. ZohoBooks

ZohoBooks is an accounting platform from Zoho that lets you work collectively and manage your finances. Zoho is well-known for its intuitive business tools and offers the ideal connective ecosystem. With ZohoBooks, you can automate business workflows and stay tax compliant. It provides features for all business sizes and powers up your bookkeeping.

ZohoBooks Features

Here are some exclusive features of ZohoBooks:

Invoicing: ZohoBooks offers effortless invoicing and receivables management. You can create polished invoices and accept global payments with a multi-currency platform. Additionally, ZohoBooks lets you create recurring invoices and securely store card information for easy transactions. With ZohoBooks, you can secure your invoices with a digital signature to avoid tampering.

Client and Vendor Portal: ZohoBooks provides a client and vendor portal so you can share recent transactions and accelerate the approval process. Moreover, you can gauge customer satisfaction by asking for feedback and add a layer of authenticity to your estimates by getting digital signatures from your clients.

Banking: With ZohoBooks, you can securely gather transactions from your PayPal and bank accounts, plus do swift reconciliation. You can get accurate cash flow predictions and spot the balance mismatches with ZohoBooks' banking dashboard. Additionally, it lets you categorize transactions automatically, expedite the matching and streamline the tax filing.

Automation: ZohoBooks is an intelligent accounting platform that allows you to automate tedious, error-prone tasks. You can eliminate the repetitive issues and auto-charge cards for recurring transactions. ZohoBooks boosts your productivity by automating your bookkeeping.

Reporting: ZohoBooks' Reports cover your finances from all angles and lets you create robust business plans. You can see expenditures and income, generate business reports and make informed decisions. ZohoBooks is ideal for scheduling customizable periodic reports and organizing data with tags.

ZohoBooks Pricing

ZohoBooks offers 6 Pricing options for its accounting platform.

The "Free" plan is priced at $0 and offers payment reminder automation, a client portal, invoice management and a chart of accounts.

The "Standard" plan is priced at $20/month and offers three user accounts. Additionally, it provides custom fields, sales tax tracking, transaction locking and bulk updates.

The "Professional" plan is priced at $50/month and offers five user accounts. Additionally, it provides sales approval, retainer invoices, vendor credits and multi-currency handling.

The "Premium" plan is priced at $70/month and offers ten user accounts. It also provides a custom domain, vendor portal, budgeting, validation, and workflow rules.

The "Elite" plan is priced at $150/month and offers ten user accounts. Additionally, it provides warehouse management, batch tracking, shipment label printing and Shopify integration.

The "Ultimate" plan is priced at $275/month and offers 15 user accounts. Additionally, it provides 25 custom modules, a real-time dashboard, financial metrics tracking and report collaboration.

4. Wave

Wave is a renowned accounting platform that offers free invoicing and accounting features. It offers a user-friendly dashboard, easy to comprehend and work on. Wave helps you stay organized and manage tax billings or invoices like a professional. It provides you with a completely accurate picture of your business's current financial health.

Wave Features

Here are some exclusive features of Wave:

Invoicing: Wave helps you avoid chasing clients for payments and adopt a more professional approach by sending invoices. You can get paid through credit cards and let Wave handle the payment reminders. Wave automatically syncs the data into your account books and identifies recurring billings for repetitive clients.

Banking: Wave offers built-in bookkeeping and a Wave money bank account for single-owner business owners in the United States with a Wave account. You can avoid the monthly and transfer fees without making long-term commitments. Wave provides faster access to funds, and you can use instant payouts upon qualifying the eligibility criteria.

Payments: Wave enables you to accept online payments for your business. It enhances your brand and provides a more professional outlook when you enable payment. Additionally, you can send personalized invoices to the clients with a link to the payment gateway.

Payroll: Wave offers a simplistic payroll software that allows you to manage tax filings and contractor or employee payments. Moreover, your employees can access the payroll database to view their banking information or pay stubs. Wave allows small business owners to safeguard their business profit margins by simplifying annual audits.

Accounting: Wave saves you from doing manual receipt entry by automatically syncing bank statements with the account books. Wave's smart dashboard assembles your financial expenditures and earnings with a comprehensive view. Additionally, Wave offers 256-bit encryption to protect your account information and card details.

Wave Pricing

Wave offers 6 Tools for various business accounting requirements.

The "Invoicing" tool is free and allows you to create personalized invoices that reflect your brand.

The "Accounting" tool is free and offers unlimited income and expense tracking. You can view overdue invoices and profit-loss margins.

The "Banking" tool is free and offers transaction segmentation to sort personal and business expenses. 

The "Payments'' tool offers pay-per-use pricing. You'll be charged 2.9% + $0.60 USD per transaction on credit cards, 3.4% + $0.60 USD per Amex transaction and 1% per transaction on bank payments.

The "Payroll" tool is priced: at $35/month in tax service states and $20/month in self-service states.

The "Advisors" tool is priced at $149/month and provides bookkeeping support. Additionally, you can get accounting and payroll coaching for a one-time fee of $329.

5. Kashoo

Kashoo is the world's most straightforward accounting software that offers integrated technologies, simplifying bookkeeping and financial management. Kashoo offers business and solution-specific tools to help freelancers and companies automate their accounting tasks. It is the ideal solution for first-timers looking for an easy-to-use accounting platform.

Kashoo Features

Here are some exclusive features of Kashoo:

Advanced Accounting: Kashoo offers an automatic bank feed tool that sorts transactions plus maximizes deductions. It ensures you can quickly enter recurring expenses, reconcile faster, upload receipts or attachments and check status. Additionally, Kashoo connects with multiple accounts and auto imports bank transactions.

KashooPay: With Kashoo, you don't have to leave your accounting software to create or send invoices. Kashoo offers KashooPay, which lets you accept online payments from clients. Alternatively, you can integrate your Stripe account and use it with Kashoo invoices. You can connect with over 5000 banks and credit unions and seamlessly run your business with full encryption.

Critical Reporting: Kashoo offers crítical statistics and reporting tools to help you analyze the cash flow, income statement, balance sheet, accounts receivable and payable, trial balance and bank reconciliation. With Kashoo, you can accurately plan your project budgets and ensure you don't overcommit your finances.

Automated Accounting: Kashoo maximizes your tax deductions with computerized data entry, machine learning-powered auto-categorization and alignment with IRS & CRA. It automates contact creation and reconciliation plus offers a point & click receipt capture. Additionally, you can create contacts directly from your transactions. It ensures you don't mix up or lose new vendor contacts.

Simplified Invoicing: Kashoo lets you invoice your clients, get paid digitally and track your payments. Moreover, the learning curve is minimal due to the simplistic interface of Kashoo. Once you send invoices with Kashoo, it stores the record, so you never have to input the details again manually.

Kashoo Pricing

Kashoo offers 3 Pricing options for its invoicing and accounting tools.

The "Trulysmall Invoices" plan is priced at $0/month and allows you to send invoices. Additionally, you can accept payments, send estimates and track income or clients.

The "Trulysmall Accounting" plan is priced at $20/month and offers a complete accounting solution. Additionally, you can track sales tax, do essential reporting and comply with IRS/CRA standards.

The "Kashoo" plan is priced at $30/month and offers advanced accounting for larger firms. Additionally, you can do advance reporting, customize CoA and check printing.

Why should you use Accounting Software?

Businesses regularly deal with transactions, client projects, vendor shipments and tax returns. Having a dedicated solution that organizes your accounting operations and inventory enhances efficiency. Accounting software is designed to automate your bookkeeping tasks and offer periodic insights into your finances.

It helps your business adapt to market changes, identify pending receivables and organize your banking. Accounting software ensures your daily bookkeeping tasks don't overburden you by automating recurring procedures.

Why should Nonprofits use Accounting Software?

Nonprofit organizations work towards the betterment of society by gathering donations and setting up awareness campaigns. The members do not profit in any way, and the government requires Nonprofit organizations to keep a full accounting to avoid forging or fund mishandling.

Accounting software enables Nonprofits; to efficiently manage the money received from various donors. You can keep a record of transactions and allocate the funds to your events, campaigns or social objectives. It ensures you maintain complete transparency and can easily see the source of your donations.

The challenges of the Nonprofits sector have never been greater. Demand for services in competition for funding is at all-time highs, all while reporting requirements are constantly changing. In order to succeed nowadays, you need technology that helps you report and operate.

Accounting software understands the requirements of modern stewardship and helps organizations improve business processes from the front line to the back office. Its comprehensive financial management solution is tailored for the complex reporting and fund accounting needs of Nonprofits.

Accounting software offers everything you require to manage financial reporting, monitor program success and improve operational processes. It provides a readily available reporting universe directly on your account program and grant records, delivering instant access to real-time financial information across all the dimensional layers of your reporting.

Accounting Software For Nonprofits, A Summary

Accounting software brings together modern technology, industry-leading reporting and tailored design to simplify and streamline your daily accounting experience. Many accounting applications can claim a long list of features, but Nonprofits should opt for an intuitive platform that offers a simplistic yet advanced interface.

GnuCash offers a free, open-source and user-friendly accounting platform. Moreover, it is scalable and offers advanced reporting. GnuCash is our suggested pick for accounting software that suits Nonprofits. Visit the website to get started.

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