Owning a non-profit organization means you are in charge of various financial activities such as monitoring donations, payrolls, charitable contributions, and taxation. One of the most challenging among these activities is your non-profit organization tax planning. This is due to unique tax policies and regulations non-profits, like yours, face.
A great way to improve your financial management is by using topnotch non-profit organization accounting systems. Unfortunately, getting the right financial software for your non-profit organization can often be challenging. For this reason, many non-profit organization accountants have opted to use Acumatica as a way to streamline and simplify their non-profit bookkeeping.
Can Non-Profits Benefit From Using Acumatica?
Acumatica is a platform that is designed to help you, your donors, and beneficiaries. For example, donors are keenly interested in seeing where their donations go. Acumatica’s precise non-profit organization bookkeeping allows you to drill-down on your records and transactions. It also offers you unparalleled audit control and management of user rights and privileges.
When donations are registered, the ID associated with the individual who registered the information in the platform is likewise recorded. If at a future date someone modifies the amount of the donation, their ID will also be registered to provide you a way to track changes. Non-profit organization CPAs that use the system get access to their original entries and any subsequent modifications. These features help your non-profit organization bookkeeping maintain transparency and accountability.
Get a Clear Picture Of Your Non-Profit’s Actual Financial Standing
As a non-profit organization, you often receive donations from a variety of sources. These amounts are allocated to the different expenses associated with your organization’s mission. Hence, you need to know the financial standing of your organization in real-time.
Dealing with the thousands of records you have in the past can create confusion. Acumatica addresses this by providing you with organized and actionable reports. These reports show every change in the finances of your organizations the moment they occur. Such a feature is highly beneficial for processes such as payroll, recurring expenses, and more. With Acumatica, you have the most precise picture possible of the actual financial standing of your non-profit organization.
Another way that Acumatica helps your non-profit organization bookkeeping is by getting rid of your dependence on spreadsheets. Since all of the data is stored and organized on a cloud database, everyone in your organization can access the same information at the same time. It also lets you monitor and report on multiple organizations or companies working under the same umbrella, including international companies. Our excellent non-profit organization accountants can use the program to do real-time analysis of your operations without opening a myriad of spreadsheets.
Acumatica Is An EPR That Has A Stronger Financial Core
Your non-profit organization is on a charitable mission, but it is still crucial for you to manage both the money that goes in and out of your organization. Acumatica is designed to make the complexities of non-profit organization tax planning simpler.
Acumatica prevents your cash inflows from getting muddled by using its revenue recognition features. It is a scalable program making it applicable to both small and midsize charitable institutions. You can also add capabilities as needed and as your organization grows.
Our experienced team of non-profit organization financial advisers helps our clients examine their financial reports to help them improve their operations to maximize your business’s profitability by uncovering areas that need attention. We also help our clients become better acquainted with the accounting platforms that they use, such as Acumatica. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.