Non-profit and charity organizations are difficult to manage. Though they get tax benefits, they require adequate funds to continue their operations. They have to pay their employees, maintain their infrastructure, organize marketing campaigns, and handle a lot of other expenses.
In modern times, it is becoming more difficult for them to have a stable income for executing their plans accurately. The reducing support from governments adds to their challenges as well.
There is no single solution that may cater to all the problems of a non-profit or a charity organization. However, a sophisticated accounting tool like QuickBooks can certainly help them combat some of their problems.
Non-profit or charity organizations are different from for-profit organizations in many ways. They have a unique set of tax implications. Their financial reports are different too. Therefore, they require to manage their accounts differently. And to do so, they require accounting tools that cater to their specific needs.
QuickBooks’ non-profit accounting software is tailor-made for non-profit and charity organizations. In this article, we’ll walk you through how QuickBooks hosting benefits non-profits and charities. We will also talk about what specific features separate it from the generic accounting solutions available in the market. So, let’s dive in.
How QuickBooks Hosting Benefits Charity and Non-Profit Organizations?
QuickBooks’ cloud-hosted accounting solution provides the versatility of the desktop application with the accessibility of the online version. It gives great flexibility to all charity and non-profit organizations, particularly the smaller ones.
As we mentioned earlier, it is no simple task to effectively manage a non-profit organization. You have limited sources of income and a lot of expenses. QuickBooks hosting offers you a cost-efficient solution to manage all your accounting and financial activities.
With QuickBooks cloud hosting, you don’t need to purchase expensive hardware. You only need basic systems that have a web browser and a connection to the internet. It means you can even manage your accounts using your smartphone. It reduces the expenses of your organization. Neither you pay for expensive IT machines nor you have to bear their maintenance costs.
You also get all the required technical support from your hosting provider. Hence, you don’t need to employ a dedicated IT team to look after your operations. This further brings down your expenses.
With QuickBooks, you get remote, on-demand access to your data and accounting files. It helps you collaborate with various volunteers across the world. They don’t have to visit your physical location to help you with your accounts. It is both convenient and cost-effective for all the collaborating parties.
Features of QuickBooks for Non-profits
Accounting is a daunting task for a non for profit organization. There are different tax requirements and varied sources of funds. Moreover, many non-profit and charity organizations can not employ accountants on their payrolls. QuickBooks hosting for non-profits helps you overcome these shortcomings. It offers well-designed and easy-to-use features to help you cater to all your accounting needs. These features help your charity or non-profit organization stay compliant, organized, and productive.
The following are the top 10 features you get with QuickBooks hosting:
QuickBooks desktop enterprise hosting for non-profit organizations allows you to have access to 5 to 30 employees simultaneously. All users accessing the application can work on two organization files at the same time. Moreover, the application allows you to combine reports from several files. This helps you have a deeper understanding of your organization.
With QuickBooks cloud hosting, you get access to all your accounting data and files from anywhere in the world. This ensures business continuity amidst difficult times like that of the COVID-19 pandemic. It also allows you the flexibility to work while you are traveling or are out of the office for some reason.
With QuickBooks for non-profits, you can record all sorts of expenditures incurred in fundraisers, social campaigns, administrative activities, events, and other miscellaneous projects. It makes it very convenient and easy for you to file an information return with the Internal Revenue Service (IRS).
You have ready-made report templates like Balance Sheet, Company Snapshot, Expenses, Profit and Loss Statement, and others. It helps you maintain your non-profit or charity records and makes it easy for you to share your organization information with the public or the IRS.
The report templates can be further customized to match the specific requirements of your non-profit organization. You also get advanced scheduling options to automatically generate and mail reports to various stakeholders.
Some of the key reports you get with QuickBooks for non-profit include donor & grant reports, budget by programs, statement of financial income and expenses, and statement of financial position, etcetera.
QuickBooks makes it very easy for you to track various types of data. You can modify the list of donors anytime within just a few clicks on the application. The donations made via various payment processes like a check, bank transfer, debit card, credit card, or cash can be recorded simply through mobile phones by volunteers or your employees.
Moreover, QuickBooks supports different donation applications to facilitate the seamless import of donation information into your organization’s database. The same is the case with bank accounts. You can add several bank accounts and map the information along with transaction details.
4. Automatic Workflows
QuickBooks also facilitates automation for non-profit and charity organizations. You can automate multiple tasks with the application. Many of these tasks can be classified on the basis of different factors. For example, incoming funds and expenses can be categorized on the basis of funds and programs. This simplifies capturing and reporting of transactions that occur regularly.
5. Customizable Lists
In order to simplify data tracking with QuickBooks for non-profit, you can separate the lists of donors and members. It helps you effectively track transaction trails as well as prepare better budgets. Based on the version you choose for your organization, you will get the capabilities to track your budget details at a granular level. This helps you manage your finances better.
6. Scalability and Security
Just like normal organizations, non-profit or charity organizations also have to scale themselves up to meet the increasing operational requirements. The QuickBooks Enterprise for non-profit offers you effective scalability options. You can have additional functionalities, increased storage capacities, and better safety measures. This not only ensures protecting your sensitive data but also enhanced processing speeds for large databases.
QuickBooks hosting service providers incorporate state-of-the-art security measures to make sure your data is protected against any potential threat. Security features like data encryption and multi-factor authentication make it very difficult for cybercriminals to get access to your data. Also, the data centers are monitored and secured using appropriate measures to eliminate any physical threat.
7. Superior Support
With QuickBooks hosting, you won’t need to employ software experts and professionals to keep your application up and running. You get the required support from the hosting provider who has skilled staff to help you sort all your technical issues.
You are just a phone call, text, or email away from getting your problems solved by one of their technical experts. This quality support means your application works smoothly. This also allows you to focus on the core tasks.
8. Professional Forms and Statements
Professional forms and statements are tailor-made for non-profit or charity organizations. You can add your mission statement as well as the logo to built-in reports, donor forms, and templates. This gives a very sophisticated and professional look to your reports and forms.
9. Microsoft Integration
With QuickBooks for non-profit, you get to use your prepared letters in Microsoft Word. The application pre-populates the Word letters with your data and you don’t have to retype them. This is possible due to the seamless Microsoft integration you get with QuickBooks.
10. Accounts for Non-profits
QuickBooks hosting offers you a Non-profit chart of accounts. This chart has the most commonly used accounts for non-profit or charity organizations. Moreover, you also get a Unified Chart of Accounts that facilitates easy, reliable, and direct data transfer into CRA forms.
While it is difficult for you to streamline your non-profit organization’s accounting activities, hosting QuickBooks for non-profit helps you accomplish that easily. The application provides you features that not only save your time and money but also enhance the overall efficiency of your accounting process.
If you are associated with a not-for-profit organization and looking for a superior accounting solution to cater to all your needs, you can host QuickBooks for non-profit with the Sagenext. You get all the hosting options at fairly affordable costs along with round-the-clock technical support and effective data backup and recovery capabilities.