Let’s talk about money. It’s a necessary and important part of every business or nonprofit organization, but for many individuals, managing finances can be downright overwhelming.
When it comes to financial management, it’s important to be organized. Expenses need to be tracked, budgets should be firm and strategic, and all donations must be accounted for. If you are managing a team, you’ll need to keep track of payroll and the costs associated with providing employee benefits.
There was a time when the accounting information for every business and organization was maintained in paper/pencil ledger books and counted with adding machines. Talk about time-consuming!
Today’s advancements in technology have allowed businesses and organizations to leave behind the ledger books in favor of digital tools that allow you to manage your organizational finances with more speed and accuracy.
Financial Management Tools
- Quickbooks
Ideal for startups and smaller organizations, Quickbooks is a “one-stop-shop” accounting software. This program allows you to seamlessly track expenses, donations, and grants. Unlike other accounting software, Quickbooks makes sharing financial information with stakeholders or in financial planning meetings easy. The financial reports put together within this program are clear and easy to read and understand. - Xero
Another helpful accounting software, Xero boasts that their programs will “save you hours of admin, so you can spend more time helping the community.” This program collects and organizes expense and donor information and it’s user friendly app makes it possible to stay on top of your organization’s finances anytime, anywhere. - Abila
Abila offers MIP fund accounting designed specifically for nonprofit organizations and government agencies. This financial management program is adaptable to the needs of your specific organization, growing with you as you scale your organization. Abila MIP fund accounting offers payroll services in addition to managing donations and tracking expenses. - Donorbox
Online fundraising plays a huge role in the financial wellness of nonprofit organizations. It allows for easier giving and the ability to reach a wider audience with your message. Donorbox makes online giving safe and easy. The software protects and secures all donor information and allows for both one time and recurring gifts. Donorbox is easy to setup and is compatible with all major website setups. - Techsoup
Not a financial program specifically, but Techsoup is one site every nonprofit should know about. Techsoup supports nonprofits and charities by offering discounts on digital tools to help your organization. This includes programs, servers and networking gear, Microsoft Office programs, and of course, accounting software such as Intuit Quickbooks. Techsoup makes the best digital tools accessible for nonprofit budgets.
Before you spend time sifting through CRM programs or payment software, make sure you have a foundational understanding of financial principles to guide you in choosing the right digital tools for your specific organization.
The larger the organization, the more complicated the financials can become. Unless you are lucky enough to employ a team of certified accountants and financial managers, you may need to devote some time to learn the basic principles of financial management for the nonprofit industry.
Lucky for you, there are plenty of online free and affordable resources designed to teach the foundational skills for nonprofit financial management. Here are are few excellent resources to get you started:
- National Council For Nonprofits: Financial Management Tools
- Propel Nonprofits: Financial Management Training
- Nonprofitready.org: Free Finance Courses
Want to learn more? Click HERE to signup for updates on our latest blog posts and podcast episodes. You’ll receive helpful tips, tools, and information each week created to support you in leading a successful nonprofit.
Article was contributed by: Maria Lees, Team Writer with Sarah Boxx
RESOURCES:
https://www.wholewhale.com/tips/nonprofit-financial-management-training/
