Nonprofit Accounting & Bookkeeping Services

Scaling your nonprofit’s finances doesn’t have to mean skyrocketing costs. With thoughtful budget planning, you can grow while keeping your bookkeeping manageable. Finding the right tools for nonprofit bookkeeping doesn’t have to drain your budget.

Our Mission

Accounting for nonprofits helps to facilitate the budgeting process, allowing them to set goals, allocate resources, and monitor actual performance against budget. We work with many nonprofit clients and can advise on best practices and the latest trends, whether you need basic bookkeeping or an entire outsourced accounting department, we’ve got you covered. Just because your nonprofit qualifies as tax-exempt under Section 501 doesn’t mean that all of your donors’ contributions qualify as charitable deductions. And it doesn’t mean that all of the activities your nonprofit spends money on aren’t taxable. Tax-exempt nonprofit employees are still subject to employment taxes, and your nonprofit could still be subject to sales, real estate and other taxes depending on which state it’s based in. Nonprofit-friendly accounting software shouldn’t just allow you to create professional-looking budgets.

Nonprofit vs for-profit accounting

Did you know…OneOC can help you get organized for your nonprofit tax filing or nonprofit tax returns? https://www.bookstime.com/articles/bookkeeping-for-large-business OneOC’s back-office support services provide cost-effective and business-savvy outsourced management services that nonprofits often lack, freeing staff time to focus on their mission delivery. Nonprofit bookkeeping is the process of tracking your organization’s day-to-day transactions. Not all accountants fully understand nonprofit accounting and are limited by their own knowledge and experience.

Accounting isn’t your job.But it is your responsibility.

Compliance is of particular importance to nonprofits because it helps nonprofit bookkeeping services them to keep tax-exempt status. Nonprofits generally use fund accounting to monitor and report on various funds and bank accounts separately. This allows them to track the resources dedicated to specific purposes like grants, programs, and restricted donations.

Nonprofit Sustainability & Financial Planning

• Effective accounting helps a nonprofit accurately monitor and report on the use of these funds, ensuring compliance with donor restrictions and enhancing donor confidence.
• Advanced features like grant tracking and membership management may require additional integrations.
• However, managing the financial aspects of these organizations can be a challenging and complex undertaking.
• YPTC is not a CPA firm, and provides no attestation services with regard to financial reports.
• What began as a two person shop back then has grown to over 50 dedicated professionals serving thousands of nonprofits, all across the country, each and every year.
• Yes, with over 19 years working exclusively with nonprofits, we pride ourselves in having a unique understanding of your accounting and reporting needs.
• By establishing a budget-friendly bookkeeping system, you can effectively manage your nonprofit’s finances without overspending.

Some are unrestricted net assets and some are considered restricted net assets. Bank reconciliation is the process of ensuring an organization’s records (balance sheet, general ledger account, cash flow, etc.) are accurate. A nonprofit reconciles bank accounts by comparing the recorded amounts to the amounts on bank statements. Our team adapts to your nonprofit’s needs to provide the perfect financial management solution. We can serve as your organization’s bookkeeper, https://www.instagram.com/bookstime_inc accountant, controller, or Chief Financial Officer (CFO), depending on which services you’re looking for. Our clients are provided a deeply-discounted subscription to the leading, cloud-based accounting software platform available, Quickbooks Online.

• We are passionate about supporting the nonprofit sector and contributing to the success and sustainability of organizations that make a difference in our communities.
• To fulfill your mission and impact the communities you serve, you have to raise and allocate funds wisely—That’s why bookkeeping for nonprofits is an essential part of what you do.
• What sets YPTC apart is our background in nonprofit-specific financial management.
• From tracking payments and expenses to creating reports and quarterly financial statements, FreshBooks is the go-to program with numerous uses.
• We’ll help you modernize your nonprofit accounting & bookkeeping systems to get consistent and accurate reports.

This statement contains information on how much cash an organization generates from investing, financing, and operations. When nonprofits automate their AP processes, many select software solutions that only meet basic requirements. Download our whitepaper, The Holy Grail of Accounts Payable, to discover a more holistic strategy for automating accounts payable and taking a modern approach to nonprofit accounting. Nonprofits may be subject to audits by external auditors or regulatory agencies. Nonprofits must always comply with specific accounting standards and regulations that are applicable to the nonprofit sector. This can include rules set forth by the Financial Accounting Standards Board (FASB), Internal Revenue Service (IRS) regulations for tax-exempt organizations, and state-specific reporting requirements.

• If your finances are more complex, consider seeking out affordable CPA or tax filing services.
• A good budget can act like a roadmap for a nonprofit, determining where and when the organization will deploy its resources, and whether it’s on the right track financially.
• Don’t use your personal bank account to receive, hold or disburse money for your nonprofit.
• You can create concise summaries highlighting key metrics, such as total donations, expenses, and remaining funds.
• The fundraising and donor management tools assist nonprofits in planning, executing, and tracking campaigns.

700+ Clients Rely on YPTC’s Nonprofit Accounting Services

The more these types of companies can automate their AP process, the easier it will be to focus on strategic initiatives. Jitasa’s nonprofit bookkeeping services focus on data entry and allocation of both revenue and expenses. Our professional process will set your organization up for success in all of your financial management and accounting activities.