Complete Guide on Alternative to QuickBooks for Nonprofits
Nonprofit organizations are the ones that run without any financial constraints, these organizations work on regulating various requirements, providing specialized accounting solutions and much more. While QuickBooks is a popular choice for many user working in the nonprofit organizations there can be times when the user finds it difficult to work with the same due to its limitations in managing funds, reporting, and compliance effectively. In this article we will delve into the some of the best Alternative to QuickBooks for nonprofits, their features, benefits and other factors that can contribute to the growth of your venture.
Before going on this list let’s understand what are the limitations that makes as research on these alternatives, the biggest concern of switching on to these alternatives are the lack of robust fund accounting features that restrict the funding process, also QuickBooks lacks in generating detailed donor reports, that are critical to compile and document on time. The biggest reason to switch to the Alternative to QuickBooks for nonprofits is the associated cost with the additional features or support, this cost can be one of the leading factor to search for an alternative, also this can be prohibitive for smaller nonprofits.
Benefits of Specialized Nonprofit Accounting Software
Tailored Features:
There are various alternatives that offer specialized functionalities that can cater to all the needs of nonprofit accounting, these may include grant tracking, donor management, and compliance reporting within a single platform.
Cost-Effectiveness:
There are numerous Alternative to QuickBooks for nonprofits that offer more affordable pricing models and even provide free trails that are suitable for smaller organizations.
User-Friendly Interfaces:
The interface of QuickBooks is considered as a complex learning graph. Whereas there are many alternatives that tend to prioritize ease of use and facilitate quicker onboarding for the new users.
Top Alternatives to QuickBooks for Nonprofits
Odoo
Odoo is an adaptable enterprise resource planning (ERP) solution that offers a wide range of functionalities for the nonprofitable organizations, the software works as a customized platform that can cater various business needs and can assist the user with the processing. The software offers features like Fundraising Management, membership management and event management all under the same roof that not only makes it user-friendly but also makes it an ideal choice for the Alternative to QuickBooks for nonprofits.
Fast Fund Accounting
As the name says the Fast Fund Accounting software is a system that is especially designed for nonprofits organizations that work on a larger scale. The key features that the software provides are real-time tracking of the funds, customized charts of account, easy to understand annual reporting process and also offers an extensive feature of donor tracking that helps in generating donor statements.
Xero
Xero is a cloud-based accounting software that has a user-friendly interface which makes it an apt choice for the small to mid-sized nonprofitable organizations. The main components of the software are its real-time dashboard implementation, the feature also offers an in-depth insight into the financial health of the organization. The most beneficial feature of the software is the multi- currency support that is perfect for the organization working on an international level.
FreshBooks
FreshBooks is known as one the simplest and most easy to understand software when working with an Alternative to QuickBooks for nonprofits, the key feature of the software’s goes as real-time bill generation that tracks the expenses of the organization, the FreshBooks also works on multiple invoice and payment tracking systems that manages the donations and grants. Last but not the least the software works on advanced integration methods at a price point of $19 per month, with limited essential features that can work on operating systems.
Sage Intacct
The Sage Intacct is another complete financial mangaement solution that supports the large nonprofit operations, hence the user searching for an option that provides scalability with advanced needs. The software also supports real-time financial reporting that further contributes in generating the insights into financial performance across multiple dimensions. The software also follows the GAAP (generally accepted accounting principles) standards.
Factors to Consider
There are few factors that the user much consider before choosing the alternative to QuickBooks for nonprofits:
Organizational Size and Complexity:
It is important to understand the size and complexity of our organization as the larger the organization, more will be the requirement, hence it is essential to know the size of the firm, whereas there are only a few software’s like Odoo that works on all the business without thus extra cost.
Budget Constraints:
It is better to go with Free or lower-cost options like Odoo, wave, etc. if you are a beginner as it will not give a big load on the firm in the first place.
Specific Needs:
Look for the software that works on all your organization requirement and helps you to provide advanced management and reporting function.
Implementation Considerations:
Switching the software’s can be a crucial task as it requires an extensive training sessions from an authorized partner like o2b technologies, and to achieve the same the user must consider involving a key stakeholders in the decision-making process who can assist them in the same.
FAQs
Is there a free version of QuickBooks for nonprofits?
Odoo can be a prefect Alternative to QuickBooks for nonprofits, as it provides an odoo Community version which is absolutely free of cost and provides the user with numerous features like CRM, sales, accounting, etc.
How does Odoo benefit nonprofit organizations?
Odoo can benefit the nonprofit organizations as it is an adaptable ERP solution that offers a wide range of functionalities for the nonprofitable organizations, the software works as a customized platform that can cater various business needs and can assist the user with the processing. The software offers features like Fundraising Management, membership management and event management all under the same roof that not only makes it user-friendly but also makes it an ideal choice for the Alternative to QuickBooks for nonprofits.
Why is fund accounting important for any nonprofits?
The Fund accounting is an important feature for any nonprofits as it helps the user to provide multiple funding sources, assist them in donor restrictions, maintain the components like transparency and accountability, which further builds the brand trust in the eyes of the people.
What should nonprofits look for in accounting software?
The user must look at the features like tailored Features, Cost-Effectiveness and User-Friendly Interfaces in an accounting software for nonprofits.
