Accounting software for charities is essential for any nonprofit organisation. The right software can help you manage your donations, keep track of expenses, and more. But with so many options on the market, how do you know which one is right for your charity?
Here are some things to look for when shopping for accounting software for charities.
1. Analysis and Reporting
Good accounting software for charities will offer powerful reporting and analysis tools. This will allow you to track your progress, see where your money is going, and make informed decisions about your finances.
This will also allow you to provide full transparency with regard to your financials (including providing complex reporting to fulfil donor requirements).
2. Partial VAT
Value-added tax and partial exemption get complicated, which is why you need an accounting system for nonprofits that support unlimited rates and automated partial VAT recovery.
The software you choose should make it easy to manage and report on your VAT, so you can focus on your charitable work, not on the paperwork.
3. Compliance
When you’re running a charity, compliance is essential. You need to make sure you’re adhering to all the relevant regulations surrounding fundraising, spending, and reporting.
Your accounting software should help you to stay compliant by providing features such as automatic donor list updates and real-time expense tracking.
Ensure that your chosen software is compliant with all relevant laws and regulations, including those relating to charities. This will help you avoid any potential penalties or fines.
4. Accounting of Multiple Organisations
If your nonprofit runs multiple offices or operates in multiple countries, you need software that can handle this. Look for software that offers multi-entity accounting, so you can keep track of all your finances in one place.
5. Integration With Other Nonprofit Systems
To really streamline your operations, look for accounting software that integrates with other nonprofit systems. This way, you can avoid duplicate data entry and get the most out of your technology.
Conclusion
When choosing accounting software for charities, make sure to keep these factors in mind. The right software will make managing your finances easier and help you stay compliant with all the relevant laws and regulations.
Find a system that offers powerful reporting and analysis tools, as well as integration with other nonprofit systems. This will help you streamline your operations and get the most out of your technology.
With the right software in place, you can focus on what really matters – running a successful charity.
Free consultation call
SunSystems, an innovative accounting system for charities, offer all of the features and functionality described above. To find out more, book a free consultation call today or contact us to arrange for a free demo.
