Automate Your Fund Accounting And Serve Your College Student Body

Automate Your Fund Accounting And Serve Your College Student Body

Reading Time: 4 minutesUniversities and colleges have different objectives than other nonprofit organizations and for-profit businesses. Where profit is the main objective for businesses, providing high-quality educational services within budget is the primary goal for colleges and universities. A fiscally responsible university or college should have a balanced budget in which expenditures fall within available revenue.   If…

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What Do Nonprofit Accountants Need in Accounting Software?

What Do Nonprofit Accountants Need in Accounting Software?

Reading Time: 9 minutesNonprofit accountants have a unique job. The nonprofit industry involves complex reporting requirements to maintain compliance while also reporting out on program, grant, service, fundraising or donor-specific needs to illustrate operational effectiveness towards mission realization. Nonprofit finance teams also ensure reporting and allocating for these is accurate across human resources (HR), procurement, and other aspects…

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Fall Fundapalooza: Tips for Accounting and Development Team’s Fall Fundraising

accounting for nonprofit fundraising - MIP blog

Reading Time: 3 minutesFall is a crucial time for donations, with many donors and nonprofits determining their year-end giving plans. This is also an important time to ensure your organization’s accounting and development teams are in tune with each other’s goals and needs. From budgets and planning to collecting donor information and accounting for fundraising dollars, your organizational…

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5 Tips to Achieve Your Nonprofit’s Goals

5 Tips to Achieve Your Nonprofit’s Goals

Reading Time: 8 minutesEach nonprofit is unique, with its own landscape of objectives, challenges, and potential donors. Whatever your goals look like, you’ll need a thoughtful strategy to bring them to life. Spending some time on strategic planning for your nonprofit can help you ensure every activity ultimately supports your mission. Maximize your impact with these tips on…

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Avoiding Data Discrepancies in Nonprofit Audits With Automatic Reconciliation Software

Avoiding Data Discrepancies in Nonprofit Audits With Automatic Reconciliation Software

Reading Time: 9 minutesLike for-profit businesses, nonprofits rarely look forward to audits. While combing through every detail of your financials, auditors look for many types of errors and inconsistencies. Depending on the issues and the type of audit, the ramifications of these errors can be significant, with increased costs, time commitments, and potential penalties. The more accurate your…

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Donation Management: Essential Accounting Practices for Nonprofits

nonprofit's donation management system

Reading Time: 5 minutesNonprofits rely on donations to keep their operations running. However, nonprofit donations often vary from month to month and year to year. To manage your nonprofit’s finances strategically, you need a donation management system. Donation management includes steps like tracking donations, completing financial reports and communicating with donors. Learn more about donation management and five…

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Best Practices for Mastering Nonprofit Financial Statements

track funds

Reading Time: 5 minutesYour nonprofit financial statements keep donors informed about where money is going and how it’s being divided between different categories. There are four financial statements for nonprofits to use to track finances: In this post, we go over each financial statement, review its primary purpose and suggest areas of improvement. Unlike for-profit organizations, your statements…

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