For non-profit organizations, it can become a little difficult to select the right accounting software. There has been a gradual increase in non profit accounting in Orlando and the organization has to ensure that their staff is familiar with the selected software. There are various different software packages available in the market, but the best ones seem really expensive for the limited budget of non profit. However, it is essential to incorporate the right accounting software as it is beneficial for the sustainability of the organization.
Things to Consider
Non profit accounting in Orlando succeeds if the firm acquires the software and tools essential for its prosperity. It is important to determine the needs of your organization. You have to decide which tools can prove to be beneficial in the long term. Here are some things to consider when selecting accounting software.
- Size and location of organization
- Accounting complexity
- Software currently in use
Fund Accounting Software or Commercial Software?
Some non-profit organizations get confused between commercial software and fund accounting software. Some even opt for commercial software thinking that it will benefit their non-profit more. However, is commercial software really the right approach?
- The main difference between these two software programs is the way they conduct reporting and tracking.
- Non-profit organizations have to deal with more reporting and tracking as compared to commercial businesses.
- In commercial software, there are no features of tracking and reporting of restricted funds or grants.
- Non-profit may also need to keep a track on incoming dues in distinct time periods, produce complied reports as per FASB (Financial and Governmental Accounting Boards), and produce further reports for verification of applications and usage of restricted grants and contributions.
- It is not possible to report, track, and separate contributions, grants and donations with commercial software. Therefore for non-profit accounting in Orlando, fund accounting software would be a much better choice.
Before selecting the right software program, you must also keep in mind that your staff may not be familiar with the accounting software. You must determine whether the software offers training and will it be appropriate for your organizational needs. It may be a good idea to attain customized training in order to fully benefit from the software package. The software vendors may offer classroom, web-based or in person training for you and your staff. Opt for this training and also find out other support and updates for your selected software and their costs.
Check with Your Accountant
Ensure that the software you are selecting complies with FASB guidelines. You must also talk with your accountants and ensure they are comfortable with the software you are considering.
Before making the final decision, recheck everything. It is important to remember that it is not merely just some software you are buying but a huge investment which can have a major impact on your organization. The right software can ensure prosperity for your non-profit.
It is important to do prior research regarding the software and whether it can be beneficial for non-profit accounting in Orlando in the long term. Take into account return-on-investment metrics, efficiencies, reporting, maintenance and training costs. Ensure you are happy with all the features and characteristics like technical support, hardware and software and even vendor selection.
If you need more information about our Orlando accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, and Celebration, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt.