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Do a Google search on nonprofit bookkeeping, and you’ll find page after page of articles on nonprofitaccounting. Because while nonprofit bookkeeping and accounting are related, they’re not the same thing. A bookkeeper records and organizes financialdata; an accountant interprets and presents that data. .
If you’re like many people, you probably think that there is a single set of accounting rules that every company must follow. . But that’s not quite true—nonprofits face a decision between 2 different accounting methods for tracking their financial activity: cash accounting vs. accrual accounting.
If you’re brand new to nonprofitaccounting, the Chart of Accounts might be the best place to start. Because even if you only have one bank account, bill, investment, or expense, you’ll need one. What is a Chart of Accounts? How to Organize a Nonprofit Chart of Accounts .
The type of accounting your organization uses could be holding you back from getting the most out of your accounting system. While many nonprofits start with cash-basis accounting due to its simplicity, this method often falls short of providing a comprehensive view of a nonprofit’sfinancial health.
Modern nonprofit leaders are always looking for ways to use technology to make everyday tasks easier. One of the most sought-after tools is a platform or software to integrate your fundraising and accountingdata seamlessly. Instead, accounting software prioritizes accuracy, standardization, and regulatory compliance.
Their primary role is to ensure that all transactions are entered into the accounting system with accuracy and consistency. An accurate bookkeeper helps a nonprofit maintain financial transparency and accountability by making it easy to track how funds are received and spent.
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