A budget estimates a nonprofit’s revenue and spending for the long and short term. By and large, it is an extremely powerful tool for reaching an organization’s long-term financial goals. Also, a financial budget, when shared by nonprofits with their stakeholders, keeps nonprofit executives financially accountable.
- A well-planned financial budget allows you to establish your nonprofit’s short- and long-term goals.
- Xero is a financial budget tool that allows you to manage your organization’s accounts online
What are the top financial budget apps for nonprofits?
A financial budget helps to estimate revenues and expenses and supports a nonprofit in allocating resources, in an effort to keep the nonprofit financially viable. Likewise, there are various tools that nonprofits can employ to help in effective financial budget planning. Here are the top 5 tools to consider.
1. Mint
Mint provides an easy way to aggregate expenditures, balances, budgets, and more. The software tool prioritizes basic budgeting and money management. Also, its easy-to-use user interface makes it suitable for nonprofits that are primarily concerned with budgeting and tracking the organization’s spending.
Mint is one of the most popular and free financial planning apps. Not to mention, the platform can perform a multitude of functions such as keeping track of all your bank and credit card accounts in one place, monthly budget creation, expense categorization, and tracking, and setting up bill payment reminders, among others.
2. QuickBooks
Quickbooks is a financial budget tool that has gained the trust of over 3.3 million online subscribers. The software stands out for its simple-to-use platform, clear layout, and informative tutorials.
Also, the mobile app allows you to manage your organizational operations while on the go. With all data securely saved in the cloud, you can conduct all financial activities from your Mac, PC, tablet, or phone.
Essentially, nonprofits can leverage the tool to keep track of their operations and spending. Also, donor receipts can be arranged in one location to ensure efficiency and organization.
QuickBooks works with a variety of other software and apps. These include apps for charitable donations, scheduling, time tracking, document management, payment processing, and inventory management, among others.
3. Wave
With Wave’s suite of money tools, you can create beautiful invoices, receive online donations, and simplify bookkeeping all in one place. Wave allows you to conveniently and freely track your income and expenses.
The platform’s accounting software, invoicing software, and banking are all completely free for US residents. Hence, there are no free trials, subscriptions, or additional charges.
Optional paid features of Wave include online payment processing, payroll software, and access to individual bookkeeping and coaching through Wave Advisors.
Wave seeks to create a world where current and aspiring small businesses and organizations feel confident in managing their finances. This in turn enables them to start, survive, and thrive as self-employed professionals.
The straightforward, all-in-one financial management solution is best for small nonprofit organizations.
4. Xero
Xero is a financial budget tool that allows you to manage your nonprofit organization’s accounts online. Also, this simple-to-use software is best for small nonprofits.
With Xero, you can view all of your bills, contacts, balances, financial information, and accounts online. In addition, you can connect your bank account to your financials in Xero online accounting. The tool allows you to invite your nonprofit adviser to collaborate on your online accounts from anywhere and at any time.
Organizations seeking an effective software tool to assist with smooth operations, retain neat online bookkeeping records and make compliance a snap can opt for Xero. Not to mention, you can automate chores like invoicing and reporting. With up-to-date financial data, you can get a complete picture of your organization.
5. Zoho Books
Zoho Books is an online accounting software that helps you manage your accounts, automate organizational procedures, and collaborate across departments. The software assists with handling typical accounting duties like negotiating transactions and invoicing so you can focus on other operations.
Also, Zoho Books allows you to grant your coworkers and accountants access to your organization online so they can log in, examine reports, and manage finances.
Conclusion
In summary, a meticulously crafted financial budget offers numerous benefits. Primarily, it helps define both short- and long-term goals for your nonprofit. With accurate data, the budget becomes a guiding framework for monthly activities, serving as a crucial tool to assess the organization’s effectiveness in achieving long-term financial objectives.
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