Top 6 QuickBooks Online Alternatives and Competitors for 2024

If you’re a one-person business owner, consider QuickBooks Solopreneur. The best thing about using QuickBooks Payroll is that it’s integrated with QuickBooks, so your financial statements are always up to date as of the latest payroll run. You have to purchase a QuickBooks Payroll subscription to run payroll, but you have several levels of service to choose from to fit your needs. quickbooks accounting You can run basic reports, like profit and loss, balance sheets, and statements of cash flows. You can also run more advanced reports, such as A/P and A/R aging reports and profit and loss by class. What’s more, you can set up scheduled bill payments in QuickBooks using QuickBooks Bill Pay, a new built-in feature that replaced the Bill Pay powered by Melio integration.

• Despite this, QuickBooks for Nonprofits’ plans may be on the pricier side for smaller charities or sole member nonprofits — especially if they require additional tools like remote access.
• To do this, click Reports in the left menu bar and then select Deposit detail under the Sales and customers section, as shown below.
• Depending on your product and plan, you can use QuickBooks to create and send invoices, manage and track unpaid bills, handle inventory, keep track of project profitability, view financial reports, and more.
• Once you provide all the required details, click Save or Save and send on the lower part of the screen.

Time Tracking & Billing

Say we received a $1,700 check payment from Aaron Berhanu for a heating, ventilation, and air conditioning (HVAC) installation invoice. In the next lesson, we will look at money that goes into and out of your organization, and how to set up your chart of accounts. Accounting for funds in this fashion allows you to answer these questions and more. In a properly set-up system, this fund would have its own asset, liability, equity, income, and expense balances, making it a completely separate entity within your organization. You would still be able to see simple information for your organization as a whole. Altiga Solutions is a Gold Member of QuickBooks Online and the author of this article (James Willis) is a QuickBooks Certified ProAdivsor.

Adding a Payment to a Deposit

It’s as simple as logging into your Intuit dashboard, picking your shifts from available times on the schedule, and being at your computer when it’s time to clock in. You’ll be diving into QuickBooks headfirst, hand in hand with your client, to make sure every penny is accounted for. If you’d like to learn more about this opportunity, fill out this form and a partner engagement specialist will contact you to discuss the next steps.

Best for Managing Large, Global Nonprofit Financials

• In addition, QuickBooks offers discounted products for nonprofits through TechSoup for both nonprofit and other editions of the software, a great deal for organizations with a tight budget.
• It will be a huge plus if you have experience preparing tax returns for service industry customers.
• While Wave offers free plans, its payroll (tax services), transactions and bookkeeping and accounting support cost extra.
• These integrations transform QuickBooks into a central hub for a nonprofit’s financial ecosystem, facilitating seamless data management and comprehensive financial oversight.
• Right Networks performs backups of all Hosted data on a nightly basis and retains the back-ups for a rolling 90-day period in a protected offsite facility as an additional level of protection.

When reviewing your transactions, it’s easier to spot discrepancies and missing deposits since your QuickBooks records align with the combined deposits on your bank statement. Once you provide all the required details, click Save or Save and send on the lower part of the screen. Your payment will be recorded automatically in the Undeposited funds account. By utilizing this system of tracking funds, you can maintain accurate financial records for your organization and all of its directives, empowering you to generate powerful financial statements and make key decisions. Most importantly, it can keep government agencies like the IRS off your back.

• It will make you stand out from other applicants as this is a large part of our customer base.
• Each organization is responsible for the proper collection, disbursement and control of all money relative to the funds the organization receives.
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• We recommend that churches and other houses of worship use QuickBooks Online Plus or QuickBooks Advanced so they can get all the tools, tracking, and reporting features we offer.
• Moreover, QuickBooks may limit compliance for nonprofits due to its limitations in providing FASB-compliant financial statements and handling federal accounting requirements for grants.
• However, it is not specifically designed for non-profits, and does not include features such as fund allocation and cost center tracking that meet the needs of non-profits.

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Depending on your product and plan, you can use QuickBooks to create and send invoices, manage and track unpaid bills, handle inventory, keep track of project profitability, view financial reports, and more. By far, the largest headache in preparing a tax return is compiling your income and expenses. If you use QuickBooks during the year, all you need to do at tax time is print your financial statements.

What is QuickBooks Online for Nonprofits?

• You are advised to take detailed legal advice about your specific situation.
• You can create a new invoice from scratch or by converting an existing estimate into an invoice.
• However, QuickBooks doesn’t provide a direct way to track funding restrictions, so you’ll need to manually create two extra classes for permanently and temporarily restricted net assets.
• QuickBooks is the most popular accounting software suite widely used by small businesses to manage their financial transactions.

Without such tools, organizations can struggle to properly track and report on their funds, which can lead to compliance risks and financial challenges. Fund accounting software is essential for ensuring effective proper stewardship of donor funds and maintaining the trust of stakeholders. QuickBooks makes it easy to keep track of donations no matter which forms they take, be it cash, cheque, e-cheque, credit card, or debit card. The provider also offers a mobile app that lets users record money directly through their mobile devices.

What are the main compliance risks when using QuickBooks Online for nonprofits?

But with a free user tier and graduated pricing tiers, teams can use Zoho as they scale with minimal growing pains (so there’s no need to migrate to a different solution). All QuickBooks Online plans come with a 30-day free trial—or you can sign up right away and receive a 50% discount for three months. QuickBooks Online allows you to create invoices and either print them or email them to customers. You can create a new invoice from scratch or by converting an existing estimate into an invoice. The program is known for its customizable invoices—making it our overall best invoicing software.

For small businesses

Add up to 40 users with custom permissions and securely manage thousands of donors, vendors, and items easily with QuickBooks Enterprise. For a taste of how you might find it to set up Quickbooks for your nonprofit, read our guide on How to Use Quickbooks Online, a very similar product from Quickbooks. We’re giving away 20 QuickBooks grants to small business owners just like you. Register today for a chance to win $10,000 cash and free business coaching. Tax season begins in January, so many companies start hiring bookkeepers and tax preparers from August until December for each tax season. With Intuit, you can pick your hours to work remotely at times when you’re not working your full-time job or spending time with your family.

QuickBooks for Nonprofits: Top Options