Nonprofit accounting is an essential practice in any organization that doesn’t earn revenue. In addition to tracking income and expenses, it also ensures that the organization is using its resources efficiently.
Below, we go over all the nonprofit accounting essentials, from setting up your books to preparing financial statements. With the information in this guide, you'll be able to make informed decisions and confidently manage your nonprofit's finances.
- Picking an accounting method
- Maintaining GAAP compliance
- Taking care of overhead
- Delegating duties
- Paying employees
- Tackling taxes
- Applying for tax-exempt status