Taking Finances to the Next Level

For large nonprofit organizations, a chief financial officer (CFO) is a critical part of the management team. A CFO provides a high level of financial knowledge, and helps the organization understand their finances on a deeper level, as well as create plan strategically for its financial future.

For smaller organizations, this level of knowledge isn’t affordable. Some organizations are able to hire a CFO on a contract basis for a limited number of hours per month, but for many, even that cost is too high. This means the executive director needs to develop their financial knowledge to help the organization thrive.

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Basics of Accounting and Payroll for Small Organizations

For small nonprofit organizations, paying for bookkeeping software seems like a large expense. Luckily, any organization with a 501(c)(3) designation can get QuickBooks Online for just $50 per year through TechSoup. Spending $50 per year will save your nonprofit tremendous time and energy down the road, plus it lets you create professional looking reports from QuickBooks to give to funders. If you have more than a few transactions per month, you’ll want to get started with QuickBooks.

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