One of the fundamental decisions a nonprofit organization needs to make is whether to use the cash or accrual accounting method. The method you select will determine how you classify, record, and report on your income and expenses. What is the cash method of accounting? Under the cash method of accounting (cash-basis accounting), revenue is…
3 Keys to Being Prepared for Your Next Nonprofit Audit For many nonprofits, going through an annual audit is like undergoing a root canal—it’s a painful, stressful, and expensive experience. The good news is that it doesn’t have to be that way (the audit, that is.) Through advance planning, organization and knowledge of the audit…
What’s So Different About Nonprofit Accounting? If you’ve never worked in the nonprofit environment, you might assume that the accounting is fairly simple and straightforward. In actuality, proper accounting for a nonprofit is much more complex than accounting for a for-profit business. Why? For starters, most nonprofits operate on an accrual, not cash, basis. This…
Rare is the nonprofit that looks forward to finance and accounting tasks, from bookkeeping to budget reviews and reporting. At a minimum, such tasks are a headache, and sometimes—as when an audit takes place—they become the bane of many executives’ existence. The difficulty of managing finances internally is one of many reasons nonprofits are increasingly…
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