Compliance is built into the foundation of dedicated nonprofit accounting systems. It moves you from reacting to an audit to being audit-ready at all times.
Make sure your organization is audit-ready 24/7.
Get the Nonprofit Audit Fundamentals Guide for tips on how to improve your audits.
Nonprofit accounting systems keep organizations compliant and audit ready with:
- Automated Net Asset Classification: The system automatically categorizes funds into two net asset classes—with donor restrictions and without donor restrictions—as required by FASB standards.
- Grant-Specific Tracking: Grant Administration tools tracks critical details like grantor contact info, indirect cost rates, and specific reporting periods, allowing you to run reports across multiple grants or specific grant dates.
- Proactive Budget Monitoring: Use “budget tolerance” alerts to notify you when spending is nearing its limit, ensuring you remain in compliance with grant terms before a violation occurs.
- Audit Trail: A complete audit trail logs any changes to your financials and presents information in an auditor friendly-fashion.
- Executive View Licenses: Grant read-only access to your auditor to make sharing financials a breeze.
- Ironclad Internal Controls: Segment who can access what information in your financials by role, and limit any one person from having full access to your information.
See the difference nonprofit accounting software can make for your organization.