The Benefits of Using QuickBooks for Your Business

The Benefits of Using QuickBooks for Your Business

As a 501(c)3, you have a mission to work on…but you cannot make a difference without adequately managing your finances. Fortunately, QuickBooks offers services that are geared specifically towards the needs of nonprofits. A virtual bookkeeper and a nonprofit QuickBooks service can provide you with peace of mind when it comes to the finances of your organization!

Benefits of a Virtual Bookkeeping Service

Virtual bookkeeping services offer a flexible option for keeping track of your business financials. A virtual bookkeeper will take time-consuming tasks off of your plate, while providing accurate accounting so that you can be confident in the status of your books.

Each year, you will experience benefits from these services by being able to file your taxes easily.

Using QuickBooks, your bookkeeper will start by updating your books to catch up on any areas in which you may have fallen behind. Next, your bookkeeper will provide ongoing routine services to ensure that your books remain in order and up to date. You will get to see a progress report each month so that you can incorporate timely information into all of your business decisions.

Nonprofit businesses require many of the same services as other companies, including payroll, cash flow management, and tax preparation. However, as a nonprofit, you may also have unique needs, so it is crucial to enlist the services of a virtual bookkeeper who understands the challenges that come with nonprofit accounting and finances.

Bookkeeping for Nonprofit Organizations

Nonprofits can save time and money by using QuickBooks bookkeeping services. The more efficiently your organization works, the more resources that you can devote to your mission. QuickBooks offers accounting tools that have special features that apply specifically to 501(c)3 organizations.

You can also adapt your program to meet any unique organizational needs that you may have. Anyone who contributes to your accounting will have the advantage of working with software that uses terms with which they are familiar.

When you submit financial reports to the IRS, state agencies, or your board members, the QuickBooks nonprofit bookkeeping service will make it simple and easy to generate those documents.

At Good Steward Financial, we offer nonprofit bookkeeping service assistance and can walk you through the process of switching your 501(c)3 over to QuickBooks.

Cash Flow Management for Nonprofits

Managing cash flow as a nonprofit is tricky. In fact, surveys suggest that 62 percent of nonprofits view their financial sustainability as one of the top challenges of their organization. Donors often restrict the use of the funds they provide, and income expectations can change drastically based on the ability of your organization to obtain continued funding.

QuickBooks bookkeeping services can help your nonprofit cash flow management by providing current, readily available, and easy-to-understand information about your finances. You can use that data to make decisions and to take steps to improve your financial situation through actions like:

  • Renegotiating contracts with contractors, landlords, or suppliers
  • Building cash reserves through frequently putting aside small sums
  • Adding revenue streams through merchandise
  • Focusing on the most cost-effective forms of fundraising

Bookkeeping with QuickBooks will let you see the places where you can take actions to improve your cash flow management.

Stay Focused on What Matters

You didn’t get involved in a nonprofit organization to focus your time and effort on accounting and bookkeeping. However, financial stability is essential to your mission’s success. Let GoodSteward Financial Company handle your finances with virtual bookkeeping business services so that you can devote your time and energy to your nonprofit’s mission. Call us today at (336) 587-0917.