Blogs

How to Avoid Overstating or Understating Revenue and Expenses

Your 501c3 organization has a strong vision and a list of actionable projects that will make a difference in your community. You’re already funding your programs through various revenue sources, including fundraising events, grants, and donations. But how do you report it all accurately? The “idea person” who drives a nonprofit’s mission doesn’t always have […]

The Benefits of Properly Setting Up QuickBooks for Your Nonprofit

Your 501c3 nonprofit organization is a pillar of your community. Its programs inspire a dynamic culture and make your hometown a better place to be. You have a strong vision, and you are ready to implement it. But have you thought about bookkeeping for your nonprofit? If finances are not your strong suit, Good Steward […]

Do 501c3 Non-Profit Organizations Pay Payroll Taxes?

As your 501c3 non-profit organization grows, you may need to scale operations by hiring employees – volunteers can only get the organization so far. The process of hiring employees has its own sets of challenges, but at the same time, it may also lead to complexities in nonprofit bookkeeping. Payroll is one area where for- […]

Why Do 501c3 Nonprofit Organizations Need to File Form 990?

As the tax season comes about, nonprofit organizations often find themselves confused about what they need to file, the type of books they need to maintain, audit requirements, and more. On the other hand, nonprofit bookkeeping services are busy helping their clients collect all the necessary documents, particularly those needed for Form 990. The deadline […]

Funding Models for Nonprofits

As the name suggests, nonprofits don’t earn like ordinary businesses; instead, they have a different approach towards revenue. Nonprofits and their accountants need to keep on looking for new grants, donations, and other funding opportunities. However, developing a sustainable funding model for nonprofit organizations is harder than it seems. There is a reputation to uphold […]

Financial Literacy Training for Board Members

Having a high-performance Board of Directors translates, each with a diverse background is essential in ensuring efficiency and sound management decisions. There is no rule suggesting that board members need to have a strong financial background. However, there are certain skills that they must be adept at. Accounting and finance drive significant strategic decisions and […]

Is Quickbooks Online Really Useful For Nonprofits?

Accounting for 501(c)3 nonprofit organizations can get very tricky, especially when it comes to handling the income generated, loss, or any profit earned from day-to-day activities, such as a cafe, merchandise stall, store, etc. QuickBooks® Online (QBO) is a nonprofit accounting software that strives to make this easy, but is it really the best platform […]

When Is The Best Time to Outsource Bookkeeping for Nonprofits?

One of the biggest pain points of 5015(c)3 nonprofits is to maintain timely and accurate financial records within their tight budget. They have to find methods that are more cost-effective but often also means that these methods used might not be as efficient. Hiring an internal accountant is one thing, but outsourcing the accounting department […]

Announcing our new Full-Time Staff Accountant Aiyahna Edwards!

Good Steward Financial Company is happy to announce that Aiyahna Edwards has moved into a full-time role as Staff Accountant! Aiyahna’s been with us since last summer, first as an intern and then as a part-timer while she finished her senior year at NC A&T State University. She just graduated with a BS in Finance, […]

Stay Ahead of the Numbers with Fractional CFO Services of a Virtual Bookkeeping Business

No business can operate properly without a CFO to manage the financial situation and design financial growth strategy. However, small businesses or non-profits sometimes find it difficult to have dedicated resources for separate business functions or easily fill a vacancy if a team member leaves. One of the worst mistakes a business can make is […]

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