Feb 6, 2023 Author: Accounts Junction
Xero accounting software includes all core accounting features and functionality essential for not-for-profit businesses, like the ability to create and send invoices, track spending, etc.
It is cloud-based accounting with a user-friendly interface that makes accounting simple, easy, and quick.
It helps in specific functions like receiving donations, filing Form 990, and handling restricted funds.
Seven reasons why Xero is the best accounting software for a small charity
Xero for Not-for-profits help streamline the accounting process and save hours of administrative work that could better be used to contribute to your community. Xero accounting provides real-time information about the financial health of a small charity.
The following are some of the reasons why Xero is for Not-for-profits:
1. Keeps track of cash flows
Not-for-profit accounting is different from traditional accounting as the purpose here is charity.
It becomes important to track the movement of funds flowing into the charity and its utilization.
Xero helps to track the flow of cash in and out of the non-profit with user-friendly dashboards. It helps to plan your expenses with a cash summary report so you can stay on top of your finances.
2. Reports for stakeholders
Opting for Xero for Not-for-profits enables the sharing of financial reports with donors, volunteers, board members, and the trustee within a few clicks. And the best part is that you can customize the report according to your requirements.
3. Seamless and on-time payroll
With the help of Xero, you can keep your basic records and process payroll on time. It provides basic payroll features for a few numbers of staff, or else it provides easy integration with a third-party payroll app.
4. Remote access
With cloud technology, you can access your financial data from anywhere anytime. You can use the Xero accounting app from mobile devices and monitor spending for charities or non-profits from anywhere.
5. Automation
One of the best things about Xero accounting is automation. It helps you automate your expense tracking, and manages accounts receivable and payable as well. You can share your financial records in real time with the bookkeepers and other collaborators.
6. Saves time and increases efficiency
Xero saves you valuable time by streamlining the task and increasing your efficiency and capabilities. It helps to share information related to critical donations and expenses with donors, volunteers, and other members.
7. Easy Integration
Xero supports seamless integration with third-party apps. It easily integrates with third-party fundraising and donor management tools.
Xero accounting helps to pay bills, claim expenses, organize payroll and get accurate accounting reports. You can easily sync your bank accounts with financial records and share them with members and trustees or your accountant.
Final Thoughts
Xero for Not for profit works well with professional accounting service providers like us.
Accounts Junction is a team of qualified CPAs and Cas is certified as a Xero expert. We can provide you with full access to all Xero functionality.
To begin with, explore our services, starting with Xero accounting.
