Best Financial Management Software for Nonprofits in 2024

Running a nonprofit organization involves managing a variety of financial tasks, from tracking donations and grants to creating budgets and generating reports. Financial management software can help streamline these processes, saving time and reducing the risk of errors. In this article, we’ve outlined the best financial software for nonprofits to help manage and track your organization’s finances.

Best Financial Management Software: QuickBooks

Benefits of Financial Management Software for Nonprofits

Managing finances is a crucial aspect of running a successful nonprofit organization. Implementing financial management software can provide numerous benefits to help nonprofits streamline their financial processes, improve transparency, and make informed decisions.

  • Streamlining Financial Processes: Financial management software can save time and reduce the risk of errors, allowing staff to focus on other important aspects of running the organization.
  • Enhanced Transparency and Accountability: Using financial management software can help nonprofits maintain accurate and up-to-date financial records, which is essential for demonstrating transparency and accountability to donors, grantors, and other stakeholders.
  • Improved Decision-Making and Budgeting: With financial management software, nonprofits can gain real-time insights into their financial performance, allowing them to make data-driven decisions. 

Top Financial Management Software Services for Nonprofits 

With numerous financial management software options available, it can be challenging for nonprofits to determine which one best suits their needs. To help narrow down the choices, we’ve compiled a list of the top financial management software services designed for nonprofits. Each software offers unique features and pricing plans, catering to organizations of different sizes and requirements.

  1. QuickBooks: Best Financial Management Software Overall
  2. Zoho Books: Best Reporting Features
  3. FreshBooks: Best for Expense Management 
  4. Aplos: Best Software Built for Nonprofits
  5. Sage Intacct: Best for Advanced Accounting Features
  6. Wave: Best Budget-Friendly Software
  7. Blackbaud Financial Edge NXT: Best Automated Features 
  8. Xero: Best Mobile-Friendly Features 

1.  Quickbooks 

QuickBooks is a widely used accounting software that offers a nonprofit edition tailored to the needs of charitable organizations. With Quickbooks Online, nonprofits can easily track donations, grants, and expenses, as well as generate financial reports. The software also integrates with various third-party apps and services, such as Kindful and Fundbox, making it a versatile choice for many organizations.

Key Features

  • Donation acceptance and tracking
  • Expense management by fund or program
  • Automated reporting and financial statements 
  • Grant management tools 

Pricing

  • Plus: $90/month 
  • Advanced: $200/month 
  • Enterprise for Nonprofit: Starts at $180/month 

Recommended: Try QuickBooks accounting software today to manage your nonprofit’s finances. 

2. Zoho Books

Zoho Books is a cloud-based accounting software that offers a nonprofit edition with features built to help nonprofits manage finances and connect with donors. It allows organizations to track donations, create budgets, and generate reports. Zoho Books also integrates with other Zoho apps, such as Zoho CRM and Zoho Projects, providing a seamless experience.

Key Features

  • Customizable payment pages 
  • Comprehensive financial overview 
  • Multi-currency donation acceptance 
  • Free customer support via phone, chat, or email 

Pricing

  • Free: $0/month
  • Standard: $25/month 
  • Professional: $40/month 
  • Premium: $60/month 
  • Elite: $120/month 
  • Ultimate: $240/month 

Zoho Books offers registered charities, trusts, and societies 15% off paid plans.

3. FreshBooks

FreshBooks is a cloud-based accounting software that offers a discount for registered nonprofits. Users gain access to extensive features like unlimited expense tracking, donation management, time tracking, and spend reporting. FreshBooks also makes it simple to track spending, allowing users to monitor and allocate funds to better manage restricted funds. 

Key Features

  • Late payment reminder and fees  
  • Donation management tools 
  • Volunteer and team member time tracking 
  • Customizable invoices 

Pricing

  • Lite Plan: $19/month 
  • Plus Plan: $33/month 
  • Premium Plan: $60/month 
  • Select Plan: Custom pricing 

4. Aplos

Aplos is an all-in-one church or nonprofit accounting and financial management software. The platform offers a comprehensive suite of features to help organizations manage their finances, including fund accounting, donation tracking, and budgeting tools. With deep reporting and analytics capabilities, users can easily monitor their financial health using tools designed specifically for nonprofits and faith-based organizations. 

Key Features

  • Fund accounting
  • Online giving and donation tracking
  • Integrated CRM software 
  • Advanced tracking and reporting tools 

Pricing

  • Lite Plan $79/month 
  • Core Plan: $49.50/month 
  • Advanced Plan: Custom pricing 

5. Sage Intacct

Sage Intacct is a robust, cloud-based fund accounting software designed for growing nonprofits with complex accounting needs. Powerful features like fund accounting, grant management, and compliance reporting are all combined into one easy-to-use platform. Sage Intacct provides real-time financial insights and customizable dashboards, enabling organizations to make data-driven decisions while saving time through robust automations. 

Key Features

  • Accounts payable automation 
  • Grant tracking and billing 
  • Compliance-centered revenue management 
  • Robust reporting and visualizations 

Pricing

Pricing for Sage Intacct is based on the specific needs of each organization and requires a custom quote.

6. Wave 

Wave is a free, cloud-based accounting software that can be a good fit for small nonprofits with basic financial management needs. The platform boasts bookkeeping and accounting features with a variety of reporting capabilities, allowing organizations to easily create financial statements and view their financial data. Wave is a simple financial management platform with an intuitive interface making it usable regardless of accounting experience. 

Key Features

  • Online payment processing (fees included) 
  • Invoice, payroll, and payment reporting 
  • Automated bookkeeping features 
  • Easy-to-use platform 

Pricing

  • Starter Plan: $0/month
  • Pro Plan: $16/month 

7. Blackbaud Financial Edge NXT

Blackbaud Financial Edge NXT is a comprehensive fund accounting software built for nonprofits. It offers robust features like grant management, budgeting and forecasting, and extensive automations to reduce administrative burden. Blackbaud Financial Edge NXT also provides a centralized database of grants, restricted funds, and projects with customizable reporting options to help organizations gain deeper insights into their financial performance.

Key Features

  • Automated bank and credit card reconciliation 
  • Automated budget creation 
  • Spend management and enforcement tools
  • Robust reporting and tracking with custom visualizations 

Pricing

Pricing for Blackbaud Financial Edge NXT is based on the specific needs of each organization and requires a custom quote.

8. Xero

Xero is a cloud-based accounting software that offers a discount for nonprofit organizations. With Xero, nonprofits can track donations, manage expenses, and reconcile bank accounts. The software also generates financial reports and offers a mobile app for easy access to financial data on the go.

Key Features

  • Extensive integrations with third-party apps 
  • Mobile app capabilities 
  • Online payroll with tax deductions and wages 
  • Customizable financial reporting

Pricing

  • Early: $15/month 
  • Growing: $42/month 
  • Established: $78/month

Xero’s nonprofit discount provides 25% off standard pricing.

How to Choose the Right Financial Management Software for Your Nonprofit

When selecting a financial management software for your nonprofit, it’s important to consider your organization’s specific needs. Factors to consider include the size of your organization, the usability of the platform, and the security features included. 

Scalability and Integration Capabilities

As your nonprofit grows and evolves, your financial management needs may change. Look for a software that can scale with your organization and integrate with other tools you use, such as donor management software or payment processing platforms.

User-Friendliness and Training Options

Financial management software should be easy for your staff and volunteers to learn and use. Consider the user interface and available training resources when evaluating different options to ensure you choose a user-friendly platform. 

Security and Data Protection

When dealing with sensitive financial information, security and data protection are cruical. Ensure that the financial management software you choose employs robust security measures, such as encryption and secure data storage.