Lately, accounting software for NGO have been game-changers. Nomisma cloud-based accounting software for NGO, in the UK, is a best-in-class product and assists in monetary administration to make each pound count and make certain NGOs maintain the utmost levels of stewardship to make the most influence. With Nomisma software, NGOs can manage apportionments, consolidations, procurement, multiple currencies and sites, donor/grant management, agreement reporting, and more. A non-profit association works towards fulfilling a mission that aims towards the betterment of the society.
A non-profit organization has distinct accounting and bookkeeping requirements because of its tax-exempt standing and its dependence on the community trust. Since it is tax-exempt, it becomes imperative to have in place the correct bookkeeping software that meets the precise necessities a NGO needs to make serious organisational decisions. However, in terms of monetary operations a non-profit organisation is very comparable to a for-profit business. While transactions are recognised, both by hand and by electronic means, non-profits should be able to provide complete information about each transaction during a financial year. In order to manage operations effectively, Nomisma software can assist in recording each entry in the general ledger which will enable a non-profit organisation to trace and authenticate individual transactions.
For NGOs based in the United Kingdom, Nomisma accounting software offers professional results to address the ever changing operational, compliance and economic requirements. Nomisma offers additional solutions than just the simple accounting solutions. The software package enables the users to make use of the entire accounting tools such as invoices, time tracking, reports and others. The application enables NGOs to work effectively, thereby, spending less time with accounting paperwork
How Nomisma Solution is apt for NGO in the UK
Nomisma solution was created in 2013 and the application is United Kingdom’s most popular cloud-based accounting software. Apart from the performing accounting tasks for NGOs in the United Kingdom, the software is proficient of contributing to other business services such as corporation tax, self-assessment, bookkeeping, company secretarial, and payroll. The software provides the below mentioned features for NGOs in the United Kingdom:
Capture each transaction – NGOs in the UK can capture each transaction and can maintain the bookkeeping records.
One time transaction – NGOs should preferably deal with a transaction only once, recording everything you need at that moment. Remember that there are many potential users of the information NGOs are gathering. Nomisma bookkeeping software is designed with each of those potential users in mind.
Cash Flow Management – NGOs can manage their cash flow with accounting software. This is a vital function, and an organization needs precise information about cash, accounts receivable and accounts payable in order to do it correctly. Most organisations that fail (both non-profit and for-profit) fail because of inadequate cash flow. Even when the organisation is making additional revenue over expenses, cash flow can sometimes be inadequate. Timing is the key to excellent cash flow management. Payroll is often disbursed every month; some vendors have very short payments terms, yet some funding sources only send in their cheques every few weeks. Without ample cash flow management, the organisation could run out of cash, despite a financial statement showing an increase in net assets.
Fully Documented – Each transaction should be backed up by appropriate information. The organisation’s internal control system will specify the details of the documentation, but you should be satisfied that someone looking at the transaction at a later date could see what happened, and when it happened without relying on anyone’s recollection. Our accounting software records each transaction in a documented way.
Revenue and Expenses Management – A NGO’s core functions of revenue and expenses are different of a for-profit business. The revenue sources for a NGO comprise investment income and proceeds from fundraising events, program fees, sales income, donations membership dues and more. The expenses incurred by a NGO include employee salaries, financial services, fundraising expenses and other miscellaneous expenses like postage, travel and rent. This fundamental difference requires NGOs to document charitable contributions as permanently restricted assets and not as income. NGOs can manage revenue and expenses with the help of our accounting software.
Complete Traceability – NGOs need to trace their initial entries both manually and electronically. Nomisma will help you to record all transaction in documented form. The entry usually represents a number of transactions; NGOs can be able to trace and verify individual transactions that make up the total in Nomisma accounting software.
Free Trial Version of Nomisma Accounting Software for NGO
Nomisma software provides 1 month free trail for NGOs in the UK. To begin using the trail version of the software, contact Nomisma today.