10 best cash management software for NGOs in 2024

The best cash management software for NGOs in 2024:

1. Banktrack
2. QuickBooks
3. Aplos
4. Blackbaud Financial Edge
5. Sage Innact
6. Zoho Books
7. Abila
8. Xero
9. Fund EZ
10. Wave

Let's face it: accounting isn't exactly the most thrilling topic for most people, especially in the nonprofit world where the focus is on changing lives and saving the planet.

But keeping the financial house in order is non-negotiable.

You need the best tools to do it without losing your mind.

Here’s the rundown of the top accounting software that will make managing your nonprofit’s finances slightly less stressful in 2024.

Why Nonprofits Deserve Their Own Accounting Software

Running a nonprofit is amazing but… very unpredictable.

Unlike for profit businesses, you are juggling donor money, grants, and fund allocations, all while making sure every penny is accounted for.

That is exactly why a generic accounting software simply just won’t cut it. You need something that understands your unique chaos.

This is why we have crafted this list of the best cash management softwares for NGOs. 

But first, do you know what are the key features you should be looking for?

Key Features of a Cash Management Software

1. Fund Accounting: Because you need to know exactly where that donation went.
2. Donor Management: Keep track of all your benevolent benefactors.
3. Grant Tracking: Ensure that those grants are used properly.
4. Financial Reporting: Customizable reports that will dazzle your board members and keep the IRS happy.
5. Integration Capabilities: Plays nice with your other software, so you don’t have to.
6. User-Friendly Interface: Because not everyone on your team has a PhD in accounting.

Top 10 Accounting Software for Nonprofits in 2024

1. Banktrack

Banktrack is the best accounting software for nonprofits in 2024.

Banktrack’s main strength? Creating personalized dashboards that integrate different bank accounts, enterprises, and products. Basically, it’s like having a financial wizard at your fingertips.

This flexibility means you can quickly access the information you need, exactly when you need it, in the most efficient way possible. You can even customize these dashboards to suit your needs at any given time.

Adaptable Categories

Banktrack comes with different categories to fit your spending habits. Their ability to adapt to your categorization needs is pretty amazing.

With advanced rules, you can create and customize unlimited categories to organize your expenses and income accurately. No more guessing where your money went, you’ll know exactly where it’s being spent.

Personalized Reports and Alerts

Banktrack also offers personalized reports and alerts. You can create custom reports and get alerts about your expenses through WhatsApp, SMS, email, Slack, or Telegram.

Set up alerts for duplicate charges, low balances, or anything else that keeps you up at night. This feature helps you maintain constant control over your finances and make informed decisions all the time.

Pricing

The best part? Its pricing. You can use Banktrack for only €16.58 per month. It’s a small price to pay for sanity. Don't you think?

2. QuickBooks

QuickBooks Nonprofit is packed with features that are specifically designed for nonprofits, allowing you to track your financials at all times.

Key features:

• Fund Accounting: Manage multiple funds without losing your sanity.
• Donor Management: Keep your donor info organized and easy to access.
• Grant Management: Track grants from application to expenditure.
• Financial Reporting: Create detailed reports.
• Integration: Connects with a host of other platforms to streamline your workflow.

QuickBooks Nonprofit plans start at $50 per month, which is a small price to pay for your peace of mind.

3. Aplos

Aplos is a fan favorite among smaller nonprofits and churches, thanks to its simplicity and effectiveness. It’s like having a personal assistant who never takes a day off.

Key features:

• Fund Accounting: Easy tracking of restricted and unrestricted funds.
• Donor Management: Maintain a detailed database of all your generous supporters.
• Event Management: Plan and execute fundraising events without breaking a sweat.
• Grant Tracking: Stay on top of your grant applications and usage.
• Financial Reporting: Customizable reports that keep everyone in the loop.

Aplos starts at $29.50 per month, making it a steal for the features it offers.

4. Blackbaud Financial Edge NXT

Blackbaud Financial Edge NXT is like the luxury car of nonprofit accounting software, powerful, sleek, and a bit pricey. But for larger nonprofits, it’s worth every penny.

Key features:

• Advanced Fund Accounting: Manage even the most complex funding structures.
• Budgeting and Forecasting: Plan for the future with sophisticated budget tracking tools.
• Donor and Grant Management: Comprehensive tools for keeping your donors and grants in check.
• Financial Reporting: Extensive, customizable reporting capabilities.
• Integration: Seamlessly integrates with Blackbaud’s other nonprofit tools.

Pricing is customized, so you’ll need to contact Blackbaud for a quote. Prepare for a bit of sticker shock, but remember, you get what you pay for.

5. Sage Intacct

Sage Intacct Nonprofit is a cloud-based solution that’s both powerful and flexible. It’s perfect for nonprofits that are looking to scale up without the headache.

Key features:

• Fund Accounting: Handle multiple funds with ease.
• Donor and Grant Management: Keep track of donations and grants down to the last penny.
• Budgeting: Advanced tools for budgeting and forecasting.
• Financial Reporting: Real-time data insights and comprehensive reports.
• Integration: Works with a variety of third-party applications.

Sage Intacct’s pricing is also customized. Contact them for a quote and brace yourself for some negotiation.

6. Zoho Books

Zoho Books for Nonprofits is the budget-friendly choice that doesn’t skimp on features. It’s like finding a designer dress at a thrift store – a real bargain.

Key features:

• Fund Accounting: Keep your funds organized and accounted for.
• Donor Management: Track donor information and contributions effortlessly.
• Grant Tracking: Manage grant applications and expenditures.
• Financial Reporting: Generate detailed financial reports with minimal fuss.
• Integration: Works with other Zoho apps and various third-party software.

Zoho Books starts at just $20 per month. You can’t beat that for the features it offers.

7. Abila MIP Fund Accounting

Abila MIP Fund Accounting is designed to meet the financial needs of nonprofit organizations. It offers a flexible and comprehensive solution for managing funds, grants, and donations.

Key features:

• Fund Accounting: Detailed tracking and reporting on all funds.
• Budgeting: Advanced budgeting tools to plan and manage finances.
• Grant Management: Comprehensive tools for managing grant applications and expenditures.
• Donor Management: Keep detailed records of donors and their contributions.
• Financial Reporting: Extensive reporting options to ensure compliance and transparency.

Abila MIP Fund Accounting offers tiered pricing plans, and organizations must contact them for specific pricing information.

8. Xero Nonprofit Accounting

Xero is known for its ease of use and powerful features. Xero Nonprofit Accounting offers tools tailored to meet the needs of nonprofits, making financial management simpler and more efficient.

Key features:

• Fund Accounting: Easily track multiple funds and their respective expenditures.
• Donor Management: Maintain detailed records of donor contributions.
• Budgeting: Plan and monitor your budget with advanced tools.
• Grant Tracking: Stay on top of grant applications and fund utilization.
• Financial Reporting: Generate a wide range of financial reports with ease.

Xero offers a range of pricing plans starting at $12 per month, making it an affordable option for nonprofits of all sizes.

9. Fund EZ

Fund EZ is a powerful yet affordable accounting software specifically designed for nonprofits. It offers a wide range of features to streamline financial management processes.

Key features:

• Fund Accounting: Manage and report on multiple funds with ease.
• Donor Management: Keep track of donors and their contributions.
• Grant Management: Comprehensive tools for managing grants.
• Budgeting: Advanced budgeting features to help plan and control finances.
• Financial Reporting: Customizable reports to meet your specific needs.

Fund EZ offers competitive pricing plans starting at $149 per month. They also provide custom pricing for larger organizations.

10. Wave for Nonprofits

Wave is a free accounting and cash management software for small businesses and nonprofits. While it may not have all the bells and whistles of some paid options, it's a great choice for organizations on a tight budget.

Key features:

• Fund Accounting: Track funds and donations easily.
• Donor Management: Maintain a database of donors and their contributions.
• Invoicing and Payments: Simple tools for managing invoice reconciliation and payments.
• Financial Reporting: Generate basic financial reports easily.
• Integration: Integrates with various third-party applications for added functionality.

Wave is free to use, which makes it an ideal choice for small nonprofits that need to keep costs low.

How an Accounting Software Helps Nonprofits

So, there you have it, the best accounting software for nonprofits in 2024.

Each option offers something unique to help you keep your nonprofit’s finances in order. 

Whether you’re a small nonprofit looking for a budget-friendly solution or a large organization in need of advanced features, there’s something here for everyone.

Choose wisely, and may your accounting be ever in your favor!