By understanding the basics of nonprofit accounting, your team will be better equipped to fund its mission and make strategic decisions about your organization’s future. Use the tips above to get started, and don’t hesitate to contact an accountant (like our team at Jitasa!) with any questions or to take your systems to the next level. Based in Sacramento, CA, Daily Balance has built a reputation for helping nonprofits replace their accounting departments, lowering administrative costs by up to 40%, and enabling them to focus more on their mission. Adding the NYC office means Daily Balance can now provide expert, customized service to a broader range of East Coast nonprofits. From grassroots organizations to national nonprofits, we support a wide range of missions with custom financial solutions. The AI for Nonprofits Sprint – NYC Cohort is a seven-month, cohort-based program supporting New York-based QuickBooks nonprofits to build AI literacy, develop responsible AI practices, and strengthen organizational impact.
One-Stop Shop for Comprehensive Accounting Solutions
Since launch, the AI for Nonprofits Sprint has supported more than 250 nonprofits, with 38,000 staff members completing AI 101 training. Adding this responsibility to an existing staff member’s to-do list will likely overwhelm your employees, and your books won’t get the undivided attention they need. That’s why your first step in the bookkeeping process should be finding a bookkeeper (and evaluating your outsourcing options). You can either assign this task to one of your staff members or trust a professional to handle it. Daily Balance welcomes Executive Directors and CEOs to book a consultation to explore their accounting needs and discover actionable recommendations to enhance financial control and organizational impact.
Focus more time on your mission. Leave your New York nonprofit’s accounting needs to us.
The nonprofit community in New York City is a vast and dynamic network that addresses a wide range of social, economic, and cultural challenges across the city’s five boroughs. Health care nonprofits provide critical services, including mental health support, addiction treatment, and access to affordable medical care, ensuring underserved communities receive essential care. Social service organizations focus on poverty alleviation, offering food programs, housing assistance, legal aid, and employment resources to combat homelessness and economic insecurity.
More About Nonprofit Accounting in New York City, New York
Since 2010, ASNY has been a testament to client satisfaction and service excellence in the accounting industry. With a team of over 50 dedicated professionals, we provide tailored accounting and financial solutions to meet the unique needs of nonprofits across New York and beyond. Our commitment to innovation and adaptability ensures that our clients stay ahead in a dynamic financial landscape. Trusted by numerous organizations, ASNY prioritizes accuracy, compliance, and operational efficiency to help nonprofits achieve their missions with confidence. As an AICPA Peer Reviewed accounting firm and NYSSCPA member, we are committed to adhering to the highest quality standards.
Driving Growth: Our Strategic Roadmap
You’ll have secure, 24/7 access to your books and records, from anywhere you have a broadband connection. Write and print checks, sync with your bank account, generate reports…all Bookkeeping 101 in the same place. Our bookkeepers are US-based, Quickbooks ProAdvisor certified, and experts in nonprofit accounting. A nonprofit bookkeeper is in charge of categorizing and recording transactions, reconciling bank statements, and producing financial statements. Others may be involved in the day-to-day activities of budgeting and paying the nonprofit’s bills.
Looking for a Better Nonprofit Bookkeeping Solution?
We also offer bookkeeping services and fractional CFO guidance through the Jitasa Strategic Advisory Team (J-SAT) to develop a well-rounded financial management system for your organization. Yonkers, New York, the largest city in Westchester County, is a dynamic urban center where nonprofits play a crucial role in community development, environmental conservation, and youth programs. Jitasa’s nonprofit accounting services are expertly tailored to the diverse needs of these organizations, offering comprehensive bookkeeping and insightful Fractional CFO services. Our support enables nonprofits to efficiently manage their finances, allowing them to dedicate more resources to key initiatives such as urban regeneration, environmental projects, and youth engagement. In the bustling heart of New York City, where ambition meets opportunity, nonprofits navigate a landscape as dynamic as the city skyline. Jitasa’s nonprofit accounting services are your financial compass, guiding you through the complexity with expert bookkeeping and strategic CFO counsel.
Known for its iconic skyline, cultural landmarks, and financial influence, NYC is one of the most diverse cities in the world. Its population includes a wide range of ethnic backgrounds, with about 32% identifying as White, 29% as Hispanic or Latino, 24% as Black or African American, and 14% as Asian. The city is also home to a large immigrant population, with over 36% of residents being foreign-born, contributing to its rich multicultural environment.
Bookkeeping involves recording and analyzing a nonprofit’s financial transactions to ensure compliance with state and federal accounting rules. Timely and accurate record-keeping is one of the most important responsibilities every nonprofit organization faces. Our CPAs will then use previous expenses to come up with projected quarterly expenses. We’ll also factor in which funds may be earmarked for a specific purpose, ensuring that you don’t inadvertently draw from the wrong pool in your efforts to accomplish objectives.
- One of the most commonly used dedicated accounting solutions for nonprofits is the Intuit QuickBooks suite.
- Let’s walk through a few accounting best practices that nonprofit professionals should implement.
- Financial statements are among the most critical reports your nonprofit’s accountant will compile every year.
- Your nonprofit has important work to do, but limited resources to do it with.
- Nonprofits must maintain clean and up-to-date financial records if they want to retain their tax-exempt status.
Additional Nonprofit Accounting Best Practices
Social justice organizations are deeply involved in advocacy, fighting for racial equity, immigrant rights, criminal justice reform, and LGBTQ+ inclusion, reflecting the city’s spirit of activism. The arts and cultural sector is vibrant, with nonprofits supporting museums, theaters, and community arts programs that celebrate the diversity of New York’s population and foster creativity. YPTC is not a CPA firm, and provides no attestation services with regard to financial reports.
YPTC New York Office:
In addition, we will help you to track your costs and ensure that they remain within the projected budget. While most CPAs shy away new york bookkeeping from the confusing and complex nature of nonprofit accounting, we focus solely on it. After having worked with nonprofits with a budget of $1M+ for over 25 years, we understand how to do your accounting like few do.