Nonprofit Accounting Blog by Qbix

Nonprofit Employee Holiday Bonuses: Don’t be a Scrooge

Nonprofit Employee Holiday Bonuses: Don’t be a Scrooge

As the year winds down and the holidays approach, it's time to consider paying your nonprofit staff a bonus. The employees of your organization have worked hard, often for less than they're worth, so a year-end bonus is a great way to show your appreciation. But what...

Nonprofit Gift Acceptance Policies: Your FAQs Answered

Nonprofit Gift Acceptance Policies: Your FAQs Answered

Today, gifts given to nonprofits come in various forms. They could be cash, securities, real estate, timeshares, art, or perhaps something more unconventional, like cryptocurrency donations. No matter what it is, your nonprofit should evaluate each one to determine if...

The Nonprofit Accounting Cycle: 8 Steps You Should Know

The Nonprofit Accounting Cycle: 8 Steps You Should Know

Whether you perform bookkeeping in the nonprofit or for-profit world, knowledge of the accounting cycle is a crucial asset. It helps paint a clear picture of your organization's financial health. But, what is the accounting cycle? We define it here, along with the...

Month-End Close: 3 Best Practices for Speedy Success

Month-End Close: 3 Best Practices for Speedy Success

How long does it take to complete your nonprofit's month-end close? According to a survey by Sage, about two-thirds of small to mid-sized businesses close their books in 15 days or less. However, 26% of those surveyed closed in one week or less (considered a best...

Will Your Nonprofit Face a First-Time Single Audit?

Will Your Nonprofit Face a First-Time Single Audit?

Pandemic Funding: Nonprofits Facing First-Time Single Audits Did your nonprofit receive any type of stimulus funding from the federal government during the pandemic? If so, your organization may be subject to an unexpected audit. Known as a "Single Audit," many...

Nonprofit Fraud: 6 Ways to Protect Your Organization

Nonprofit Fraud: 6 Ways to Protect Your Organization

Most nonprofits base their culture on honesty, trust, and a solid commitment to goodwill. But sadly, an organization's honorable mission and public image are not always resistant to fraud. According to the Association of Certified Fraud Examiners (ACFE) 2022 Report to...

How to Start a Nonprofit

How to Start a Nonprofit

If you're wondering how to start a nonprofit, kudos to you. It means that you want to make a positive difference and are willing to go above and beyond to ensure your mission is a success. Yes, it takes work, but what you put into it is what you get out of it — making...

Nonprofit Audits: 5 Reasons to Do One, Even if Not Required

Nonprofit Audits: 5 Reasons to Do One, Even if Not Required

Wondering if you have to perform an audit for your nonprofit? While the IRS doesn’t require nonprofits to obtain audits, some other state and government agencies do. Much of it depends on the size of your organization and its spending. But whether your nonprofit must...

Nonprofit Event Revenue Reporting: Form 990 vs. GAAP

Nonprofit Event Revenue Reporting: Form 990 vs. GAAP

If you're a nonprofit that hosts events, do you know how to report the revenue accurately? Whether an auction, marathon, ball, golf event or gala, accounting for each is tricky. That's especially true when reconciling between GAAP financial statements and Form 990....

Multiple Streams of Revenue: 11 Ideas for Nonprofit Success

Multiple Streams of Revenue: 11 Ideas for Nonprofit Success

Are you interested in multiple streams of revenue for your nonprofit? If so, you’re not alone. Part of a nonprofit’s mission is to generate sustainable funding for its cause. Creating a broad mix of funding sources is the key to a nonprofit’s financial success. It...

Top Trends to Be Aware of in 2022

Top Trends to Be Aware of in 2022

Nonprofits: Top Trends to Be Aware of in 2022 What are the top trends that nonprofits need to be aware of in 2022? It’s a good question considering the past few “unprecedented” years. While it’s impossible to predict the future, we’ve seen and experienced a lot with...

2021 COVID-19 Income Tax Deductions to Consider

2021 COVID-19 Income Tax Deductions to Consider

Did COVID-19 impact your income taxes in 2021? If you're not sure, some lesser-known tax deductions could help you reduce your tax burden. Because of the pandemic, many people worked from home, bumped up their charitable giving, and sadly, some even experienced the...

Nonprofit Accounting: Top 5 Reasons to Move to the Cloud

Nonprofit Accounting: Top 5 Reasons to Move to the Cloud

With cloud-based accounting, you’ll have a clear understanding of where your business stands financially, anytime, and from anywhere you have internet access. It’s real-time data you can trust — a significant asset for any nonprofit organization working with Qbix Accounting Solutions.

Qbix is starting a new team.  Would you like to join?

Qbix is starting a new team. Would you like to join?

Qbix is starting a new client services team! Qbix has been very fortunate, despite the pandemic, to have unprecedented growth. Nonprofits and small businesses alike are seeing the benefits of our well-trained teams and cloud-based solutions. Opportunities are remote...

Qbix 2020 Year in Review and Looking to 2021

Qbix 2020 Year in Review and Looking to 2021

What a year 2020 has been, huh? No one could have expected it to turn out the way it did. COVID-19 has been a game-changer for all of us. Every business and organization has had to work in new ways, requiring agility and quick pivots to keep up (Qbix included.) As a...

Nonprofit Financial Crisis: 5 Best Ways to Handle it Now

Nonprofit Financial Crisis: 5 Best Ways to Handle it Now

Do you foresee an impending financial crisis for your nonprofit? It's a scary prospect, especially with the current pandemic. Most know it doesn't take much for a financial crisis to occur. Examples include a terrible weather situation, a major cash-flow challenge, a...

The Must-Know Tax Implications for Working Out of State

The Must-Know Tax Implications for Working Out of State

During the pandemic, many of us fled home to find refuge in other places. Some moved in with mom and dad for a while. Others escaped to the safety of their secondary residences or vacation homes. Some got permission to work from anywhere in the country — and now find...

Trump’s Payroll Tax Cut: FAQs and What it Means for You

Trump’s Payroll Tax Cut: FAQs and What it Means for You

To put more money in American workers’ pockets, Trump’s new payroll tax cut may not be the pandemic relief many were hoping for. You see, it’s not exactly a "cut." It’s more like a tax holiday, or better yet, a tax deferral. Whether your business is a nonprofit...

Cryptocurrency: 3 Reasons Why Nonprofits and Donors Love It

Cryptocurrency: 3 Reasons Why Nonprofits and Donors Love It

Wait — cryptocurrency and nonprofits...all in the same sentence? Stick with us here, and you’ll soon understand why it makes a lot of sense (and literally, cents) for both donors and nonprofits. If you’re not familiar with cryptocurrency, Investopedia defines it as “a...

Nonprofit Survival During a Pandemic

Nonprofit Survival During a Pandemic

It doesn't matter if you're a person, a company, or a nonprofit organization, we're all doing our best to survive the coronavirus pandemic. Nonprofits are at an especially high risk of breakdown since they're pushed to the brink. More than ever, people have increased...

Nonprofit Fundraising: Tips for Surviving COVID-19

Nonprofit Fundraising: Tips for Surviving COVID-19

Most nonprofits know that the spring and summer seasons are the most popular times to hold fundraising events. But not this year. COVID-19 has canceled many, if not all, of those charitable initiatives. The coronavirus has negatively impacted all types of businesses...

Charitable Solicitation Rules: Your State’s Adjustments

Charitable Solicitation Rules: Your State’s Adjustments

Keeping up with change is a challenge, especially for nonprofits. In today's pandemic-driven environment, there are more than ever — especially if your organization handles charitable solicitations. Recently, more than half of the states with solicitation reporting...

Nonprofit Donor Disclosure Rules: What’s New

Nonprofit Donor Disclosure Rules: What’s New

Have you heard the latest in donor disclosure news? Recently, the IRS and the Treasury Department issued final regulations that changed the requirements for many tax-exempt organizations. The new rule means that most 501(c) nonprofits no longer have to report their...

Grants: Types, Management, and Tools for Success

Grants: Types, Management, and Tools for Success

Any nonprofit knows that grants are an essential part of the organization. They are the lifeblood that help achieve a nonprofit's mission. Knowing the types of grants that require management and the best tools to administer each is a key to success. Proper management...

Outsourced Nonprofit Accounting: Three Unique Benefits

Outsourced Nonprofit Accounting: Three Unique Benefits

It's understandable: Handling accounting while focusing on achieving your mission is challenging, to say the least — but it doesn't have to be. When you outsource your nonprofit's accounting to an expert company, you're gaining more than help in just those two areas....

Form 990: A Nonprofit Marketing Tool

Form 990: A Nonprofit Marketing Tool

Storytelling is a great skill. Everyone knows that the best stories have the power to influence and inspire people. As a nonprofit, you likely have several compelling stories to tell. But, have you ever used your Form 990 as a communication tool? With so many...

Nonprofit Tax Season FAQs

Nonprofit Tax Season FAQs

"In this world, nothing can be said to be certain, except death and taxes." - Benjamin Franklin Our friend Ben is right. No one is immune to death nor taxes. And just because your organization is a nonprofit doesn't mean you're dismissed from filing tax returns. If...

Nonprofit Accounting: What is the cloud?

Nonprofit Accounting: What is the cloud?

As a nonprofit organization, you're already aware that financial management is a complicated task. If you're struggling to keep up, there's a highly effective, two-part solution worth considering: 1) outsourcing your accounting tasks and 2) utilizing the cloud to do...

Nonprofit Accounting? Qbix Accounting Solutions Can Help

Nonprofit Accounting? Qbix Accounting Solutions Can Help

Whether you've heard of us before or not, we want to introduce (or perhaps re-introduce) you to Qbix Accounting Solutions. In the most basic of terms, we provide outsourced accounting and bookkeeping services for nonprofit organizations throughout the US. Anyone who...

Budgeting for Nonprofits Checklist

Budgeting for Nonprofits Checklist

Two Key Components When Budgeting for Nonprofits Most nonprofits don't want to spend their time thinking or worrying about money, but recognizing revenue and expenses in a timely manner is essential when budgeting for nonprofits.  Revenue: how a nonprofit plans to get...

NFP Accounting Standards on Late Night

NFP Accounting Standards on Late Night

As you may have read in our previous article, there was a FASB update last year that directly impacted nfp accounting standards. Although there were treasure troves of small wave impacts and minutia to mind, a few changes stand out among the rest. We've already done a...

Nonprofit Fund Accounting: A Silo Solution

Nonprofit Fund Accounting: A Silo Solution

Don’t Forget Your Compass In business, most everything can be traced to one, quantitative goal: profit. The canonical bottom line exists as a sort of North Star for any profit-seeking business. In the not-for-profit world, things aren’t so cut and dry. For a...

5 Nonprofit Annual Report Essentials

5 Nonprofit Annual Report Essentials

Should You Publish Your Nonprofit Annual Report? YES! Don't be shy. Publishing your Nonprofit Annual Report will put you in the spotlight - in a good way! It's a great approach to spread the word about what your organization accomplished over the last year while...

Smile for Nonprofit Transparency Measures

Smile for Nonprofit Transparency Measures

How are you running your nonprofit? Your donors want to know, your competitors want to know, and the IRS needs to know. It all boils down to nonprofit transparency measures. Four Out of Five Dentists Recommend: Transparency There are two components to what makes for...

Nonprofit Information for Effective Accounting

Nonprofit Information for Effective Accounting

One very important and often overlooked piece of nonprofit information is the organization’s accounting solution. As a result, not-for-profits mark accounting issues as low priority. They instead “focus on what we actually got into business to do”. Though understandable, this is simply backwards thinking. A thoughtful and robust approach to accounting is an important component to any healthy nonprofit.

Nonprofit Financial Statements: FASB Update

Nonprofit Financial Statements: FASB Update

This most recent FASB update will impact your nonprofit financial statements. The real question is when and to what extent. In short, your organization needs to look out for changes to how it reports net assets. Consequently, this will change how donations are internally documented as well.

Qbix Centre Launch Party in January, 2019

Qbix Centre Launch Party in January, 2019

Qbix Accounting Solutions is proud to be located in the Qbix Centre, a coworking space in Macon, GA at 500A Northside Xing. A Qbix Centre membership gives you access to a furnished office space in Macon, GA. Work in a quiet, professional environment without committing...

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