Non Profit Accounting Blog by Qbix
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
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
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.
Lean Accounting: Why It’s Important for Nonprofit Success
What is lean accounting? Why should you care? What’s more, how do you implement it? Qbix Accounting Solutions breaks it down…
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
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
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
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
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...
Georgia Nonprofit Highlight: The Innovation Fund Foundation and QED Tax Credit
Now and then, we like to highlight one of our nonprofit clients on our blog. Granted, it's challenging to pick just one, as they all do such amazing work. But this time, we're putting the spotlight on The Innovation Fund Foundation (IFF). If you live in Georgia, keep...
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...
Rage Philanthropy: 7 Ways Nonprofits Can Use It to Their Advantage
"Rage philanthropy," also known as "rage giving" or "episodic giving," is a phenomenon that occurs as a result of specific events or news episodes. The phrase made its debut after the last presidential election — a time when progressive charities saw a significant...
Nonprofit Overhead Ratio: 7 Practical Ways to Reduce It ASAP
It's not a shocker that nonprofits are facing tremendous challenges during the coronavirus pandemic. To help, our recent blog posts, Nonprofit Survival During a Pandemic and Fundraising Tips for Surviving COVID-19, include methods nonprofits can use to stay afloat...
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
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
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
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
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: Why It’s Special and Essential
Nonprofit organizations are distinctive because their missions address various needs. From religion to education, health to social services, commerce to amateur sports clubs, and of course, the arts, each caters to a wide variety of sectors. But one thing they all...
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....
Nonprofit Storytelling: Use Data Visualization to Engage and Inspire
Data visualization. Have you heard of it? If not, don't worry — it's not rocket science. Data visualization is exactly what it sounds like. It's the presentation of data in a graphical format. Things like charts, graphs, and scorecards, are all excellent data...
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
"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?
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
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
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...
Nonprofit Accounting Challenges: Mastering FASB
Nonprofit Accounting Challenges due to ASC 606 The long awaited standards update has brought forth nonprofit accounting challenges as well as clarification. Since its release, nonprofits have been struggling with the specifics. You may have read our intro to the new...
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...
Non Profit Organizations: Eleven to Heaven
Overview Assembling Your Team Fortify Your Financial Schematics Bolstering the Blueprints of Business Before You Go An Ocean’s Eleven Approach to Nonprofit Team Composition Imagine for a moment that you’re planning a heist. Actually, let’s reframe this. Imagine...
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
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
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 Financial Statement of Activities, En Garde!
As you may remember from the last post, before learning how to properly run net assets on your lemonade stand, there was brief mention of the Nonprofit Financial Statement of Activities. As you were surely made insomniac by the mystery, fret no longer. It's time to...
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 Financials: Find the Hidden Lemon
People are often under the misconception that for profit financials and non profit financials operate the same. Even a quick look at the accounting process in both will show that this cannot be the case.
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.
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