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Nonprofit CPAs & Accounting Firm James Moore

bookkeeping for nonprofits Tampa

Our team is ready to learn about your business and guide you to the right solution. If your organization operates in Florida or solicits donations from Florida residents, these rules are likely to apply to you. Even bookkeeping tampa if your nonprofit is based elsewhere, soliciting contributions from Florida may trigger compliance obligations. Form 990 is the annual information return that must generally be filed by 501(c)(3) public charities.

Mission Statement

We scored Tampa bookkeeping services on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best. The contents of this site are provided for informational purposes only. You should always find independent, professional accounting, financial, and legal advice before making business decisions. By making an intentional effort to fully understand your business, our skilled team will create tax strategies which take advantage of opportunities for you and factor in relevant changes from updates in tax law. In keeping updated on such tax rules, we are in a position to identify important tax planning opportunities which minimize both your future and current tax liabilities. From our offices in Gainesville, Daytona, Tallahassee, DeLand, Remote Bookkeeping and Ocala, nonprofits throughout Florida and nationwide trust us with their accounting and bookkeeping needs.

Non-Profit Accounting

  • Beyond basic financial ratios, track indicators that show your resource efficiency and program sustainability.
  • This reduces the possibility of errors and guarantees reliability and accuracy.
  • While often used interchangeably, nonprofit accounting and bookkeeping serve different functions.
  • Here, we have listed a brief of our offerings for a better understanding of the users.

This means different rules for how to record and manage these QuickBooks resources. For example, when a nonprofit buys equipment or property, these assets are managed differently than in a business setting. By the end of this guide, you’ll have the skills to confidently manage your nonprofit’s accounting needs. You have to juggle restricted grants, oversee donor funds, and ensure that every dollar aligns with your organization’s goals while adhering to the rules and regulations. Managed and professional services designed to provide lift to people and HR teams with a focus on making work better.

  • Understanding the benefits of accounting software can help organizations make better decisions about technology investments, even with limited resources.
  • Unrestricted net assets are any funds your nonprofit has received from donors that have no rules or conditions attached to them, like a pure cash donation.
  • Contact us today, and feel free to discuss your requirements with our experienced team.
  • For that reason, it may be best to get high-quality accounting software that can automate everyday tasks, create reports, and minimize room for errors.
  • Our firm has expertise in industries including manufacturing, construction, real estate, financial services, healthcare, government, education and retail.
  • From tracking restricted grants to preparing Form 990 filings, we’ve got you covered.

Religious Organizations

The promise of improved efficiency through technology often comes with its own hurdles in nonprofit accounting. Understanding the benefits of accounting software can help organizations make better decisions about technology investments, even with limited resources. The statement of cash flows tracks your financial transactions, including investing activities and operating expenses. Most nonprofit accounting challenges come from managing different types of funds. While the general donations are more flexible, they still need to be carefully tracked. And if you’re selling products or services, that’s another layer to manage.

bookkeeping for nonprofits Tampa

If you’re self-employed, however, you’ll need to pay the full 15.3% of FICA taxes due on your salary. FUTA taxes are paid entirely by the employer; there is no employee payment. These taxes are listed on an employee’s pay stub, with the first two shown as FICA (Federal Insurance Contributions Act).

  • We can also help you find and retain qualified personnel so you can serve your community.
  • These non-cash contributions must be recorded at fair market value at the time of donation.
  • It prepares and reviews balance sheets, transaction reports, and income and cash flow statements to assess a company’s financial health.
  • You’ll need to record the car as an in-kind donation from the dealership, noting even details about the model and make of the vehicle.
  • We are proud to be recognized for our leading accounting and business development practices and superior service in the Tampa Bay Region.
  • It also deals with cash flow forecasting, financial report preparation, and payroll software selection.
  • As a nonprofit, your organization has unique financial reporting requirements and compliance regulations that must be adhered to.

Tax Court Representation

  • Once your vendor signs it, it’s a binding contract that tells you exactly how much you ordered from your supplier, how much you paid, and when the supplier agreed to deliver your order.
  • Looking at these documents can tell you how much money you have, where your money is, and how it got there.
  • Through this experience, and by monitoring the issues and trends in nonprofit accounting, we’re in a prime position to best serve you.
  • Lauderdale, Tallahassee, Daytona Beach, JacksonvilleWe strive to strike the perfect balance between local, attentive service and professional experience and expertise.
  • Below, we have included a few factors that our team has helped Tampa businesses with in order to improve their finances and operations.

This payment must be deposited quarterly to the EFTPS by the last day of the month after the end of each quarter. Even if you’re self-employed with no additional employees, you’re still required to remit payroll taxes on your own salary. The functional expense statement for your organization classifies your expenses into several general categories and assigns a “function” to each. The three operational tasks of program expenses, administrative expenses, and fundraising activity expenses will be distinguished by this category.

Offering Nonprofit Bookkeeping Services in Tampa, FL

Most nonprofits operate based on some kind of annual operating budget. A good budget can act like a roadmap for a nonprofit, determining where and when the organization will deploy its resources, and whether it’s on the right track financially. Most nonprofits elect some kind of treasurer or financial officer to manage all of the organization’s finances. Using a personal bank account and keeping a shoebox full of receipts isn’t going to cut it. Say goodbye to the stress of managing your nonprofit’s finances alone. Jitasa’s team of bookkeeping & accounting experts will take care of your bookkeeping, accounting, tax prep, and filing so you can focus on your nonprofit’s mission.

bookkeeping for nonprofits Tampa

Using Nonprofit Financial Statements for Future Planning

bookkeeping for nonprofits Tampa

NSKT Global offers comprehensive accounting services to help entities drive business growth. Since 2017, its team has been serving Tampa individuals, startup businesses, and Fortune 500 companies in the hospitality, retail, healthcare, real estate, education, and manufacturing sectors. The company designs and implements financial accounting systems to allow clients to review and create reports. It also sends generated documents like bills, vouchers, and invoices using secured platforms. Founder and CEO Nikhil Mahajan holds the IRS tax preparer certification.

You will be in a better position to understand the overall financial health of your corporation by making use of this important document if you have a firm grasp on how these factors interact with one another. No one knows your nonprofit better than you do, which is why you should hire a professional bookkeeper to get your records in order and leave the decision-making up to your organization’s leaders. And, if you need further advice, an experienced bookkeeper can give you their perspective on your budget. When you let us handle your nonprofit’s bookkeeping needs, you will be paired with one of our staff bookkeepers whose expertise is best matched to your needs. Jitasa’s tax specialists have filed more than 4,000 tax returns for nonprofits of all shapes and sizes. In addition to your IRS Form 990, we’ll prepare any other forms you may need.