Accounting and Tax Services for Non-Profits in Tampa CPA

The three operational tasks of program expenses, administrative expenses, and fundraising activity expenses will be distinguished by this category. Our team has the expertise, including ensuring compliance with Government Auditing Standards (Yellow Book) and the Uniform Guidance, to give you peace of mind and let you focus https://www.bookstime.com/ on your mission, rather than your financials. Before applying for tax-exempt status with the IRS, you need to register your nonprofit status with your state. One of the first things we need to clarify before digging deeper into bookkeeping for a nonprofit is the difference between nonprofit and for-profit entities.

Best Practices of Nonprofit Accounting

You should also hire a financial officer or a treasurer who knows how to do bookkeeping for a nonprofit and is familiar with specialized accounting software. The basis for an accurate bookkeeping and accounting system is recording all financial transactions. Nonprofit organizations have a tax-exempt status with the Internal Revenue Service (IRS). If they want to maintain this status, they need to do accurate bookkeeping. Bookkeeping for a nonprofit is the process of entering, recording, and classifying an organization’s finances. In addition to your IRS Form 990, we’ll prepare any and all additional tax forms required by your state or local government.

Want to talk to Rivero, Gordimer & Company about the not-for-profit industry?

• Included free with your engagement, our team of Intacct and QuickBooks Online experts will migrate, set up, and review your chart of accounts to ensure it aligns with nonprofit accounting standards.
• For less than what it costs you to do it yourself or hire someone, Fontana Consulting PLLC can manage all or part of your accounting function.
• These financial statements can provide helpful insight into your nonprofit’s financial health so that you can adjust accordingly and plan your next moves.
• Learning how to do nonprofit accounting and understanding which statements a nonprofit needs to prepare is crucial for anyone who wants to run a successful nonprofit.

Ribot Business Solutions is an LGTB and Latino-owned company founded in 2018. Virtual CFO Solution offers an array of accounting solutions in Tampa and nearby locations. It caters to clients in the real estate, manufacturing, e-commerce, construction, restaurant, and medical or health care industries. The company provides monthly, quarterly, and annual bookkeeping services, which include bank reconciliation, sales tax collection and filing, and accounting system setup.

What Our Nonprofit Bookkeeping & Accounting Clients Are Saying

That way, you can be sure that your nonprofit maintains both its 501(c)(3) status and the trust of its supporters. Bookkeeping for nonprofits is recording and analyzing financial transactions to ensure compliance with state and federal accounting rules. At Profitline, we excel in delivering top-notch bookkeeping services, characterized by our precision and expertise in handling your financial records to maximize both efficiency and accuracy for your business in Tampa, FL. Serving the Tampa area, Affordable Accounting and Bookkeeping Services, LLC provides high-quality tax and finance advice, payroll services, computer consulting, and accounting software selection and implementation. Serving the community since 1993, Dunedin Tax and Accounting specializes in comprehensive, reliable full-service accounting and bookkeeping services.

Service Providers

Why stress your resources by trying to handle all your accounting and bookkeeping tasks in-house? We can handle all the accounting and bookkeeping needs of any kind of non-profit organization. We’ll keep your books organized and current, prepare financial statements and handle all your accounting functions. A nonprofit’s statement of cash flow tracks a nonprofit organization’s cash and financial health. This statement contains information on how much cash an organization generates from investing, financing, and operations. Nonprofit accounting and bookkeeping revolve around representing an organization’s financial records in compliance with generally accepted accounting principles (GAAP).

Whether you decide to outsource both your bookkeeping and accounting services or just one, you can be confident that we’ll provide professional services designed to meet your nonprofit’s specific needs. Exclusive Tampa Bay Member of Nonprofit CPAs, a nationwide affiliation of independently-owned accounting firms committed to delivering exceptional financial and consulting services to nonprofit organizations. Only one member in each metropolitan area firm is admitted to Nonprofit CPAs. We are proud to be recognized for our leading accounting and business development practices and superior service in the Tampa Bay Region. Jitasa’s experienced nonprofit accountants will set your organization up with a cloud-based accounting system and chart of accounts to guide the financial aspects of your daily operations. We’ll also handle a variety of analysis and reporting tasks, such as reconciling accounts, compiling financial statements, and issuing 1099s.

• We know that the steps involved with basic bookkeeping can be overwhelming depending on the size of your business and the number of transactions.
• There is a good chance it did not involve arduous paperwork, difficult calculations, or stringent compliance rules.
• Essentially, you should view bookkeeping as the financial oversight process that’s necessary for operating your nonprofit daily.
• You can either assign this task to one of your staff members or trust a professional to handle it.
• The entry should contain information such as the donor’s name, the amount of money, and the date.
• Since every nonprofit is different, it’s impossible to say one software is the best – but there are some excellent options.

Non-profits place a greater emphasis on the accountability component of accounting, whereas for-profits prioritize profit maximization. They adhere to a precise set of regulations and processes that aid in maintaining their accountability bookkeeping tampa to donors and contributions. 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.

Are you considering establishing or fine-tuning your bookkeeping system? We’ll guide you through your choices and offer tailored solutions to keep your financial records precise and up-to-date. Should you face any bookkeeping urgencies, you can be confident that immediate, professional assistance is at your disposal. For less than what it costs you to do it yourself or hire someone, Fontana Consulting PLLC can manage all or part of your accounting function.