A business membership organization should be able to provide a service or product according to its mission, but its sustainability requires effective management of its financial resources. A sound financial management system helps leadership as well as donors know how finances are handled, where resources are used, and how spending is controlled.
The following free and low-cost tools can help with your organization’s financial management:
- CiviCRM is a free tool as part of NDI’s DemTools that can help with online fundraising and financial management. For example, it helps to track and manage all contributions (donations, membership dues, event fees, etc.), define your own contribution types for the different contributions your organization receives, and automatically generate receipts and thank-you notes.
- FreshBooks is a low cost accounting tool, considered an easier version of QuickBooks (see below) and features invoicing, payments, expenses, time tracking, and reporting. The tool is exclusively designed towards service-based businesses and also provides a mobile app version.
- QuickBooks is a low cost (with a free trial option) online accounting tool for that enables your organization or business to manage your finances. By logging expenditures, revenue, invoices and payments due dates you can easily keep track of all your financial administration. QuickBooks is known for being able to manage all of your finance related task, regardless if you are a small or large business. Furthermore, you can add users, such as your relevant personnel and accountants, and there is an option to download an app on your smartphone to manage your finances.
- Sage 50 is a low cost online accounting software for small businesses that work well if you don’t always have reliable internet. The program has a secure desktop installation whilst you access it through the internet. The company provides several different packages and also makes another product, Sage One, which is geared towards one-person shops and small start-ups.
- Salesforce Invoice and Payment Platform is a free tool that allows for quick and easy tracking of invoices, payment status, and early payment options.
- Shoeboxed is an information management tool that can scan receipts and turn them into expense reports as well as scan business cards into a contact business management system.
- WaveAccounting is a 100% free online accounting tool that includes bookkeeping, invoicing, expense tracking, and payroll. It also has email support and personal finance options. Wave also has an option to download an app; but as it is free it does have ads running through the app.