Make sure to choose a solution with nonprofit accounting settings and features that will make it easier for your team to manage your organization’s finances. When you subtract any outstanding financial obligations from your available resources, you can better evaluate your nonprofit’s financial health. If you have positive net assets, that means your organization is […]

Available to Lili Pro, Lili Smart, and Lili Premium account holders only; applicable monthly account fees apply. Discover 8 best practices to streamline processes, boost efficiency, and achieve better financial outcomes. In accounting, a write-off refers to the action of reducing the recorded value of an asset to zero. This usually occurs when an asset, […]

This includes segregating duties, conducting regular audits, and maintaining proper documentation. By having strong internal controls, nonprofit organizations can minimize the risk of fraud and errors in their financial statements. The default note contains 3 items which are based on trial balance reporting classes and one item for related party amounts which is included on […]

These costs are not directly related to sales or administration but are essential for maintaining the company’s infrastructure. Often called “overhead,” most SG&A expenses are incurred regardless of sales volume, making them fixed costs. However, some SG&A expenses may be semi-variable or variable such as commissions paid to sales staff, utilities, and distribution costs. When […]

Whether they work in-house or externally, accountants can use QuickBooks to automate and simplify tedious tasks and gain deep insights to drive growth for your business. If you run your own accounting practice, check out QuickBooks Online Accountant. In the cloud, you have access to your business data any where with an internet connection, on […]