Nonprofit Accounting Basics
Functional Accounting: Guide to Classifying Expenses
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Learn how nonprofit accounting differs from for-profit accounting and how this impacts your organization.
What Sets Nonprofit Accounting Apart From For-Profit?
Nonprofit accounting is the best way to measure success in terms of fulfilling your nonprofit mission.
While many aspects of for-profit and nonprofit accounting are similar, such debit, credits, tracking and reporting of income and expenses, assets and liabilities, there are significant differences that make nonprofit accounting much more complicated.
What is Nonprofit Accounting?
Unlike for profit businesses that exist to generate profits for their owners, nonprofits exist to pursue a mission that addresses specific needs of society. So the bottom line for a for profit businesses is making sure that revenue exceeds expenses to make a profit. Whereas the bottom line for a nonprofit is fulfilling its mission. Because of these fundamental differences and the rules set in place by Accounting Standards Organizations the focus for nonprofits is not profitability but accountability.
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