All tagged IRS guidelines

Charity in the Community - Bookkeeping Tips for Non-Profits

From PTA’s and Band Boosters to Churches and Charities – there are a lot of different kinds of not-for-profit companies in Chattanooga.  In fact there are over 1600 non-profits registered in Hamilton County – That’s a lot of charity!

Bookkeeping between for profit and not-for-profit entities are very similar.  One major difference is that a not-for-profit does not pay taxes on the income.  Another major difference is that they rely on contributions, memberships, free services and donated items in order to run their business.   And finally, they are not owned by a person or shareholders.

Bookkeeping tips for nonprofits:

Feeling Puzzled? Understanding the ABC's of Accountants, Bookkeepers, and CPA's

What’s the difference between an Accountant and a Bookkeeper? Entrepreneurs often confuse the roles of CPA’s (Certified Public Accountants), Accountants, and Bookkeepers, since many of their duties overlap. 

For starters, they are all concerned with the financial performance of your company.  Many small business owners operate as bookkeepers and employ an accountant for their taxes at years' end. But if bookkeeping is just not your idea of fun, what do you do?