Nonprofits differ from businesses in that they don't sell products or services for profit. Instead, their primary aim is to serve the public, their members, or specific communities. The regulations surrounding tax-exempt organizations necessitate specialized accounting software. This nonprofit accounting software is designed to manage various funding sources, such as grants, donations, and member contributions. It ensures financial transparency, allowing donors to see how their contributions are utilized. Additionally, specific reporting is required to meet compliance standards for grant applications.
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