Being a treasurer for a nonprofit is a huge job! With a little front-end work, you can save both time and money for your organization. Read on to learn some great tips and strategies to best manage your volunteer organization.
Get PayPal’s nonprofit rate
PayPal has a nonprofit rate of 2.2% + 30₵ per transaction. The regular business rate is 2.9% + 30₵ per transaction. To obtain this discounted rate, login to your PayPal account (or create a new one), select “Tools” from the top menu bar and select “Business Setup”. Select “Confirm Your Charity Status” and follow the instructions from there. It may not seem like 0.7% is a lot, but if you are raising $15,000, you’ll save $100 per year.
While you are at it, sign up for PayPal Here and get a free credit card reader to accept payments in person at events.
Use your bank’s online bill payment
Not only is it an enormous time saver, but you’ll also save money on checks and stamps. Online bill payment is typically free with a business checking account, so take advantage of that!
Download your bank’s mobile app
Save time by not going to the bank. Checks can be deposited remotely through the mobile app. Just snap a photo and make your deposit.
Save money on wireless and accessories
If you accept payments in person on a tablet or phone, you should know that all the major cell service providers have some sort of discount for nonprofits. Investigate the best deal and save up to 25% on service and accessories.
Easily fulfill the transparency obligation
Use the online version of your accounting package (don’t forget to check for nonprofit rates). Set up custom reports that you can share on your website or with a link to avoid having to manually prepare and share reports.
Do you have any other great tips for treasurers? Share with us on Facebook! We’ll compile an updated list with your suggestions.
If you are ready for an easier way to run your organization, check out the tools we’ve put together at Mitsy to make running a nonprofit easier.