It can be difficult to get your bearings in this changing nonprofit sector. To help you chart a course for the new year, Abila, the leading provider of nonprofit software and services has unveiled what they predict will most significantly impact nonprofit accounting in 2016.
As a premier Abila Certified Partner, we’d like to share their predictions with you.
Could you have predicted this first trend?
A Focus on Growth.
A shift from sustainability to growth will have tremendous impact on strategic planning. You will need to consider and prepare for the impacts to strategic planning; for example, will you grow existing programs, or expand into new program areas or geographies? Will you require additional funding sources? You’ll also need to budget for people and infrastructure resources, and have modern technology in place.
On a side note: An increasing number of nonprofits are determining their best growth strategy in consolidating with other nonprofits that have similar missions and serve like demographics. This move not only stimulates growth, it also facilitates the pooling of monies and other resources.
Abila’s Other Key Trends For 2016 Include:
- Technology Integration That Drives Collaboration – integration between fundraising and accounting software will become more and more important.
- Revenue Generation Will Supplement Donations – rather than just appealing for donations, nonprofits will delve into the for-profit world of revenue generation.
- A Shift in Giving Models – recent data shows the number of actual donors giving to nonprofit organizations is on the decline even as actual dollar amounts are on the rise.
- Engagement Crucial to Fundraising Success – engaging with donors in a more customized way will begin to become the norm in the non-profit sector.
- Nonprofit Accounting Workforce Transforming – most nonprofits are seeing a strong trend toward smaller, leaner finance teams.
- Fraud and Data Security Continue to be Issues – fraud will continue to be a big issue for nonprofits along with data security.
Abila believes that dollars and people are the key themes for nonprofit accounting going into 2016. Learn about all the trends Abila predicts will have the biggest impact on nonprofit accounting in 2016.