Abila has released their 2015 predictions for non-profit accounting trends. Abila is a leading software solutions developer for not-for-profit organizations. They produce leading industry software systems such as MIP Fund Accounting.
The 5 nonprofit accounting predictions are as follows:
- Data Visualization: Presenting an organization’s financial story and success visually will be key in 2015. Board Members and supporters want to be able to quickly and easily consume and understand data and organization is presenting to showcase how they are accomplishing their mission and insight into how funds are being used.
- Non-financial Reporting: The ability to report on impact beyond financial measures is a must. Younger generations expect greater transparency and accountability from the organizations they support. Nonprofits need to show the journey of a dollar toward supporting a mission-from reporting on a project that is happening to tracking activity related, to how the dollar donated had an impact on the project.
- Entrepreneurial Modeling for Nonprofits: Non Profits that will be successful in the future will go beyond just raising dollars to sustain the mission and now will look at how to grow the organization. Organizations will look at new and creative ways to generate revenue, from renting out space in their own building to selling products related to the mission. This thinking was initiated during the economic downturn, but will continue to gain steam and require the ability to track and manage new revenue sources in 2015.
- System Integration: Increased integration between different systems-such as accounting and fundraising-will be essential to improve data quality and efficiency.
- Affordable Care Act Compliance: 2015 will be unique for organizations to ensure payroll and HR systems are aligned to accommodate changes brought about by the Affordable Care Act. This is particularly a factor for mid-size and larger organizations.
If you have questions or would like a demonstration of the MIP, contact DWD.