Visibility into the financial performance of nonprofits is essential for efficient and strategic operations.
Nonprofit organizations face unique financial and operational challenges. Unlike private companies and other for-profit enterprises, nonprofits can be required to provide high levels of transparency regarding fundraising efforts, federal regulations, and reporting to additional stakeholders. High visibility into the financial performance of nonprofits can be essential for efficient and strategic operations.
Unfortunately, many nonprofits are often saddled with limited technological resources. Whether it’s due to outdated systems, the support of well-intentioned but inexperienced volunteers, time-consuming manual processes, or a combination of all three, a lack of access to modern technology can leave any nonprofit without the tools they need to effectively manage, plan, and report on its financial performance.
In particular, processes that rely on manual labor can keep nonprofits from achieving maximum effectiveness. Manual data entry, dependence on spreadsheets, and a lack of high-quality data can make it difficult to produce reliable and timely reports.
Nonprofits are often left to rely on manual processes for a variety of reasons, including:
- Poor systems integrations. Disconnected software tools often lead to users re-entering the same manual data into different applications, which can lead to significant inefficiencies and inaccuracies.
- A lack of collaboration tools. Systems that require users to create their own reports without the use of collaborative accounting or financial management software can lead users to draw conclusions without full access to a nonprofit’s financial information.
- Time. Whether it’s rushing to update data for a presentation or quickly throwing together a last-minute report, the need to meet deadlines or quickly react to changing circumstances can cause users to rely on tried-and-true methods of manual entry.
Automation can play a key role in alleviating these issues. Through a robust system that combines real-time data, role-based dashboards, and wide visibility through open software integrations, nonprofits can take a clear look at the full picture of financial and operational performance. Not only do real-time insights make it easier to make long-term plans backed by robust data, but they also make it easier to view crucial financial reports without the need to manually input data.
Sage Intacct, the modern cloud-based ERP solution designed with nonprofits in mind, makes it easy for nonprofits to take greater control over their finances and operations.
Featuring a wide variety of automated processes intended to increase accuracy and compliance, nonprofits using Sage Intacct are better prepared to make strategic decisions with speed and precision.
For more information about how Sage Intacct can help any nonprofit boost their financial performance, download the full whitepaper, Secrets to Gaining Visibility into Nonprofit Financials, or Contact us today!