Accounting systems are not something you change or replace often. However, as your nonprofit organization grows in size or complexity, you reach a point where manual processes drain your productivity, and you struggle to analyze your growing range of financial and operating data. At this point, you need a system that leverages the latest technology advancements.
At a minimum, a modern accounting system for nonprofits should automate and streamline core financial management functions such as Accounts Receivable, Accounts Payable, and Financial Close. But you can hardly fuel your growth and need for accountability and transparency by simply automating the minimum. Nonprofits, in particular, have accounting, tracking, and reporting needs that require specialized functionality in their financial management systems. To help select a modern nonprofit accounting system, below is a list of the essential attributes you should look for.
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