Running a nonprofit organization can be a challenge. There are day to day operational issues such as managing cash, providing your management team with financial visibility, and helping your organization stick to its budget. There are also unique challenges ranging from dealing with strict accounting requirements to reporting sources and uses of funds.
Cloud accounting can improve operational efficiency in your nonprofit organization. Here are five reasons why:
You want to take the pain and inefficiency out of your financial, operational, and compliance reporting with easy-to-use automated reporting tools. Forget the data re-entry and collection of disparate spreadsheets. You can automatically create GAAP financial statements, form 990 submissions, and FASB compliance reports.
Cloud accounting software solutions help to ensure that your organization is appropriately stewarding donations and grants. You can track an unlimited number of funds, grants, and donations and you can tie time and expenses at the employee task or project level back to the fund source. Because grants, endowments, and gifts run across fiscal periods, today’s accounting software allows al reporting, analysis, modeling, and planning to span throughout multiple fiscal periods.
Revenue management can be complex for nonprofits such as membership associations and faith-based organizations that bill members on a different time schedule than the way you recognize revenue. For example, you may bill your members in advance, but recognize revenue at regular intervals throughout the year. Sage Intacct allows you to decouple your billing schedule from revenue recognition, so you can efficiently and accurately manage even the most complex billing and revenue recognition schedules.
Many nonprofits are adopting cloud computing. Day to day operational and financial issues that arise can be challenging. Cloud accounting software, like Intacct, will help you take advantage of complete security and guaranteed performance with efficient, pay-as-you-go subscriptions.
Very few philanthropic organizations and other nonprofit entities place value in growing and managing a large information technology organization. They don’t want to purchase, operate, and maintain hardware and infrastructure to support financial management. Cloud accounting promises a lower cost of ownership, freeing cash and allowing finance teams to focus on the organization’s true mission.
Sage Intacct’s best-in-class cloud financial solution gives philanthropic organizations and grant-making foundations new levels of efficiency, simplicity, and real-time visibility – while reducing costs. This results in greater performances, increased transparency, and better mission-fulfilling outcomes for your organization.