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Financial Reporting and Dashboards for Non-Profits: More Important Than Ever

Non-Profits need a perfect understanding of their financial position at all times to navigate these consequential times. Fortunately, when the obstacle to exceptional reporting is obvious, the solution is too.

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Non-Profits need a perfect understanding of their financial position at all times to navigate these consequential times. Fortunately, when the obstacle to exceptional reporting is obvious, the solution is too.

Nonprofits rely on financial reporting more than most organizations, primarily because they’re accountable to so many different stakeholders: grant and fund managers, donors, regulators, board members, and colleagues – in many cases all spread across the country.

Financial reporting is a critical component of stakeholder accountability. Too often the reporting burden associated with this important accountability represents a huge hurdle for many nonprofits. Those with under-powered accounting software in place must make do with Excel spreadsheets or spend hours manually moving around data to prepare these reports. Today, donations are declining, and traditional funding sources are vanishing, just as demand for nonprofit services are rising. This has only amplified the need for exceptional reporting. Nonprofits need a perfect understanding of their financial position at all times to navigate these consequential times.

Fortunately, when the obstacle to exceptional reporting is obvious, the solution is too.

Better Insights in Less Time

A financial management solution built specifically for nonprofits upgrades the accounting and finance function in many ways: integrating data, automating workflows, streamlining information sharing, etc. But the centerpiece of today’s best-in-class accounting software is robust reporting capabilities designed for the data-driven demands of today’s nonprofits.

Exceptional reporting involves a number of different upgrades. Accountants (or others) can build their own reports without needing assistance from IT and without resorting to a spreadsheet. They can draw on all financial and much operational data to get a comprehensive, up-to-date look at financial performance. Most importantly, they can easily tailor reports to fit the needs of the intended audience, whether that be regulators wanting to audit compliance, board members monitoring financial stewardship, or fellow accountants collaborating on financial planning.

Dashboards provide the next level of reporting and insight. They automatically provide real-time updates for those numbers so that decision makers have a perfect understanding of key financial drivers at the outset of any decision. Right now, when the stakes are high and the pace is fast, dashboards become a crucial tool for those holding the purse strings of a nonprofit.

Sage Intacct doesn’t just optimize financial reporting and enable data dashboards; it does so in ways designed specifically for nonprofits. Nonprofits can take advantage of templates for reporting on FASB 958 compliance and Form 990 Statement of Functional Expenses or build custom reports with ease. You can also monitor dashboards built around key criteria from GuideStar. This may be a financial management solution, but it’s really a means to improve transparency, visibility, and effectiveness.

Learn more about reporting and dashboards in Sage Intacct by contacting the team at blumshapiro.

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