Not-for-profits (NFPs) have the same obligations as any other organization – paying bills, finding staff, keeping records and more, but on top of that they also have a mission to improve communities and advance a worthy cause. The challenge for non-profit organizations in this climate is figuring out how to streamline day-to-day operations so that more resources go to advancing their mission.
One of these day-to-day operations that can easily be streamlined is the accounting functions. Accounting is a vital component to any non-profit. NFPs must maintain careful books to demonstrate fiscal responsibility to their board members and donors and to keep up with grant compliance. Consistent accounting takes a lot of time, labor, and focus which can take away valuable resources the non-profit organization should spend on their mission.
Thankfully, NFPs no longer must choose one priority over the other. Financial management solutions like Sage Intacct make accounting both easy and accessible.
Communication and Collaboration
Accounting data is integrated with operational data from across departments. With this integration, financial professionals and all stakeholders now have instant access to in-depth information when making key decisions or working on collaborative projects. As a result, the financial implications of any decision are understood well in advance.
With a new solution in place creating sophisticated financial reports takes minimal time and input. Accountants can now spend less time compiling and organizing the data and more time putting it to use. NFPs can feel empowered to use accounting and finance strategically to make themselves more sustainable and impactful at the same time.
Compliance and Branding
A quality financial management solution makes complying with local, state, federal and international regulations much easier. Similarly, it allows NFPs to demonstrate sound financial management to past and future donors. Organizations that are good at accounting are able to avoid preventable fines and fees while putting their long-term finances on stable footing.
To determine the impact of Sage Intacct on your own organization, assess how much time and money you invest in accounting. Then factor in how often accounting setbacks or uncertainties affect your mission. The right solution eliminates those issues while ensuring that accounting is efficient, accurate, and insightful.