Nonprofit organizations run their operations based on the generosity of their donors and grant programs, as well as with the support of volunteers and often a handful of paid staff. Irregular income, strict budget governance, and payroll often present unique budget challenges that require close attention. Tackle these challenges head-on with the right accounting solution.
Nonprofit financial operations are a little different from traditional for-profit businesses, particularly when it involves managing financial processes with multiple funding sources. Grant funding often requires an even greater level of oversight and attention to detail, as well as additional reporting and, occasionally, regulatory compliance. Download “7 Great Reasons that Nonprofits are Moving to the Cloud” to learn why more nonprofits are moving into cloud-based accounting services.
Grants often come with a set of guidelines and a strict budget. You may be obligated to provide monthly or quarterly spending updates as well as a report on your progress toward reaching certain milestones or goals outlined in the grant. This paperwork can be time-consuming for one grant and even more so with multiple grants. A strong, cloud-based accounting solution, such as Intacct®, can save valuable time whether you are working with funding from one grant or several. You can track qualified and non-qualified grant expenses, monitor real-time budgets, and monitor performance and outcome measures for each grant individually, while keeping tabs on the fiscal health of your nonprofit as a whole. Robust reporting features offered in Intacct also make it easier to maintain compliance with local or state regulatory requirements, as well as grant funding requirements.
Remote access and automated workflows further streamline data entry and improve productivity throughout your office while keeping you in contact with your employees and volunteers. By spending less time on paperwork and reporting requirements, you and your team can have more time to spend with your membership and providing services to the industry or community that you serve.
Tackle the often complicated accounting and financial obligations of your nonprofit by deploying a stronger, cloud-based accounting solution. Download “7 Great Reasons that Nonprofits are Moving to the Cloud” and contact SSi Consulting to learn more about using Intacct to control complicated accounting processes.
By SSi Consulting, Certified Intacct Partner in DC, Maryland & Virginia