Many Non-Profit organizations that are using Quickbooks or a similar low-end solution for their accounting software are finding that they need something more robust. The reasons for this can vary considerably. For example, some organizations need better controls. Or, maybe they need more financial reporting flexibility or easier integration with other applications. Or, maybe they need the ability to handle multiple currencies or consolidate financials across multiple legal entities. Whatever the reason, more and more non-profits that are looking to upgrade their accounting software and the accounting software solution they are turning to is Intacct.
Intacct is the fastest growing, cloud-based financial accounting (ERP) software solution for small and mid-sized non-profit organizations. The reasons for this are many, but there are seven reasons, in particular, that stand out.
Listed in reverse order, here are the seven key reasons why Intacct is the solution of choice for non-profits that are graduating from Quickbooks.
Reason #7 – Ease of Use
Unlike many of the legacy, on-premise accounting software solutions for non-profits, Intacct is surprisingly intuitive and easy-to-use. They (Intacct) have gone to great effort to prove that ease-of-use and powerful functionality are not mutually exclusive. In fact, Intacct even hired some of the original Quickbooks developers to focus on keeping the user interface simple without sacrificing power and flexibility. This is a big benefit, of course, for non-profits because even non-accountants can learn how to use it.
Reason #6 – Accounting Controls.
Intacct is exclusively endorsed by the AICPA (American Institute of CPAs) and, if an accounting software solution is endorsed by the AICPA, you know it must have good accounting controls. Intacct certainly meets that expectation. Unlike Quickbooks, for example, Intacct offers extensive security options. It also has built-in controls to ensure that proper accounting principles are followed. For example, you can’t simply delete a transaction from the system and then reuse the transaction number as you can in Quickbooks Online. The benefit of having strong accounting controls is peace of mind. You can be assured that the integrity of your data is sound.
Reason #5 – Ease of Integration
Many non-profit organizations have other systems that need to talk with their accounting system. For example, trade associations typically have an association management system and/or a CRM (Constituent Relationship Management) system. Similarly, non-profit healthcare agencies will have an Electronic Medical Record (EMR) solution and/or a medical billing system.
Intacct was built from the ground up as a Best of Class financial accounting software solution that easily integrates with other applications. Instead of trying to do everything and then not be great at anything, their approach is that they will be the absolute best financial accounting software solution available and they will create easy-to-use APIs (Application Programming Interfaces) to allow for easy integration with other Best In Class solutions. The end result is you get the absolute best applications available for your organization with no compromises.
Reason #4 – Approval Workflow
One of the key challenges for any non-profit organization is controlling spending. How do you make sure that your program and grant managers are not overspending their budgets, for example? One way to do that is to automate the approval process for purchasing requisitions. In other words, have your managers submit an electronic purchase request and then let the software automatically route that to the proper party(ies) to be approved prior the actual purchase. This not only ensures that people are not exceeding their budgets and/or making unauthorized purchases, it also streamlines your operations and helps save the planet by eliminating paper forms. Intacct has a powerful workflow engine that you can customize for your operation. This is a huge benefit, particularly for organizations with multiple locations.
Reason #3 –Dimensional Reporting
Quickbooks allows you to track departments and classes. You can also track jobs if you are using the Job Costing functionality. That’s pretty much it, though, when it comes to the various financial dimensions that you can track. In the non-profit world, that’s typically not enough. Most non-profits have many more dimensions that they need to track, including:
With Intacct, dimensional restrictions go away. Intacct comes standard with eight out-of-the-box financial dimensions and two user-defined financial dimensions. And, if that’s not enough, you can add an unlimited number of additional dimensions for an additional subscription fee.
Intacct’s dimensional architecture allows you to filter any report by any dimension. In other words, you can slice and dice your financial data as needed, giving you unparalleled visibility into your financials.
To Be Continued…..
In Part I of this blog, we looked at five great reasons why Non-Profits are moving to Intacct. These are really just the frosting on the cake, though. Stay tuned for Part II of this blog where we’ll talk about the top two reasons (the main reasons) non-profits are moving to Intacct.
To learn more about Intacct or Maner Costerisan, please visit our website at www.manersolutions.com.
Maner Costerisan specializes in helping non-profit organizations move to the cloud with Office 365 and Intacct, the leading cloud-based financial accounting software solution for Associations and other Non-Profits. Vision, speed and accuracy are the keys to organizational success. Maner Costerisan understands these principles and has provided them to clients for over 100 years.