Whether we’re in times of economic growth or times of uncertainty, nonprofits need best-in-class tools to ensure their financial health and stability for the years to come. While many nonprofits may start off with simpler accounting tools or off-the-shelf commercial accounting software, such as Quickbooks, over time most realize generic software is no longer able to meet their organization’s financial management needs.
As nonprofits grow and gain multiple funding sources, along with special tracking and reporting requirements, they need a more robust accounting solution that specifically facilitates storing, organizing, and reporting on data from multiple revenue sources. A true fund accounting software system can provide an organization with an end-to-end financial solution and the ability to centralize critical finance tools, automate processes, and tailor to specific needs and requirements.
The absence of these capabilities and core functionality introduces risk to an organization and unnecessary strain on time and resources that only grows with time. This is especially true when it’s time to compile reports at the end of a financial year or prepare for an internal or external audit.
The right nonprofit accounting software can:
- reduce reporting time from hours to minutes
- help you efficiently track funds
- effectively meet compliance and reporting requirements
- provide you the real-time insights, reporting, and financial transparency you need to make critical business decisions
Whether your organization is finding itself in a period of growth, considering expanding your mission and services in the coming years, or have simply recognized you’ve outgrown your current accounting solution – and just can’t take the frustrations and manual workarounds any longer – it’s never too early or too late to upgrade to a true nonprofit accounting solution.
Our buyer’s guide will provide you with critical considerations in evaluating your organization’s next accounting system and help you to understand how to choose the right fund accounting solution for your nonprofit, so you can start to strategically plan and focus on what matters most.