Over the last few years, the pandemic has emphasized the importance of remote work arrangements and increased efficiency.
According to the 2022 Nonprofit Research Study—which surveyed 400 nonprofit professionals—84% of nonprofit teams felt their work was inefficient. Combating this inefficiency in projects and programs was among the top goals for nonprofit leaders in 2022.
Your nonprofit can increase efficiency by focusing on time savings and simplifying your organization’s technology stack.
How Efficient is Your Organization Today?
According to the same study, only 26% of nonprofit respondents gave their team a nine or a 10 (out of 10) when asked to rate how efficiently their departments work together. When examining intradepartmental efficiency, 57% of leaders felt their department’s efficiency was either a seven (26%) or an eight (31%) out of 10.
The survey suggests nonprofit professionals feel there is room for improvement when working together with other departments and even within their department. Your nonprofit may not be able to perform at peak efficiency without the right processes and tools in place.
Putting the Right Tools in Place
Recent research suggests that nonprofit tech stacks are also inefficient. According to the same study, 46% of nonprofit professionals use at least six digital tools, and 23% use eight or more. These multiple, siloed tools cost efficiency because respondents said they spent 25% of their day navigating between these systems.
That time spent navigating through disparate systems works out to roughly 10 hours a week. When expanded out to a year, it equals 520 hours. Juggling too many programs or using paper or manual processes leads to poor visibility into critical data and increases the time it takes to do necessary tasks.
Examining your nonprofit’s tech stack and condensing multiple systems into one complete fund accounting system increases efficiency and streamlines the management of your organization’s fiscal data.
When you use a cloud-based fund accounting program, it also facilitates remote work because the cloud allows employees to connect 24/7 from anywhere in the world they have an internet connection. Using a cloud-based tool can help finance professionals stay productive and collaborate in real-time.
When it comes to increasing the efficiency of your nonprofit, a cloud-based fund accounting program not only helps your employees get 25% of their days back, but it allows your team to reallocate those 520 hours back to other vital processes. What could your nonprofit do with 520 hours to dedicate to other functions?
Worker Smarter, Not Harder
MIP Fund Accounting® can make your nonprofit more efficient by streamlining your accounting processes.
MIP uses the following to increase productivity and efficiency:
- Automation
- Import/export features
- Virtual file cabinets
- Automated bank feed/bank reconciliation
- Built-in workflows
- 140+ report templates with easy customization options
- At-a-glance views on advanced dashboards
Using a fund accounting program reduces manual tasks and helps fight human error.
From financial summaries to client-level detail reports, MIP allows your organization to easily manipulate and save reports to keep this information at your fingertips and communicate to your board and external shareholders that you’re strong fiscal stewards.
When it comes to increasing nonprofit efficiency, start by examining your tech stack and consider how the benefits of a cloud-based fund accounting system will build on your nonprofit’s already solid results and take them to another level.
Download the 2022 Nonprofit Research Study to see the state of productivity and efficiency across the nonprofit sector; learn nonprofit leaders’ most important goals in 2022; and discover how the pandemic has affected operations and engagement.
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