Choosing Cloud-Based Nonprofit Accounting Software
As Nonprofit organizations grow so do the day-to-day challenges. No matter which not-for-profit sector (education, health, business and commerce, churches and faith-based, the arts, community service, etc.) scaling is difficult when organizational growth occurs.
While your nonprofit organization expands in size and more obstacles arise, your operations and administration will need the proper tools to keep up with your mission. You may find that out dated software or your manual accounting method can no longer keep up, is hurting productivity, and produces inaccurate data due to human error from the increasing amount of transactions. You may also find that you need a tighter audit trail to protect yourself and your finances.
To overcome these obstacles, the solution to scale is in selecting an accounting software product specifically designed for you as a nonprofit organization. Nonprofit accounting software makes it easier to manage your revenue and expenses, provides the tools to accurately record and report on grants, assets, donations, payments and manage restricted funds. Nonprofit accounting software helps you continue to stay transparent and accountable as you continue to grow, which is very important because nonprofits are subject to many state and federal regulations and compliance.
Web and Cloud-Based Nonprofit Accounting Software
To achieve the accounting, reporting and tracking requirements of your particular organization you will need to choose the right automated nonprofit accounting system. It doesn’t matter if you’re a church, theatre or a chamber of commerce, at the least possible, you’ll want a cloud based system that offers primary financial management functions such as General Ledger, Accounts Payable, Accounts Receivable, and Cash Management.
Additional features to consider include:
Fund Accounting – To bring balance to funds and demonstrate your accountability
Grant Management – To maintain your funding sources efficiently
Volunteer Management – To track and report on volunteer hours
Encumbrance Accounting – To enhance your procurement and budgeting process
Budget Checking – To stay within the board approved budget and protect yourself from overspending.
Enhanced Audit Trail – To view enhanced user access, activity and transaction details
Real-time – Providing a complete view of your organizations financial performance from any web browser at any time, allowing you to detect new opportunities and recognize where remedial action must be taken
eTraining – End user training modules that can be accessed anytime anywhere and include video instruction.
Flexible Hosting – Secure access from any location: on-premise, in your own cloud or in a secure public cloud.
Unlimited Users – To include everyone in your organization in achieving success in your programs.
Flexible licensing – Allowing you to either rent the software (SaaS) or purchase a license.
Mobile– The capability to interact with your data via a native mobile application
Benefits of Not-For-Profit Accounting Software
Although features, capabilities and advantages differ from brand to brand. Nonprofit accounting software will provide a variety benefits you can gain from:
You can manage grants more effectively
Gain more insight into how to make your organization run more efficiently, cost-effectively by tracking both financial and operational data
Close books much faster by eliminating the manual effort
No matter how complex your organization is you can get financial reports much faster
Save time and money by reducing errors
As a cloud based solution, it’s accessible to you from any device at any time (provided there is internet connectivity)
Reduce IT costs for your organization (no on-premise server equipment needed)
If you want to learn more about nonprofit accounting software please feel free to contact us. At NonProfit+ we specialize in cloud-based nonprofit accounting solutions. We’ll be happy to guide you through selection, installation and training of our nonprofit accounting software solution.
Written by: Bill Dean