Benefits of Cloud-Based Accounting Software for Nonprofit Organizations
June 16, 2023
The Importance of Cloud-Based Accounting Software for Nonprofit Organizations
Nonprofit organizations play a critical role in our world. Whether it’s addressing social issues, championing causes or providing disaster relief assistance, nonprofit organizations wear many critical hats.
Yet, with great responsibility comes many challenges for many nonprofits. Conquering these challenges is important to set your organization up for success. The following are a few hurdles you will likely need to overcome to be successful.
Lack of Employee Resources
Employee numbers are small for most nonprofits, so learning to do more with less is vital to the success of nonprofits. One way to increase efficiency is to free up time in how the organization receives its funding. This can be accomplished through accounting software that sends out fee payment reminders to donors and members. Automated accounting software also reduces the dependency on manual data entry and financial reporting errors.
Improved Grant Tracking
Small budgets lead to many nonprofits turning to grants. However, the grant process can be a long, laborious road, especially for accountants who are tracking multiple aspects of the journey. In today’s environment, it’s important that account information and collection communications are managed in accounts receivable software instead of outdated filing systems.
Collaboration Between Departments
Another issue that nonprofits face is the lack of sharing and managing financial data between different departments. Nonprofits need to use technology that can be integrated with enterprise resource planning software that keeps all financial information in one centralized location.
Keeping Up with Funding Resources
Donations to nonprofits typically come from multiple resources. It’s vital for nonprofits to easily track money that’s coming in. A fund management solution can alert nonprofits to who has paid and who still needs to pay.
Getting Started with a Cloud-Based, Cost-Effective Solution
Taking the first steps on your digital journey is easier than you might think. Cherry Bekaert is a proud value-added reseller of Sage Intacct’s cloud-based accounting software. Specializing in helping nonprofits of all types, Cherry Bekaert can demonstrate how Sage Intacct can deliver high value to your nonprofit using a Software as a Service (SaaS) model, which is licensed on a subscription basis and can lower costs.
Cherry Bekaert will help you understand the benefits of using Sage Intacct and the SaaS model, which include:
- Solving Reporting Issues: Efficiently manage financial, operational and compliance issues.
- Improving Visibility: Easily visualize financial intelligence and metrics through real-time dashboards.
- Streamlining Business Processes: Automate procurement, month-end close, consolidations, allocations and compliance reporting.
- Managing Grants: Centralize all grant documents and details for comprehensive views, as well as search and report on grant delivery and impact metrics.
- Opening API: Integrate with other applications and simplify connectivity to multiple systems.
- Scaling Capabilities: Manage multiple locations, practice areas, funding streams and entities.
- Improving Security: Reduce the workload associated with addressing malware and other security vulnerabilities.
Cherry Bekaert is proud to be named a North American winner of Sage’s Partner Platinum Club for fiscal year 2022. This award recognizes the outstanding performance of top partners who have demonstrated excellence in sales and service, strong market presence and outstanding leadership throughout the most recent Sage fiscal year.
If you are interested in digitally transforming accounting processes at your nonprofit and realizing efficiencies, we would love to discuss our Sage Intacct capabilities with you.
Cloud-Based Accounting Software Frequently Asked Questions
How can automated accounts receivable software improve efficiency for nonprofits?
Automated accounts receivable software enhances efficiency for nonprofits by streamlining financial processes. It expedites invoicing, accelerates payment collections, and reduces manual errors. This technology automates repetitive tasks, allowing staff to focus on strategic financial planning. Additionally, real-time tracking and reporting provide better insights, aiding informed decision-making for improved fiscal responsibility.
What features does Sage Intacct offer to help nonprofits manage grants effectively?
Sage Intacct offers robust features for effective grant management in nonprofits. It provides comprehensive grant tracking, budgeting, and reporting tools. With features like customizable dashboards, expense tracking, and automated financial processes, nonprofits can efficiently monitor grant funds, ensure compliance, and streamline reporting. Additionally, Sage Intacct’s cloud-based platform facilitates collaboration, enabling nonprofit teams to manage grants with transparency and accuracy.
How does Sage Intacct’s cloud-based accounting software streamline business processes for nonprofits?
Sage Intacct’s cloud-based accounting software streamlines nonprofit business processes by offering real-time collaboration, automated financial workflows, and customizable reporting. With secure, accessible data in the cloud, nonprofits can enhance efficiency, reduce manual tasks, and gain better insights for informed decision-making. The software’s scalability and user-friendly interface further contribute to optimizing budget management and overall financial operations for nonprofit organizations.
What security measures does Sage Intacct have to protect nonprofit organizations’ financial data?
Sage Intacct prioritizes the security of nonprofit organizations’ financial data through robust measures such as encryption, secure data centers, and regular system audits. The software employs role-based access controls, ensuring that only authorized personnel can access sensitive information. With continuous monitoring and compliance with industry-leading security standards, Sage Intacct provides a secure environment for nonprofits to manage their budgets and financial data with confidence.