Nonprofits measure outcomes differently than for-profit companies, and that requires a specialized financial management solution.
When nonprofits like yours try to conform their measurements to the things that profit-driven companies value, it’s like trying to fit a square peg in a round hole. It just doesn’t work. That’s because standard financial reports disclose fiscal health, but they don’t tell the whole story about your mission and the impact your work is having on those you serve. You need to be able to show stakeholders the human side of the data by blending financials with outcomes for a more complete picture of your mission impact. Sage Intacct is the solution. It enables users to provide detailed measures of transparency and accountability, which are key to creating trust among donors and members. Read on as we explore why impact results are so vital to mission-driven organizations and how Sage Intacct helps nonprofits measure outcomes more fully and easily.
Measure what matters.
For-profit organizations have business goals like improving profits to support business growth and shareholder wealth. Nonprofits also have goals, but they are essentially measured by the difference the organization is making in the world. Leading nonprofits measure outcomes to validate, quantify, and report on programs and activities and to demonstrate mission success to donors and stakeholders. A robust cloud-based financial management system like Sage Intacct can help nonprofits readily demonstrate their outcomes.
What do nonprofits stand to gain with better outcome metrics?
An outcome metric is an easy-to-understand performance indicator measuring the impacts and results of nonprofit programs and activities. They vary because they measure unique aspects of each organization, but they might be things like the number of patients seen in an underserved area or the number and cost of meals served to the needy. Having accurate outcome measurements benefits nonprofits in many ways, including:
- Assessing program effectiveness: Outcome metrics help leaders decide which programs to continue, which to shut down, and where to invest more resources.
- Providing accountability: Funders are increasingly tying support to accountability, transparency, and compliance with performance objectives. These objectives usually include both financial performance and outcomes.
- Identifying areas for improvement: Are programs working well in one community but falling short elsewhere? Are some teams outperforming others? Outcome metrics can highlight where added focus or better management can make an impact.
- Getting additional funding: The ability to define, measure, monitor, and report success metrics can mean the difference between winning a new grant or not. It can also help ensure that key milestones are met to keep the money flowing in multi-year grants.
- Demonstrating stewardship: With more organizations competing for donors’ dollars, it’s vital to demonstrate good stewardship of financial resources. The ability to accurately define, track, and report outcome measures helps ensure good financial oversight and boosts donor confidence.
Sage Intacct helps nonprofits leverage their outcome measurements. Here are five ways its powerful features enable organizations to maximize impact and drive their missions forward:
- Anytime, anywhere access
Sage Intacct puts real-time outcome indicators at your fingertips. Gain instant insights into your performance metrics with up-to-date financial and outcome data, enabling timely and informed decision-making.
- Integrated financial management
With Sage Intacct, you can seamlessly integrate financial and programmatic data, providing a holistic view of how spending and fundraising efforts are impacting your mission. That leads to improved budgeting and resource allocation.
- Comprehensive reporting
In the nonprofit space, impact is measured by missions accomplished and lives changed, not by dollars. Sage Intacct allows you to generate detailed reports that combine financial data with outcome measurements, providing a clear picture of how your resources are contributing to mission success.
- Streamlined analyses
Sage Intacct’s advanced analytics tools enhance program effectiveness by allowing you to readily evaluate trends, identify opportunities, and make smart data-driven decisions. Responding to changes proactively and optimizing resources results in better overall organizational performance.
- Automated processes
Reduce cumbersome manual data entry and minimize errors with Sage Intacct’s automated data collection and reporting, freeing up time for strategic activities. This automation also helps maintain consistent and reliable financial records, which are crucial for accurate reporting and compliance.
Nonprofits measure outcomes in ways that differ from for-profit entities, but Sage Intacct is there to support your mission success. Intuitive Business Concepts implements Sage Intacct’s cloud accounting products across nonprofit organizations of all types and sizes. Ready to get started? Contact us today!
About IBC: At IBC, we have a deep understanding of the critical business needs and processes specific to associations, non-profits, and unions. We ‘get’ your culture, your goals, and what drives you, too. Focused exclusively on and dedicated to delivering the most effective AMS, LMS, and Cloud Financial Software for our clients, we’re well-versed in identifying and applying the integration techniques that will save you time and money. Since 2001, our cutting-edge products, unparalleled responsiveness, and award-winning services have helped organizations like yours increase their operational and financial performance by leveraging best practices and proven solutions. For more information about IBC, please visit the website at www.ibconcepts.com or call 443.603.0215.
