Charities are facing mounting philanthropic financial challenges, but cloud accounting software can help you overcome them.
Growing operational complexities. Faltering public trust. Increased donor scrutiny. Charitable organizations are confronted with financial hurdles in every direction, and they often struggle to address these issues due to deficiencies in their accounting systems. Organizations in the philanthropic sector must be able to accurately monitor their finances on a consistent basis and readily track the donations received. It requires a robust accounting system capable of meeting their complex accounting needs and reporting requirements at a price they can afford, which can be a tall order.
Cloud accounting software is the cost-effective solution that allows charities of all sizes to take control of their accounts with greater ease and transparency. Read on to find out how.
1. Tap into heightened security at a fraction of the cost.
Cloud accounting software avoids the infrastructure, costly upgrades, and regular maintenance associated with on-premises accounting software. For charities, a big benefit comes in the form of access to increased functionality at a much lower cost of ownership, due to the software’s subscription model. Cloud apps also come equipped with improved security that includes automated backups, systematic monitoring, superior firewall protection, and other cutting-edge safeguards to protect sensitive data.
2. Improve donor retention with personalized feedback.
It’s more important than ever for charities to secure public trust to attract new patrons and foster repeat donations. Digital accounting tools like informed reporting and validation can encourage contributions and improve donor retention. For example, charities can inform supporters of precisely how their contributions were used. This kind of personalized feedback can go a long way toward keeping donors active by letting them know how their money is being spent, fostering trust and creating enduring connections.
3. Say goodbye to the headaches that come with manual reporting.
Cloud accounting software can remove the inefficiency from financial and operational compliance reporting with user-friendly automated reporting tools. Forget the annoyances of time-consuming data re-entry and having to consolidate dozens of disparate spreadsheets. With Sage Intacct, prebuilt reports can automatically generate frequently used charitable reports like GAAP financial statements, Form 990 submissions, and FASB compliance documents. In fact, virtually any data can be accessed with just a few clicks.
4. Enjoy instant financial visibility across the entire organization.
With cloud accounting software in your corner, you gain real-time visibility into every aspect of your organization’s finances. Whether you’re interested in monitoring funds granted, the performance of your organization by location or department, expenses tied to each program, or any other aspect unique to your organization, cloud accounting software like Sage Intacct makes it possible. Instantly gain a bird’s eye view of combined numbers, summaries, and all the details necessary to make savvy, results-oriented giving decisions.
5. Boost efficiencies and cut costs.
Automate and streamline core financial operations faster and more efficiently with the help of cloud accounting software. For instance, Sage Intacct has the ability to automate accounts payable, create instant allocations, and enhance approvals across philanthropic organizations and foundations. Its specialized nonprofit accounting software allows users easily manage grants, programs, and funds. Monitoring key indicators like performance and impact measures is a breeze, so there’s never a question about the positive differences your charity is making.
By relying on the right cloud accounting software, charitable organizations can deliver greater levels of accountability, accuracy, and transparency. Digital accounting tools make it easier and less expensive than ever to demonstrate to donors that their money is being put to good use.
Spend less time on your philanthropic financial challenges and more time on what really matters—advancing your mission and expanding your charity.
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.