Sage Intacct makes it easier for nonprofits to complete year-end financial reporting, allowing them to focus on advancing their missions.
Year-end financial reporting is critical to nonprofit success, but it can be filled with time-consuming manual processes. The good news? Cloud-based automation can transform the efficiency of these reporting efforts. In this article, we’ll explore how organizations like yours are improving their reporting processes with automation and how solutions like Sage Intacct help optimize nonprofit financial reporting, making the year-end close a breeze.
How does cloud financial management streamline year-end reporting? Cloud-based solutions offer many advantages during month-end and year-end reporting, including:
- Accurate, real-time data
- Anytime, anywhere access
- Easy integration with other systems for synchronized data
- Internal controls and enhanced role-based security
- Accessible dashboards for board members and key stakeholders
- Streamlined workflows
Six Guidelines for a Simplified Nonprofit Year-End Close. Stress-free financial reporting? Sage Intacct makes it possible. Here’s how:
1. Rely on the power of real-time financial data.
Cloud accounting software like Sage Intacct provides instant access to fiscal information, allowing nonprofits to track and update their financial position throughout the year. This eliminates the need for extensive adjustments and last-minute corrections during the year-end closing process.
2. Create a checklist.
The checklist tool within Sage Intacct makes it easy to determine year-end tasks, assign owners and deadlines, and track progress. This ensures nothing is overlooked, all critical tasks are completed on time, and the transition into the new fiscal year is smooth and efficient.
3. Collaborate within the system.
Because cloud-based systems are accessible from anywhere, key stakeholders such as accountants, auditors, and nonprofit management teams can always collaborate seamlessly. This enhances communication and reduces delays. To avoid email chaos, keep all discussions and updates within the system and logged for easy reference.
4. Reconcile relevant systems.
Sage Intacct’s pre-built integrations make reconciliations quick and error-free. Before closing your books, ensure all relevant systems such as your CRM, payroll, expenses, etc. are synced with your accounting software to eliminate discrepancies and reduce manual efforts.
5. Review all information carefully.
Check posted transactions for errors or incomplete entries, such as drafts or failed transactions. Sage Intacct can quickly spot and correct errors by flagging discrepancies, so you can make the necessary adjustments before finalizing your year-end close.
6. Ensure compliance.
Cloud accounting software provides a detailed audit trail, making it easy to track changes, validate transactions, and ensure compliance with nonprofit accounting standards. This is especially helpful during year-end audits, as it ensures transparency and reduces the chances of errors, so you can have confidence in your financial statements.
Year-end nonprofit financial reporting doesn’t have to be a headache. Sage Intacct allows you to automate many tasks reducing manual effort, improving accuracy, and streamlining the close process.
IBC has completed hundreds of successful implementations across nonprofits of all types and sizes. Our team of experts will help you implement this powerful tool—quickly and affordably—so you no longer have to dread the year-end close. Contact us to get started.
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.
