- Finance, Not-For-Profit, Sage Intacct
For not-for-profit organisations, managing finances has become more complex than ever before. Tight budgets, donor expectations for transparency and the need to adhere to strict financial regulations have made it essential for not-for-profits to adopt robust accounting solutions.
Below, we have explored the challenges not-for-profits face and the key benefits that the right ERP solution can bring to your organisation. From streamlining financial processes, improving transparency and helping you achieve your mission more effectively.
Unique Financial Challenges for Not-For-Profits
Not-for-profit organisations have different financial objectives from for-profit organisations. They also rely heavily on donations, grants and other funding sources to carry out their missions, making financial stability and accountability crucial. Here are some of the distinct financial challenges faced by not-for-profits:
Transparency Expectations – Donors and supporters, as well as boards and executives, expect transparency in how funds are used. They want to see every pound put to good use and demand clear financial reporting.
Compliance Requirements – Not-for-profit organisations are subject to specific regulatory standards and precise record-keeping is essential. To ensure compliance, they need to be able to account for all funds.
Limited Resources – Lots of not-for-profits operate on tight budgets, resulting in small finance teams with limited accounting software. However, efficient financial management is required to maximise resources and minimise overheads.
How Sage Intacct Addresses These Challenges
Sage Intacct accounting software provides a comprehensive solution that can help not-for-profit organisations overcome the financial challenges they face. With the help of cloud-based financial software, not-for-profits can gain full visibility with real-time data and effectively manage their finances. Here’s how Sage Intacct can be a game-changer for your organisation:
Customised Financial Reports
Sage Intacct provides not-for-profits with the ability to create customised financial reports tailored to their unique needs. This feature allows you to present financial information in a clear and concise way, making it easier to communicate with donors, board members and executives, all of whom have different reporting priorities. With Sage Intacct, you can generate reports that highlight key performance indicators (KPIs) specific to your organisation’s mission and goals, ensuring you’re showing the data that’s needed.
Improved Grant Management
For organisations that rely on grants and funding from various sources, Sage Intacct offers advanced financial management capabilities. You can track expenses, allocate funds to specific projects and ensure compliance with grant requirements. This feature helps not-for-profits demonstrate accountability to donors and grantors, and every pound can be allocated for full transparency, strengthening relationships and trust.
Real-Time Data
Unlike other financial tools, such as spreadsheets, which typically only provide month-end reporting, Sage Intacct provides real-time insights into financial performance. This feature empowers not-for-profits to monitor the financial health of various projects, enabling proactive decision-making and the ability to address any financial challenges promptly. With accurate data from finance teams, you can ensure you’re making the right choices for the organisation at this specific moment in time.
Enhanced Budgeting and Planning
Budgeting is a critical aspect of financial management for not-for-profits. Sage Intacct’s budgeting and planning tools allow you to create detailed budgets, monitor actual expenses against budgeted amounts and make informed decisions based on real-time financial data. This capability helps not-for-profit organisations make the most of their resources and align spending with their overall mission, all without taking up too much of the finance team’s time.
Scalability
Whether your not-for-profit is just starting out or has been established for years, Sage Intacct accounting software can scale to meet your ongoing needs. As your operations grow, the software can accommodate additional users, transactions and entities, ensuring your financial management system remains robust and flexible. As a true cloud accounting solution, you will always have the functionality you need to remain successful.
Integration with Other Systems
Sage Intacct can seamlessly integrate and connect with other external software systems, optimising efficiency across all departments. This integration streamlines data flow and also reduces manual data entry, minimising the risk of errors and the problems they cause. Not to mention, the automation provided by Sage Intacct accounting software can reduce administrative tasks and enhance overall performance. For organisations with charity shops, we can help deliver the end-to-end solution from the till system through to Sage Intacct.
Investing in Sage Intacct Accounting Software
Managing not-for-profit finances effectively is essential for achieving your organisation’s mission and maintaining the trust of donors and stakeholders. Sage Intacct offers a comprehensive solution that can meet the unique needs of not-for-profits, helping you navigate the complex financial landscape with ease. With this powerful tool at your disposal, you can focus on what matters most, making a positive impact on your community and the world.
If you’re considering investing in new accounting software to streamline your finances our team at Envisage is here to help. We’re proud to say that as a leading Sage Partner, we have the most experienced Sage technical team in Ireland and we can support you with the implementation of new software. Our specialists will work closely with you and do a lot of hands-on research, ensuring we fully understand your needs and create a solution that is perfect for your organisation. By getting it right the first time, we can save you time, money and a lot of hassle.
On April 24th, we hosted a webinar on how not-for-profits can navigate financial complexities with Sage Intacct.
The following topics were discussed:
• Grant & Donation Tracking & Reporting
• Fund Accounting including restricted donations
• Multi-entity Accounting
• Spend Management
• Real-time Reporting and Dashboards
See link to the webinar: https://youtu.be/4Qxj2dSGL30?si=qeod1OsG0JrqCfFQ
About the Author
Kyle Moore
Kyle works as a Senior Consultant on the implementation team for Envisage. His focus is on the Sage 200 accounting system products and some of the value-added products. Kyle started off at Envisage on the technical support side before he moved over to the implementation team. With 25 years of experience working with Sage 200 in its various guises, he has vast knowledge of the product and our customers, and understands how their businesses work.