Back to Blog

Find Your Return On Mission, (ROM)

Nonprofit organizations face increased demands for services from their communities.  But when it comes to internal needs, traditionally they have been tasked to minimize overhead costs.  And unfortunately, the area that suffers the most is the investment in systems. This puts significant strain on their finance teams, as many now have corporate cards, shifting from traditional debit/credit processes.  Expense management becomes a barrier due to more complete reporting needs. 

These organizations face unique challenges when it comes to processing expense reports:

  1. Managing the manual process of reconciling credit card transactions
  2. Finding a system that provides visibility and control into spend
  3. Removing workflow bottleneck with multiple approval layers

So what can we do to help them get a “ROM (Return on Mission)”?

Most accounting software wasn’t designed with the nonprofit in mind.  Nonprofits have unique financial reporting requirements which call for a software built for these unique needs.  It’s important to choose an accounting ERP system, such as Intacct, that can accurately handle contributions from donors, grants, investments and fund raising events, and produce reports that make submitting IRS Form 990 and other tax reporting easier.

Next, choose expense report software that can easily integrate with your accounting system and avoid spreadsheet overload! A fully automated expense report process can be configured to meet the nonprofit’s unique needs, and multiple approval layers to remove a backlog of reports and integrate credit card data saving the accounting team hours of data entry.  Implementing the right expense management software solution, such as Nexonia Expenses, can be simple and efficient, and will save time and money, both which can be reinvested to further the motives of your organization.

Expense management is no less important in the nonprofit sector.  But by understanding the unique financial challenges that they face, such as with expense reports, we can let automated systems do the hard work. And this will give these organizations the best “ROM”.

For more information on automating your expense report process, contact info@jmtconsulting.com.

 

Related Posts:
Event Recap: How Vena Can Help You Optimize Your Back Office
November 6, 2019
Event Recap: How Vena Can Help You Optimize Your Back Office

In many cases, time spent on manual processes within finance can amount to a third or even half of a full-time employee per year. For resource-strapped nonprofits, this can be a huge obstacle in the way of planning and making strategic decisions for the future of their organizations. On October 30th, 2019, JMT Consulting and…

How To Reduce Financial Risk for Your Nonprofit
April 16, 2018
How To Reduce Financial Risk for Your Nonprofit

Many nonprofits walk a razor-edge financially. Nonprofits address society’s most difficult issues, compete for limited funding and struggle to find and keep qualified staff to run their organization. A new report by Oliver Wyman, SeaChange Capital Partners, and GuideStar, which examines the finances of more than 219,000 U.S. nonprofits, reveals sobering realities: Around 50% have…

Get a View into Your Nonprofit’s Outcomes with Dashboards
February 26, 2018
Get a View into Your Nonprofit’s Outcomes with Dashboards

Dashboards provide a window into your organization’s performance and financial health. With the increased emphasis on outcomes—defined as a change in skill, knowledge, attitude, behavior, condition, or status—nonprofits must demonstrate the progress of those outcomes in a visual, understandable way. An article in Nonprofit Quarterly notes that a dashboard must: Align definitions of success across…

Nonprofit CFOs Agree – Cloud Financials Key in Running a Nonprofit Today
September 8, 2020
Nonprofit CFOs Agree – Cloud Financials Key in Running a Nonprofit Today

This post was published as part of our guest blog series by our software partner, Sage Intacct, the fastest-growing, most robust nonprofit financial management solution available. In the mission-driven nonprofit world, accounting and financial management can sometimes slip down the priority list. It’s not always easy to allocate budget dollars to back office infrastructure that…

 Back to Blog