Foundations are a unique breed of nonprofits. They can be large or small, local or national. They operate in almost every state and country. They serve various purposes, such as education, health care, arts and more.
Most foundations rely on volunteers and professional staff members to oversee day-to-day operations. Still, no matter your organization size or what you do with it, you need financial accounting software to effectively manage your finances.
Despite their differences, foundations share many of the same needs when it comes to keeping track of their donations and spending.
Keeping track of a nonprofit’s finances can be time-consuming and arduous. Worse, managing your finances via an outdated system results in inefficiency and loss of financial insights.
The secret of a successful charity is how they manage their finances
It’s not necessarily their marketing or the way they spend their money. It’s how they manage their finances. The best accounting system for foundations can help you do just that.
Commercial or fund accounting software: Which is best suited
for your nonprofit?
Buying commercial accounting software can seem like the perfect solution. However, numerous nonprofits find themselves in need of features that commercial software cannot offer.
What features should you look for in foundation accounting software?
Some of the few key features to look for in the software include the ability to:
- Track expenses and income for multiple programs and projects
- Track donor information and donations
- Generate financial reports
- Be user-friendly and easy to use
By keeping these features in mind, you can be sure that you find the best software for your foundation.
Cloud-based financial solution for foundations
Nonprofit organizations like your charity appreciate people donating their hard-earned money. But maintaining a professional and effective accounting department can be challenging for any organization. The best cloud-based foundation accounting software can help your organization manage its finances. It should be easy to use and provide real-time reporting.
Most foundation financial software offers features and tools to streamline data management. For example, many software programs provide budgeting tools that can help you track your spending and ensure you’re within your budget.
These accounting programs also offer reporting features that track your progress and spot any financial red flags that may cause concern.
For charitable foundations, there are several reasons your financial management might need an overhaul. Managing finances can be challenging, from a lack of transparency to complicated processes. Fortunately, dozens of cloud accounting solutions are designed specifically for charitable foundations.
When you can keep track of your organization’s finances more effectively, in one central place, you can make better decisions.
Nonprofits, are you using the best financial accounting software?
The right financial software can help you stay on track with the following aspects of your organization:
Improve transparency. A significant problem with many nonprofits is a lack of transparency. When donors don’t know how their money is being used, they may not feel comfortable giving or, even worse, stop giving altogether.
Good financial management software gives you and your team the tools to keep donors informed about how their money is being spent. Donors can feel confident about their donations and return to donate more later on down the road.
Track income and expenses in real-time. As soon as an expense is incurred or revenue comes in, it will automatically appear on the dashboard so you can see exactly where your money is coming from at any given time.
The software helps nonprofits track their income, expenses, payrolls, and budgets and produce financial reports. The software can also help nonprofits track their donors and grants.
Microsoft Excel: Great for Spreadsheets, Terrible for Budgeting
It seems so simple; yet, there are weaknesses for using spreadsheets to manage budgets. The pitfalls with Excel and your financial management…
Stay compliant with current regulations and laws. Nonprofits need accounting software to comply with government regulations. The software can help track and manage donations, expenses and other financial data. It can also help generate reports that nonprofits need to file with the government.
Improve efficiency. The right financial software helps nonprofits automate many tasks that would otherwise be done manually and free up time for employees to focus on other tasks, such as fundraising or providing services to clients.
The best foundation accounting system puts all the information at your fingertips—from financial statements to tax forms to checkbook balances—so there’s less time spent digging around or making phone calls to find out where things stand.
With a cloud-based financial solution, you’ll also be able to access this information anytime, which could prove helpful if you’re on the go and need to review documents.
Improve financial reporting. Accounting software for foundations can track and manage donations, expenses and other financial data. It can also produce financial reports that can be used to track progress and make informed spending decisions.
A cloud-based system stores your financial information centrally in one place. There are fewer opportunities for mistakes because there’s no need to manually input data into multiple systems or consult multiple spreadsheets when reconciling transactions.
The result? Fewer mistakes mean less red tape and fewer headaches during tax season!
How much does accounting software for charitable foundations cost?Many accounting software programs have a tiered pricing structure, meaning the more features and functionality you need, the more you’ll pay.
However, several free and low-cost accounting software programs are available specifically for nonprofits. When considering how much to budget for accounting software, you must consider the return on investment (ROI) you can expect from using the software.
The cost of implementing cloud-based accounting software is less than you might think – and is more accessible to nonprofits than ever before.
Reduce costs. Streamline and automate your foundation accounting with Sage Intacct
With the right financial management software, you can have the information you need at your fingertips to make sound decisions about how to best manage your foundation’s finances.
Nonprofit accounting is a specialized field that requires specific expertise. As an Intacct Partner, we have deep knowledge of the nonprofit sector and its unique financial needs. Our accounting experts and implementation team have worked with hundreds of nonprofits—from small local organizations to large national foundations. We understand how to support you throughout your entire financial cycle: from budgeting to forecasting to reporting and beyond.
Our cloud-based financial management solution helps you streamline your operations while reducing costs and improving efficiency. We provide tools that allow you to focus on what matters most: your mission.
Managing a nonprofit organization can be a full-time job, but it doesn’t have to be
With Sage Intacct, you’ll get the tools you need to coordinate every aspect of your operation in one place, making it easier to provide value and meet your donors’ needs.
Sage Intacct is designed to help you manage your finances efficiently so you can focus on what matters most: serving your donors, volunteers and clients!
Are you looking for a replacement nonprofit accounting system that is affordable, scalable, and is not as expensive as Oracle or SAP?
You’ve come to the right place. Check out these foundations and charities that solved their problems with Sage Intacct implementation by JMT…