Moving your nonprofit financials to the cloud from an on-premises solution can significantly reduce your costs. There are other benefits you may not have considered, though—pluses that are just as beneficial as bottom-line savings. Your fund accounting becomes more efficient, compliance is easier, and you have a better view of your organization’s performance. A closer look at the positives of cloud-based financial management may surprise you.
Spend money on your mission, not infrastructure
Let’s start with the monetary perks. It’s important to understand that on-premises costs involve more than just how much hardware and software are needed to put a solution in place. You should also consider:
- Electricity costs
- Data center costs
- Networking costs
- Disk storage costs
- IT labor costs
- Virtualization costs
Cloud solutions are subscription-based (SaaS), which means you’ll only pay a recurring monthly service cost. The vendor is responsible for infrastructure maintenance and upgrades, freeing up valuable resources to further your mission.
Cloud financial management systems can make your team more effective and efficient from day one. The best solutions let you create tailored dashboards and reports—on the spot—that are relevant to your organization’s specific mission and operational measures. Plus, you can do your job from any browser and any device. This also allows you to easily provide views to non-finance personnel including the executive team, finance committee, and other key stakeholders within your organization who require insight for decision making.
Infuse flexibility and automation
Cloud-based solutions are highly configurable, which brings flexibility and automation to your organization’s operational workflow processes, tracking, and reporting toolsets. Compliance becomes an “of course,” and you have more time to focus on strategic financial management. As your organization evolves, financial operations need to keep pace with transaction tracking procedures, internal controls, and reporting views that support the current organizational needs. Designed to evolve with your organization, best-in-class cloud solutions offer a flexible and configurable architecture that can be adapted to the tracking, electronic approvals, and workflow requirements for your current operational structure and provide insights to best support your mission.
Gain greater visibility to mission success
Don’t waste another moment trying to marry financial and statistical data in spreadsheets. Cloud fund accounting solutions offer the native ability to easily report financial information along with operational statistics—and then allows you to include calculations of the two—as well as other key performance analysis within the system. Whether key financial, statistical outcome metrics or a combination, see the whole picture of your organization—in real time with one view into one system.
Ready to leverage modern technology?
Is your finance team ready to maximize return on mission and gain the visibility, flexibility, efficiency, automation, and integration available with a modern accounting solution? Your current maintenance and operational costs are probably more than you realize. Replacing and updating your accounting solution with a modern, best-in-class solution can cost less than you think—while saving you time and resources.
With more than 25 years working with nonprofits, JMT Consulting has the expertise to help you discover how cloud financials can lead your organization to better stewardship and greater impact. Contact us today.