Category: "Fund Accounting"
February 6, 2018
Outputs vs. Outcomes: What’s the Difference and Why Does It Matter?Donors want to know if their donations are impacting the work of your nonprofit through its mission. Increasingly, this means telling your story through numbers—something that nonprofits don’t always do well. Marc J. Epstein, co-author of the book, Measuring and Improving Social Impacts: A Guide for Nonprofits, Companies, and Impact Investors, says that “The need…
January 17, 2018
Cloud vs. Traditional Fund Accounting Software: Comparing the True CostsIn the good old days, comparing the cost between different financial management solutions was fairly straightforward. They were built on similar technology platforms and were going to be deployed in roughly the same fashion. The only considerations were subtle differences in system requirements and pricing. The advent of subscription-based (SaaS) cloud applications for fund accounting…
January 15, 2018
Top 5 Myths about Fund Accounting in the CloudIn the mission-driven nonprofit world, fund accounting software can sometimes slip down the priority list. It’s not always easy to allocate budget dollars to back-office infrastructure that doesn’t directly support the nonprofit agenda and harder to find the time and expertise to make it all work. Some of the obstacles include: Capital investment for software…
January 5, 2018
Nonprofits in the Cloud: It’s More than Cost SavingsMoving 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…
October 2, 2017
Communication Service for the Deaf; A Sage Intacct Success StoryCommunication Service for the Deaf (CSD) is a 501c nonprofit organization based in the United States and New Zealand, providing a plethora of services to the deaf. They recently worked with JMT Consulting Group to enhance their financial management solution by implementing Sage Intacct and Nexonia. We recently sat down with Brad Hermes, CFO and…
August 15, 2017
Nonprofit IT: How to Get Your Finance Department to the CloudIf you’re an IT Director or CIO at a nonprofit organization, you may be experiencing something that sounds a little like this: In the last few years, you have moved a lot of systems from your internal network servers. Your Development department has migrated to a cloud-based donor management system like Salesforce. Your Program people…
April 21, 2017
What’s wrong with your chart of accounts and the solutions you need to make it rightIn the most basic terms, a Chart of Accounts (COA) gives a complete listing of every account in your accounting system. To a nonprofit financial manager or controller, a chart of accounts is much more than that. Your chart of accounts is the framework that gives insight into your nonprofit organization’s financial health. If well-designed,…
March 30, 2017
From Managers to the Board Members: How to Show Them the Data They WantManaging finances for a nonprofit organization means getting visibility into how your organization is achieving its mission. Program managers, CFOs, CEOs, and board members all need insight into different aspects of the financial and operational data to make the right decisions. How can you be sure every decision maker on every level is equipped with…
March 23, 2017
Why Every Nonprofit Needs Dashboards to Resolve the Visibility IssueAs a CFO of a nonprofit, you not only face unique challenges in business and finance but also experience significant pressure to prove you’re making the right decisions about your organization. Board members and stakeholders expect to see you’re making informed and successful decisions about your organization’s financial matters. More than ever, donors want transparency…
March 16, 2017
Why Your Nonprofit Needs to Measure KPIs (and How to Get Started)When working with nonprofit organizations, I see the same common financial management challenges time and again: lack of visibility, data pulled from too many sources without integration, disparate types of data, and extensive use of manual processes like spreadsheets to analyze, track, and report. Does any of this sound familiar in your organization? Because of…
March 14, 2017
Is Your Financial Data Safe From the Storms?Is Winter Storm Stella going to be your deciding factor for finally moving to the cloud? With this megastorm threatening much of the Northeast, your on-premise systems are in danger of being compromised. From having redundant data to dispersed geography and backup disaster recovery (BDR) processes, cloud computing protects organizations of all sizes from a…
March 3, 2017
Why Your Grant Management isn’t Working (and How to Fix it)A special breed of nonprofits, Community Action Agencies are the primary source of direct support for the more the 34.5 million people living in poverty in the United States. Community Action Agencies and Head Start Programs serve more than 16 million individuals and more than 3 million families every year. While exhibiting at the Annual…
