- Posted by Liesa Malik
- On October 12, 2016
Pursuing Your Mission: 6 Reasons Your Non-Profit Needs Fund Accounting Software
Working in non-profit organizations can be an exhilarating, rewarding and overwhelmingly positive experience, but it can also be a frustrating one. All too often, systems or protocols can let you and your staff down. You may start an operation with the best intentions, but inefficiency can stifle your potential to make a difference.
Don’t let it be this way. With the right software platforms providing their support and functionality, you can progress to a new level of capability. Read on for six reasons why your non-profit NEEDS fund accounting software.
1. Higher Levels of Accountability
Non-profits must successfully juggle revenue streams from a variety of sources. Dedicated fund accounting software makes managing these streams easy and helps organizations to be compliant with GAAP and FASB 116/117, something which generic accounting software simply cannot easily achieve.
2. Better Understanding of Your Non-Profit
In order to achieve your aims, you must first understand where you’re coming from . Fund accounting software includes comprehensive reporting capabilities and data management tools to provide in-depth insights into the workings of a non-profit.
3. Demonstrable Efficiency
Non-profit organizations cannot achieve progress through instinct alone; instead you need to know what is working and what is not. For this you need data, and you need to be able to compare and contrast this data across different periods, different initiatives and different procedures.
It is this capability – provided by a powerful piece of fund accounting software – that can help you to ensure that your organization is operating as efficiently as possible.
4. Reduced Costs
With boosted efficiency come more benefits, including a dramatic reduction of costs. Non-profit organizations are duty bound to do their utmost to secure plentiful, high-quality resources and to complete their mission. Often, the only obstacle to this is the inefficiency of your own practices.
By adopting dedicated accounting software, you can lift the fog of uncertainty and inefficiency, creating streamlined, trouble-free procedures which achieve your aims and reduce costs.
5. Financial Transparency
Non-profits have a responsibility to trustees, to the individuals they are set up to benefit, and to the people who put their investment, hard work and faith into the organization. They also need transparency in reporting to boards and donors. In order to fulfill this responsibility, the non-profit must be financially transparent.
Such levels of transparency can only be achieved by using fund accounting software to demonstrate and account for every transaction. This unlocks a wealth benefits, including increased levels of trust and enhanced reputation as you accurately report and use funds as intended by donors, grant issuers, and management.
6. Freedom to Pursue Your Mission
After the implementation of accounting software, your organization becomes a leaner, well honed, more effective organization (machine is too “cold” in a touchy-feely industry).
Powerful software like that offered by Tangicloud helps you to operate at optimal effectiveness – no longer do staff members need to re-cover old ground simply because processes and procedures haven’t been recorded; no longer do teams need to waste valuable time digging up old reports (or generate them with multiple, incomprehensible spreadsheets). There are those that claim to empower your mission, and there are those that deliver – Tangicloud delivers. The intelligence is there, at your fingertips.