Imagine this scenario: You are a nonprofit leader with oversight of your agency’s finances – among other responsibilities. You are responsible for your nonprofit's accounting software. Your team is so ardently focused on accomplishing the organization’s mission that tracking and validating data becomes so daunting that the financial health of the organization begins to erode. With a growing disconnect from budget to actuals, you gradually enter the red without a clear sense of the cause. Reporting back to the donors and the Board becomes painstaking with a potential of securing future funding.
Does this situation sound extreme? Perhaps you’re thinking: “We run a tight ship here. That could never happen
to me.”
The reality is that running out of cash is more common than you may think for many nonprofit leaders who do not have a handle on their accounting processes.
Is it time to rethink your nonprofit accounting solution?
Maybe the above scenario hits closer to home than you would like, and you see an opportunity for improvement. Below are some telltale signs that you need to rethink your current financial management tools.
- You are spending too much time validating accounting data.
- It is difficult for you to compile finances and pull reports.
- You are unable to access dynamic, accurate, and real-time information at your fingertips.
- You struggle to show how your agency’s resources are allocated to various projects.
Besides the angst your current accounting system (or lack thereof) may cause your team and you, it’s important to consider the perspective of your most important stakeholder – your funder. It’s vital to grow a trusting relationship with funders and establish a pipeline of funders who support your mission. This strong trust base relationship leads to repeat donor support and an increased likelihood of your grant applications.
“Non-profit leaders have a fiduciary responsibility to use the right tool that is designed for nonprofits that eliminate the need for disparate systems, has integrated modules with true fund accounting functionality, easy and user-friendly reporting with minimal maintenance and maximum efficiency in terms of making live and accurate data available at their fingertips. A modern ERP and/or a financial management system with a proven track record among the nonprofit industry will help these leaders meet their funders’ expectations faster and with greater transparency,” says John Uder, Nonprofit ERP Consultant at . “Funders want to understand where their money is being spent. You can’t use QuickBooks to run your operation forever. It’s not a start up any more. Nonprofits owe it to their constituents to employ a compliant system that is flexible, scalable and affordable.”
A proven financial solution for the nonprofit space - Serenic Navigator
is a Microsoft Dynamics based financial management system that is designed to meet the unique requirements of nonprofits. With its integrated fund accounting architecture, it provides a logical, table based and dimensional layout that helps you slice and dice your data instantly. From its IDC to revenue recognition, budgeting to grant management capabilities, Serenic Navigator has the technology to interface with third party systems such as payroll, expense management and donor management quickly and accurately. Some high-level features include the following:
5 Serenic Navigator Features That Will Ease Your Nonprofit's Financial Woes
- Data analysis made simple. Robust general ledger filtering capabilities and ad hoc reporting options provide multiple dimensions to slice and dice your data. The software also includes built-in analytics and business intelligence tools that allow you to visualize your data.
- Budgeting accuracy. Serenic Navigator eliminates human errors resulting from duplicate entries. It shows expenses daily – rather than at month’s end – and tracks budget actuals against forecasts in real time.
- Ease of use. The familiar user interface of the widely used Microsoft office product suite shortens the user training and provides a friendly navigation environment.
- Integration tailored to your requirements. The nimble architecture makes it possible to tailor the level of automation and the integration points to the actual requirements.
- Cloud your way. Microsoft Dynamics NAV based Serenic Navigator gives you options; the system can be deployed and manage in the cloud, or it can be deployed on premise.
“As a , BroadPoint thrives on the technology and platform of products provided by Microsoft,” says Uder. “We take it a step further and enhance these products to serve the nonprofit and association space better.”
Are you looking to optimize your business and save yourself time with a new ? Learn why is the choice for more than 400 membership associations, health and human services agencies, foundations, research institutions, and other nonprofit organizations in the United States.
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Hi,
Thanks for sharing the post. The content was informative and well executed. All the points mentioned above can be really helpful to deal with such financial burdens.