While all businesses need timely and accurate reports, this need can be especially acute for nonprofits. In many ways, reporting has an impact on financial strength than any other factor, because many non-profits receive as much as half of their funding from grants. That in turn creates a myriad of reporting requirements, as grantors want to know how funds are spent as a condition of giving.
Every grant is unique in some regard, and have specific requirements for grouping and managing expenses. Many grants require the total of category overruns be under a certain percentage of an organizations budget. Efficiently creating these complex reports requires having, simple yet powerful reporting capabilities.
The flexible reporting from Intacct can also simplify operations:
- Tracking restricted and unrestricted funds without having to manually reconcile restricted funds in Excel. This allows for an easier, less costly audit.
- Expense reports can be entered into Intacct as a bill to be paid, which can then automate the approval and payment processes.
- Tracking vendor advances through ACH payments, which means there is no need to enter data from the general ledger into Excel or other external sources.
And of course, being 100% cloud based means that there are no server or infrastructure cost involved with running Intacct, and users can work remotely with ease. To learn more about how Intacct can help your non-profit organization, contact us at 866-504-4357.
By Intellitec Solutions, a