So much goes into running the finances at a strong nonprofit. From managing people to taking control of processes to reporting to stakeholders and constituents—from staff accountant to CFO, you face a set of unique challenges every single day. But you knew that you’d face challenges. You got into this business because you wanted to support a cause—despite the long hours and low budget.
The Challenges of Running Finances at a Nonprofit Organization
That said, no matter how passionate you are about the mission and no matter how driven you are as a finance professional, there are some things that passion and effort can’t replace, most importantly, time.
There are only so many hours in a day, and if you spend the latter half of your day wondering if someone is going to ask you to generate a report knowing that if they do, you’ll be burning the midnight oil working on it, you’re suffering from spreadsheet abuse. If a monthly, quarterly, or annual close is taking weeks or months, it’s not you, it’s your software.
The nonprofit world competitive, but oftentimes nonprofit finance teams don’t have the time or people to get the job done as smoothly as a for-profit entity could. On top of this, the metrics are as complex if not more complex and the regulatory burdens are closer to a publicly traded company than they are to a similarly sized for-profit company.
This is why many nonprofit organizations are leveraging the cloud to provide affordable technology that gets the job done and positions companies for success. One of the stalwarts in this community has been Sage Intacct, trusted by nonprofits of all sizes for nearly two decades to simplify finances and take control of operations like never before.
Already a strong yet affordable option for nonprofit organizations, a recent partnership made the platform even stronger by improving an already-solid feature: The Nonprofit Financial Board Book.
The Nonprofit Financial Board Book is a dashboard that automates the tracking and management of industry-wide best practice metrics to deliver real-time insights to help nonprofit organizations benchmark the financial health, sustainability, and its mission impact. Metrics are seamlessly calculated using real-time balance sheet, revenue, and expense data from Sage Intacct, and through additional operational sources from within the organization, including its Donor Management Systems, Budgeting and Planning software, Payroll, and more. The dashboard provides a graphical view of the key metrics recommended by GuideStar for nonprofit organizations.
We discussed this in more detail in a recent blog, but would today like to invite you to see the powerful new tool for yourself.
May 23, 2018: Improve Your Nonprofit’s Financial Health with New GuideStar Dashboard
Sage Intacct and GuideStar have entered into an exclusive partnership to raise the bar for all nonprofits and provide them with a powerful tool to easily manage their financial health and stability. The new Financial Board Book automates best practice metrics to help nonprofit organizations benchmark the financial health, sustainability, and its mission impact.
In this webinar you will learn more about the new Nonprofit Financial Board Book, where nonprofits can:
- Gain real-time visibility into key revenue composition and source
- Monitor organization health with key metric visualizations
- Guide discussions with “Questions to Consider” content
- Navigate directly to GuideStar for benchmarking
A demo of the new tool will also be provided. Click here to register or learn more.