A preferred choice of next-gen business leaders to take key business decisions.
Gain insights with Industry specific success stories, case studies, videos and whitepapers for Sage Solutions
Get a comprehensive understanding on how to leverage maximum return and potential for ERP Software
Summary: Do you love numbers? If yes, you might use spreadsheet software like Microsoft Excel or Google sheets to store, sort, and manipulate numbers. But are you sure that you haven’t made any mistakes while performing multiple mathematical operations?
Unfortunately, carrying out manual operations on data is tedious for finance professionals across any industry, including non-profit organizations, because it drains all your energy and significantly increases the risk of human-induced errors. Fortunately, financial automation software provides a viable solution to this challenge.
Non-profit organizations (NPO) face unique challenges like tax-exempt accounting, donation management, and government funding. Traditionally, NPOs lacked funding due to which they couldn’t invest in intelligent cloud software like Sage 300cloud, which adversely impacted:
Luckily, you can automate your back-office processes and streamline your activities quickly and efficiently by implementing top-management software tools.
Cloud-based financial management software like Sage 300cloud allows you to become compliant with government laws and also helps you transform into a future-ready and resilient NPO.
Here are seven manual finance tasks that non-profit organizations must automate.
1. Automate manual tasks, intercompany eliminations, and currency conversions.
Manual consolidation refers to reconciling financial data from various subsidiaries of your NPO, which can be a painful task. Besides adding numbers and making specific calculations, it involves currency conversion operations if the subsidiaries are spread worldwide.
NPOs rely on manual spreadsheets and workbooks with multiple tabs for performing financial consolidations that may significantly increase the risk of human-induced errors. Moreover, manual systems fail to create audit trails that are necessary in today’s regulated world.
Cloud-based financial management software allows the consolidation of financial statements from anywhere on the planet where you can access the internet. It also allows employees to work on mission-critical tasks that boost productivity by almost 50%.
2. Reconciling data between different systems manually.
NPOs generally use disparate data management systems, including multiple databases, spreadsheets, and data sources for storing business-critical information.
Cloud-based financial management software provides a viable solution to this challenge. It automatically integrates disparate systems spread across different regions, enabling account managers to fetch real-time reports on budgeting, expense management, billing, business intelligence, fundraising, donation received, CRM data, and other critical areas.
3. Recognizing revenues manually.
Non-profit organizations have various revenue streams, such as membership fees, charity, donations, and gifts.
Moreover, NPOs face difficulties due to the various complexities and ambiguities while complying with government rules and regulations.
Generally, NPOs manually calculate revenues in Excel sheets after exporting data from Customer Relationship Management (CRM) system.
Does the above story resonate with you?
A modern cloud accounting solution will help you recognize revenues from different streams quickly and conveniently. As a result, it will reduce the complexity of computing revenues, thereby allowing finance professionals and tax consultants to spend less time on such trivial activities.
4. Making vendor payment approvals manually.
Do you have an extended payment approval chain that several stakeholders control?
If yes, then you are losing valuable time.
Another benefit is that your staff will save time by not looking for approvals and payment status across email threads.
5. Allocating cash transactions manually.
NPOs generally use labor-intensive manual tasks for allocating cash for different purposes. For example, the staff identifies and allocates:
But it’s much more effective to automate the calculation of cash allocations that need data from disparate software systems spread across various geographies. Examples include revenue per employee and costs per headcount.
ERP software like Sage 300cloud will also help automate other critical dimensions of your organization, such as:
The best part is that automating cash allocations will dramatically increase your decision-making capabilities.
6. Performing audits manually.
Consider the following two critical questions:
If yes, then you should implement cloud-based financial management software.
You can reduce audit costs by decreasing the time spent on working on spreadsheets.
7. Creating reports manually.
Do you rely on spreadsheet software like MS-Excel to create reports for your non-profit organization?
Working on spreadsheets is a time-consuming task and also eats a lot of resources and money. In addition, collecting and verifying data from multiple systems, creating formulas, and building data models manually is a painful task.
Therefore, if you want to save time, you must automate the task of creating reports.
Cloud-based financial management software like Sage 300cloud will allow you to create easy-to-use reports. It also has an interactive dashboard and several visualization tools, which help create real-time reports and assign more strategic tasks to the staff.
At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. You can also write to us at firstname.lastname@example.org.
Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.