Is your current nonprofit accounting solution currently meeting your organization’s needs? Or does your organization need more than your current system can offer? While it is true that organizations that have already invested in nonprofit accounting software are able to keep better track of their finances than organizations without the software, many organizations are using outdated nonprofit accounting software that no longer meets the needs of the organization. In order to stay on top, nonprofits need to invest in software that incorporates new technology to meet their specific nonprofit accounting needs.
If you identify with any of the following, it may be time for your organization to invest in a new nonprofit accounting solution.
- You Require More Reporting Capabilities
The financial requirements for nonprofit organizations change are ever-changing. If a government agency requests a detailed report on your nonprofit’s overall health, your nonprofit accounting solution needs to be able to record, catalog and send the information quickly and accurately.Nonprofits cannot afford to put their funding at risk by failing to deliver on the strict reporting requirements of government agencies and funders. A good nonprofit accounting solution will provide a flexible, built-in reporting writer that gives organizations the ability to create reports that meet their funders’ specific requirements. Many nonprofit accounting solutions even allow organizations to create their own report templates and produce 990 worksheets that aid in the compilation of the annual federal form 990.
Does your current nonprofit accounting software give you the turn-around times you need? If not, you should begin looking for nonprofit accounting software that keeps up with the ever changing regulations of the nonprofit sector.
- You Need More Customized Reports
Nonprofits have unique needs. Nonprofit accounting solutions need to be customizable and produce the reports each individual organization requires. Solid nonprofit accounting software can cut hours (or days) off of your reporting cycle. Organizations should not have to manipulate data outside the system in external spreadsheets or difficult to use reporting tools. With the proper nonprofit accounting solution, your organization can do all of this within one single system. Does your current nonprofit accounting solution allow for this type of customization? If your current solution can’t be changed to accomplish a specific task, consider upgrading to one that will.
- You Need More Support from the Vendor
Many software vendors offer customers support services. Some may only offer support for a limited time, while others may charge a little more for extended support. If your current nonprofit accounting vendor does not offer the support you need, begin looking for a nonprofit software vendor that offers the software and level of support your organization needs.
- You Need to Perform More Comprehensive Internal Audits
Nonprofit accounting should not focus solely on the documentation and reporting of financial data. It should also be able to accurately capture and provide information for auditing purposes. This is especially important if your organization wishes to prevent internal fraud. The proper nonprofit accounting solution will help organizations maintain a clear, complete audit trail. This will make it easy for auditors to verify that the information is accurate when it comes audit time.
Your nonprofit accounting solution is extremely important to the overall health of your nonprofit organization. The proper solution will provide you with the nonprofit accounting tools you need to better track your finances. If your current solution is not meeting your specific needs or does not offer crucial nonprofit accounting features, you should consider upgrading to a newer nonprofit accounting system. Give your organization the peace of mind that comes with knowing that all of your nonprofit accounting needs are being met with the proper nonprofit accounting technology.