Does your nonprofit organization currently have a grant management strategy in place? If so, do you employ the use of spreadsheets and word documents to manage your grant applications? Or have you invested in grant management software to keep track of the grant process?
New technology has helped nonprofit organizations leave their spreadsheets and word documents behind in exchange for a consolidated system that allows nonprofits to apply for, keep track of and report on grants. Grant management software streamlines processes and organizes data so that nonprofits can keep an eye on the grant process and report back to their grant funders. Grant management software, designed specifically for organizations that acquire funding primarily from grants, automates and integrates every aspect of the grant process in an effort to save time, money and employee productivity.
In order to gain a true understanding of grant management software, you need to know what it can do. Consider the following features grant management software offers nonprofit organizations:
- Internal Tracking
Grant management software stores basic information about grant projects so that it is easily retrievable and tracks projects’ statuses as they move through the grant approval process. Users are also able to upload electronic files (in various file formats) and store them in the system. Consolidating these files into one place helps nonprofits keep track of every aspect of the grant process.
- Application Review
Grant management software can also nonprofits review their grant applications. For nothing other than tracking purposes, many grant management software systems provide a checklist to ensure that you have all the information necessary to apply for the grant.
- Letter and Document Creation
The grant management process can be document-heavy. In addition to creating printed letters, nonprofits will need to provide board members with several documents, including proposals, status reports and grant summaries. Grant management software gives nonprofits the ability to easily create the document they need for all of their grants.
- Email Functionality
Because today’s world is highly technical, many aspects of the grant process can be handled over email. Grant management software vendors have taken notice of this trend and have incorporated email functionality in their software systems. Grant management software gives nonprofits the ability to create (and store) their messages in one place, helping them keep track of due dates, approval and grant progress.
- Reporting Features
Nonprofits who receive grants are required to meet certain reporting guidelines. Grant management software contains exhaustive reporting features that allow nonprofits to create both basic and complex reports. The software stores the information you need so you can create the reports required of your organization (such as the Form 990 and other important tax/grant forms). Reports are often customizable, giving nonprofits free reign over the format and information they choose to include in the report.
- Accounting Capabilities
Nonprofit organizations rely on grant management software not just for its grant tracking abilities; in fact, the software is also useful for helping organizations with many of their accounting needs. Many nonprofits rely on grant management software for their budgeting needs, since it is designed to track and report on how funds are being spent within the organization. The software allows users to plan their grants around their current budgets, making sure to account for the money that has already been spent.
Grant management software gives nonprofit organizations the information and tools they need to properly manage each and every grant from beginning to end. Make sure that you carefully choose your grant management software, focusing on the features that meet the unique needs of your business. With the proper solution, your organization can successfully win – and manage – the grants needed to accomplish your vision.
If you would like more information about how grant management software could benefit your organization, contact us today.