Wouldn’t it be nice if you could find an accounting solution for your nonprofit that is easy to use, gives you the information you need, is flexible and configurable, is secure, integrates with other applications, and tracks information? These are all solutions to the problems that Excel creates. To take your nonprofit to the next level of accuracy and efficiency, you’ll need to be moving from Excel on to an accounting software for nonprofits. Let’s take a closer look at reasons why accounting software is better than Excel.
Seven Reasons why Nonprofit Accounting Software is Better for your Organization than Excel
- Confidence to hit the ground running
The dashboard on accounting software solutions is already set up for you, so you don’t need to worry about figuring out where to start in creating reports like you do in Excel. The hard work has already been done for you so you can easily and clearly see where your finances are at without worrying about making uninformed decisions for your organization.
- Accuracy, accuracy, accuracy!
Financial data is all kept in one place with accounting software. With the capability to feed bank statement lines into your software, the data entry process is sped up significantly. It is also automatic which reduces the potential for mistakes that are so common with manual data entry.
- Reports of all shapes and sizes now available
With just a few clicks, you can choose what will be included and excluded from reports. This allows you to get the most out of the reports while also only reporting on what you need at the time. And, you won’t need to wait until the end of the month because the information is always available and up to date. Reports and budgets are both easy to view and easy to share with others. Time can be reduced for reporting by hours upon hours, and the reports will contain just the data you need them to contain.
- Real-time information
Board members and donors might not be able to wait for data and may need reports at a moment’s notice. Your finances are more accurate through instant updates of information that is always ready to use and ready to share.
Cloud nonprofit accounting software can sync up your financial data with other applications. This can take significant time and hassle out of managing your accounting information.
- Anytime, anywhere access
With options for setting up permissions and approvals, you have the freedom to allow as many staff members or other constituents to access the information as you feel are necessary. This gives you lots of options or lots of control depending on what you need. Any team members who are given permission to access the software are able to do this anytime and anywhere while also being able to share financial information across people and departments. This means staff, your accountant, financial advisor, auditor, and others can all share and access what they need.
- Audit trail intact
As a nonprofit organization, you know how important audits are and how they can make or break you. With accounting software, you will have the information you need for audits and the trail to back it up over the past months and years. A proper audit trail ensures that your data cannot be compromised. It also records a document of every business transaction making a very clear and complete audit trail. This reassures donors and the board of directors that financials are valid and meeting or exceeding expectations.
Now that you’ve seen the many reasons why accounting software is better for your organization than Excel, it’s time to explore some options. RBP Methods offers two excellent nonprofit accounting solutions. Take a closer look at Abila MIP Fund Accounting and AccuFund Accounting to find out more. If you need assistance or further information on these solutions or on the transition to using accounting software, contact us.