If you are a grant-funded organization then you are all too aware of the time consuming process involved in grant management which includes acquiring and managing those vital grants. A large portion of your time and resources are dedicated to the ever important yet at times inefficient process of acquiring, managing and reporting on grants. Regardless of the fact that your time would be best spent on executing the programs for which those grants were funded the system necessitates your time spent on creating spreadsheets to manage and forecast grant funding. This creates a serious disadvantage, especially when winning grants has become increasingly challenging in today’s highly competitive marketplace. There is a light at the end of the tunnel found in grant management technology. Technology which allows you to not only manage your existing grants but provides a valuable advantage for winning others. Not to mention any time saved on these types of processes allows you to spend more time doing what is most important – working towards the mission of your organization.
So what exactly does this grant management software do and how do I benefit from it?
With the ability to store and organize documents and data you’ll save time and energy. The software also allows you to look at your budget and understand the status of grant funds. How much has been used, where was it used and what is left to spend and what expenses remain forecasted? Having all of this information easily and quickly accessible means you don’t have to wait on anyone to provide you with this valuable information. You can make informed decisions that benefit your organizations future.
Improve communications with grantors
When it comes to receiving grants year after year maintaining a good relationship with your grantors is of utmost importance. Communication is key and things like missed deadlines and inaccurate reporting may damage those relationships and subsequently your chances at successfully renewing those grants. With the use of grant management technology tracking deadlines and organizing information becomes easy, enabling you to maintain great relationships with your grantors while ensuring the best side of your organization is on display.
Taking ground with new grants
Grant funded organizations understand the value of winning new grants as well as maintaining healthy relationships with current grantors. Having the ability to accurately backup your proposals with data that shows grant makers exactly how their funds can help you accomplish your goals will give you an advantage when seeking new grants. Grant management technology will help you track budgets and results so you can confidently predict your future needs. This detail provides you with an edge over your competition that doesn’t have the same data to draw from. This means you are outbidding the competition.
Performance based funding edge
When it comes to showing grantors how you have successfully accomplished your mission, the use of technology can be priceless. With the ability to measure mission performance with accurate budgets and reports and show them to your current and future grantors. Because this information is being stored, managed and organized within the software you can bypass the time consuming task of searching through files and spreadsheets and access the necessary data you need at the touch of a button. Running reports which accurately show how grant dollars were spent in the past year and creating projections for grant performance in the next grant year.
Contact us here at RBP Methods to learn more about grant fund technology discussed in this article. Find out how we can help in your overall nonprofit success by getting you the nonprofit accounting software solutions and support you need to help in all areas of your business.