September 27, 2022
Nonprofits have unique obstacles to effectively managing their finances. For starters, you’re doing most everything on a dime, and then depending on your industry, you have compliance regulations and other metrics to worry about. If you’re running a multi-entity nonprofit, all of this gets more complicated.
That’s where technology has emerged as a beneficial tool for multi-entity nonprofits seeking easier, improved ways to manage finances. And the right partner to help you implement and fully leverage your technology enables you to meet all your compliance requirements while demonstrating return on investment (ROI) to the board.
There are five major ways multi-entity nonprofits can improve financial management through technology and the right partner. Learn what they are in our eBook The Top 5 Strategies for Improving Financial Management: A Guide for Multi-Entity Nonprofits. In it, you’ll learn how to:
Navigate Compliance Issues
Multiple entities in your nonprofit means you’re dealing with different tax-exempt statuses—introducing complexities around types of expenditures entities can and cannot pay for. The allocation of costs among entities is always under scrutiny, creating layers of complications for your financial management. Technology can help, and software solutions such as Sage Intacct are designed to help you stay compliant through automation.
Select the Right Software
When you’re shopping for software that’s as impactful as an enterprise resource planning (ERP) solution like Sage Intacct, you need all the facts before making a decision. But vendors themselves rarely give you the true picture of what you can expect. That’s where working with a third-party expert like GRF enables you to have all the information about software solutions you need to determine which is the best fit for your nonprofit.
Reallocate Staff Smartly
Nonprofits commonly have staffing issues, and they are typically exacerbated when it comes to accounting. Tight wallets mean less competitive employment offerings, so top-tier accounting talent can be difficult to come by. But software like Sage Intacct solves this problem. It both augments your staff and helps you reallocate resources to more strategic work.
Proving the value of a technology investment is a necessary task for any business, but for a multi-entity nonprofit, the stakes are even higher. Nonprofits don’t have the funds to just start over if software was not a good fit. Using a third-party expert to show you how to maximize your technology investment will ensure your board sees the ROI and you rest easy knowing you made the right choice.
Speaking of the board, your nonprofit’s many stakeholders potentially require many different types of reports—something that becomes a real burden for your accounting team. An ERP system like Sage Intacct enables you to generate multiple types of reports to satisfy multi-entity needs from just one platform. You’ll greatly reduce this time-consuming work for your staff and see reduced operational expenses.
Curious About Improving Your Financial Management?
GRF is a team of experts in both software solutions and the nonprofit industry, and we have years of experience helping multi-entity nonprofits leverage technology to improve financial management. Whether you’re at the beginning stages of considering software or you’re ready to make the move away from spreadsheets today, we’re here to help you get the most out of your technology.
Contact us to learn more about our proven methodology for nonprofits and start your journey to stronger financial management.
Jim Norton, CPA
Principal, Accounting Technology Services
GRF CPAs & Advisors
Book a meeting with Jim