Whether extraordinary (such as changes necessitated by the pandemic) or routine (managing projects according to grant requirements, responding to constituents or donors, or preparing for a board meeting), your nonprofit faces constant challenges to mission fulfillment. Today’s demands mean that your systems must be as agile as you are.
How can you ensure your accounting software is helping your mission—not hindering it?
Staying Agile with a Flexible Accounting System
In nonprofit accounting, survival depends on flexibility.
- Does your current accounting system support the separate, balanced sets of books required for fund accounting?
- Does the software allow you to carefully design your data structure and chart of accounts to support maximum flexibility?
- Will the system allow you to easily accommodate multiple locations and entities?
Internal Controls and Cash Management: The Importance of Vigilance
Nonprofits must be vigilant stewards of donated monies and carefully monitor what they spend on every initiative and program.
“Without question, internal controls and cash management are important challenges. We find it’s best to mimic our chart of accounts and create three-year rolling budgets and forecasts that we adjust four times a year. You need the frequent refreshes to stay on-course.”
-Michael Mohr, Director of Finance, Women’s World Banking (Read their case study here.)
When it comes to nonprofit financial control, survival depends on careful monitoring.
Free eBook: Download The Nonprofit CFO's Survival Guide
If you’re ready to explore nonprofit accounting solutions, the team at Vision33 is prepared to help you take your first step. As a trusted Sage partner for over 20 years, we have the experience and expertise to provide valuable guidance that simplifies your decision-making.
If you’re still researching your options yourself, download The Nonprofit CFO’s Survival Guide free eBook!
Get this useful field guide for navigating the complexity and demands of today’s nonprofit financial management—so you can feel confident your software and systems are supporting your mission, not standing in the way.