A nonprofits ability to maximize its mission can come down to how operational effective it operates. Efficiency can be see in the way we structure our people, processes and technology. It’s a multi-step process, and we’re going to hone in on the technology pillar for this blog.
Sage’s annual Grow Together: Building value for nonprofits in a digital economy, saw more than half of nonprofit decision markers (53%) indicating that the cost of programs have increased over the past 12 months. With the cost of inflation, complexities of the talent marketplace, and still a lack of government funding, our Canadian nonprofits are under pressure.
With such high inflation rates, Canadians are re-evaluating how they support charities. Nonprofits need to examine how to make best use of the operational dollars available to meet the increased demand for services at an increasing cost. To maintain and grow their share of funding, they must advance brand awareness but also show operational efficiency.
It’s not all storm clouds, as there is some strong moves your nonprofit can make to improve operations while increasing your digital footprint.
Use Performance Data to Set Benchmarks
Before starting anything, the key is to establish a baseline. Audit your ways of working, by looking at the time spent on repetitive tasks, manual data entry, and inefficient workflows.
Sage Intacct offers robust reporting and analytics features. Take advantage of these capabilities to gain valuable insights into your financial data, identify trends, and make informed business decisions. Customize reports to track key performance indicators (KPIs) and monitor operational efficiency metrics.
Streamline reporting processes
Nonprofits need to demonstrate transparency and accountability to their stakeholders, including donors, grantors, and regulatory bodies. Sage Intacct offers powerful reporting and analytics capabilities that allow nonprofits to generate detailed financial reports, track performance against budget, and provide insights into their financial health. These features aid in decision-making and enhance transparency for stakeholders.
Automating Administrative Tasks
Every business is different, and getting the best value requires understanding what areas of your finances could do most with automation. Incorporating efficiencies tools such as automation will significantly improve productivity and minimize the opportunity for error. There are a few steps to take to successfully add this value to your nonprofit. Firstly, understand what kind of automation you need. Look at your AP and AR processes. Is it manual data entry still? By automating this process, it minimizes you chances for human error and frees up staff time. After understanding your improvement areas, create a clear digital roadmap and get management buy-in. Implementing the tech is just the start. Once its in place, measuring performance and fine tuning with optimize workflows in your digital journey.
Remember, while Sage Intacct can greatly enhance operational efficiency, it’s important to continually monitor and adapt your processes to meet changing business needs. Regularly evaluate your workflows and identify areas for improvement to maximize the benefits of using Sage Intacct.
Grow Together: Building value for nonprofits in a digital economy
Download the 2023 research report
“The use of digital technologies in the nonprofit sector is no longer optional. To succeed in this tech-driven world, nonprofits need a digital footprint to build awareness of their brand and program offerings,” Chantal Edwards, Manager, Public Policy, Imagine Canada. “As governments and funders continue to focus on efficient program delivery, the adoption of digital technologies will allow nonprofits to automate processes resulting in reduced program costs. Investments in digital technologies will be essential to ensure nonprofits can continue to deliver high-quality programs and services to communities in need.”