If your nonprofit is struggling with the inefficiency of outdated or underpowered fund accounting software, you may need to start considering new options. Even if you decide to stay with your current fund accounting software, evaluating all your options unlocks invaluable insights into your organization's future needs.
So, how can you tell when to consider seeking out a better fund accounting software for your nonprofit organization? If your team struggles with any of the challenges below, it's time to consider changing your fund accounting system.
- Reporting is a struggle that takes too much time.
- Your organization relies too heavily on inefficient, error-prone manual processes.
- You depend on unwieldy spreadsheets to analyze performance, sometimes causing reporting errors or version control problems.
- The number of your locations, programs, grants, or projects has grown rapidly and, as a result, you're considering adding additional accounting headcount.
- Backward-looking reports no longer cut it for making decisions. Management and the board need real-time visibility, as do external third parties.
- You need to perform consolidations.
What's important to recognize is that choosing fund accounting software means more than saving time and reducing data entry. The right system should also deliver real-time visibility and deeper insights for decision-making. Before you begin evaluating fund accounting software, it's imperative that you take steps to set up your nonprofit for success.
Download this E-book to uncover the key tasks involved in searching for and evaluating fund accounting software for nonprofits, and access insights to see how you can prepare a top-down strategy for defining your fund accounting requirements and set up your nonprofit for success. Use this guide to define your requirements, build a business case, and evaluate your options.