Nonprofit organizations are generally focused on bettering their programs and services, increasing efficiency, decreasing costs, strengthening donor loyalty, and pursuing their overall mission. All of which are good and show wise stewardship within the organization. One way to ensure you are maximizing these efforts is through the automation of processes. Ultimately – through automation, accomplishing more with less; leading to greater impact of your nonprofit.
One of the ways to accomplish this, as we’ve talked about before, is through outcome measures. As your organization seeks to find financial support in today’s increasingly competitive environment, having an accurate display of your financial outcomes can play a key factor in winning grants and donations. Providing these reports, efficiently and accurately requires automation of processes. Through automation your organization can increase productivity and reduce overhead costs.
Automation through an enterprise resource planning (ERP) solution such as Intact ERP Software, can help by automating processes, improving oversight and controls and increasing accuracy and compliance. This will lead to your finance department running more efficiently, while allowing other departments within the organization to use the best tools for their part of the job.
In addition, automation can drive performance and growth. For instance, financial managers are expected to provide information – valuable information – to run their business better. Through automation you can easily dig deeper into your organizations financials in order to understand the true dynamics of your business. This provides visibility into both your financial and operating data so you make better long-term and more strategic decisions.
Another thing to consider is the time you are spending on your annual audit. Are you losing out on valuable time manually searching for information and compiling reports? In an automated environment, you can provide your audit team with access to reports and documentation which allows them to view the information needed to analyze your financials.
Keep these best practices in mind as you delve into 2016. Here at Beck & Co CPA’s we are committed to helping our customers achieve success. We want to help you increase efficiency, decrease costs, strengthen donor loyalty, and pursue your overall mission. Contact us to learn more about our services and solutions.