Over the past few years, nonprofit services have experienced increased demand. Demand that at times, exceeds the capacity of the organization. Of course, nonprofits desire to effectively meet the needs of their constituents and continue to have a significant impact. The problem is keeping up with the demand and planning for future growth.
One of the ways nonprofits are scaling for growth is through partnership and collaborations. The increased demand, which has sprouted more NPO’s, creates increased competition for donors and grants. This then requires nonprofits to become clear on their mission and create tools to see them to their desired success.
Growing organizations of any kind is a marker of organizational health. Growth = Good. However, growth also brings with it, its own set of unique challenges. Challenges that not all nonprofit organizations are ready to face. For instance, increased grantor requirements, funding from multiple sources, a desire to see deeper into organization financials, in addition to more complicated reporting and compliance. In order to optimize successful future growth, your organization should have a plan which anticipates these changes and how you are going to deal with them. Perhaps your nonprofit will add programs, services, or locations. How will you continue to keep accurate records, updated budgets, and most importantly, maintain missional focus? While your company may have been established using a small business model – that same model may not continue to serve you well as you expand.
It is likely that in order to support your growth you will need to diversify your funding. Obtaining funding will require outcome measures and a clear understanding of your key performance indicators. The ability to track your financials becomes even more important to donors and constituents who are supporting your organization. Inevitably a growing nonprofit will reach a point where they require a financial management solution that utilizes modern technology to organize and maintain accurate records.
Intacct’s Cloud-based ERP software is specifically designed to provide you with the control you need to simplify your financials so you can determine where – and how – to allocate your resources and time. Built in the Cloud environment, Intacct provides organizations with true business visibility and flexibility so they always are in the know. Designed to automate your organization’s financial processes and transform your financial department into one that strategically drives your company toward growth, Intacct has been voted one of the best-in-class financial ERP solutions on the market today.
At Beck & Company, Certified Public Accountants and Business Advisors, we are an accounting and consulting firm delivering specialized expertise, creative thinking, and unsurpassed service to ensure that our clients’ financial endeavors flourish. Specifically, we offer nonprofit services such as CFO, Controllership, and Accounting services. Contact us to see how we can help your organization flourish.