Sage Intacct is a great fit for clients in many different industries. One particularly great fit is the nonprofit sector, which is one of Sage Intacct’s largest client bases. The system has been tried, tested, and successful for many different types of not-for-profit organizations, like education, healthcare, human services, and NGOs to name a few. These companies face a unique set of challenges, such as reporting and grant accounting. Below are five unique features of Sage Intacct that make life easier for the finance teams of nonprofits.
#1 Comprehensive Fund Accounting
Fund accounting is difficult. It’s even more difficult if the accounting solution in place is not set up for proper fund accounting. Sage Intacct offers the ability to do true fund accounting – users can record revenues to specific funds/grants and specify and relieve restrictions. Time and expenses can be recorded to grants and then easily invoiced. Finally, reports can be generated for each grant to give management an understanding of the impact each grant has on their organization.
#2 Robust Compliance Reporting
Compliance reporting can be a very time-consuming and painful process that is often managed in Excel. Despite it being difficult, it is crucial to be able to produce various reports. Sage Intacct can make compliance reporting a much smoother and quicker process. By utilizing the financial report writer, organizations can produce complex reports in a matter of seconds. Some examples of reports that are critical to non-profits are Statement of Activities, Statement of Financial Position, Statement of Cash Flow, Statement of Functional Expenditures, and Form 990, all of which can be configured within the system.
#3 Powerful Key Performance Indicators (KPI)
Many organizations don’t have the time to create KPIs and analyze their performance based on key metrics because they’re forced to spend so much time gathering and compiling data, rather than analyzing it. A modern solution provides organizations with the opportunity to set up KPIs and make decisions based on key metrics. Examples of these metrics could include program efficiency, revenue per member, fundraising efficiency, average donation size, and the number of donors. This is not an exhaustive list and can become more specific to each individual organization.
#4 Elaborate Multi-Entity Setup
Managing different entities and locations in different accounting solutions requires the accounting team to have knowledge of multiple systems and knowledge of how to export and combine all the data. This is a very inefficient way of running the business. Sage Intacct has the ability to have multiple entities. This allows organizations to manage all their entities (locations and departments) in one system and eliminate the inefficiencies of having to extract and consolidate data from multiple. Organizations can quickly produce multidimensional reports. You can even have a mixture of some entities consolidating and others not consolidating, making it extremely efficient to transact and report.
#5 Strong Internal Controls
Many organizations struggle with setting up internal controls, but Sage Intacct makes them extremely accessible. These controls are centralized and controlled by administrators, making it easy to adjust as needed. In Sage Intacct there are a number of ways to set up internal controls, such as setting up view and write users, provisioning roles (e.g. payroll clerk, biller, admin, controller, CFO) that allow access to specific parts of the system, and assigning them to employees, assigning user groups to reports, and importing budgets and utilizing budget to actual reporting. By employing these different controls, an organization can feel safe in knowing their data is protected and confident that they enabled their employees to efficiently do their jobs by providing them with direct access to the data they need.
A well-set-up accounting system can help organizations reach their goals and fulfill their mission. Solving the above challenges allows an organization to transact quicker and gain deeper insights into its performance. If you’re facing these types of challenges, please reach out for a free consultation. We’ll help guide you in understanding your challenges and walk you through potential solutions.
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