RSMUS.comEffective grant management is crucial for organizations, particularly nonprofits, that depend on external funding. Sage Intacct offers a powerful solution for handling grants, providing tools that simplify tracking, reporting, and compliance with grant requirements. This blog will explore how Sage Intacct’s features streamline grant processes, improve visibility into grant activities, and ensure accurate recording and accessibility of important information. Key elements such as identification, categorization, pairing with dimensions, and integrated billing and reporting will be showcased to highlight the system’s efficiency in managing grants.
Efficient Grant Management with Sage Intacct
Sage Intacct’s grant management system tackles the complexities of tracking and reporting grants with robust features for documenting receipts, monitoring spending, and ensuring compliance. Organizations can centralize records, generate detailed reports, and provide funders with necessary performance metrics, increasing transparency and accountability to maintain funding and build donor trust.
The system efficiently manages both restricted and unrestricted funding, accurately tracking direct and indirect costs to ensure compliance with grant requirements. It supports revenue recognition based on milestones or deliverables, aiding in cash flow management and meeting grant obligations. Real-time monitoring of spending and budget tracking against actuals provide valuable insights for informed decision-making.
Sage Intacct offers flexibility in tracking and reporting, with options ranging from basic grant tracking using the general ledger dimension to advanced functionality with the full Grants application. Customization options include tracking employee time and expenses, allocating amounts across dimensions, and creating custom fields for additional data capture, supporting various grant management needs.
Implementation involves a thorough discovery phase to understand the organization’s needs and workflows, including funders, grant types, revenue recognition, and expense tracking. Detailed information gathering allows the implementation team to configure Sage Intacct to align with the organization’s processes and reporting requirements, maximizing value and efficient grant management.
Effective Grant Management and Reporting System
A comprehensive grant management system starts with identifying and categorizing each grant, assigning a unique ID that remains constant throughout its lifecycle. This flexibility allows organizations to adapt to changes without losing track of the grant’s history. Categorizing grants by type and usage in billing helps organize and filter reports, facilitating the management of multiple grants simultaneously.
Associating grants with dimensions such as Funders (Customers), Department, Restriction (Class), or Fund is enables precise tracking and reporting. Setting these dimensions on the grant record automates entry, maintains data accuracy, and quickly shows real fund usage. Integrating billing functionalities within the system is vital for generating invoices based on grant-related activities. The system allows for automatic selection of billable items during transaction entry, with an option to deselect items if necessary. This feature simplifies invoicing and ensures accurate capture of billable activities. Also setting labor billing rates for employees involved in grant work generates precise invoices and tracks labor costs associated with each grant.
Reporting is a vital component, with the ability to generate detailed and summary reports on grant activities, financials, and projections being crucial for oversight and decision-making. With thoughtful and planned design for grant management, Sage Intacct can offer ready-to-use reports, such as project progress billings and unbilled costs by project or customer, providing valuable insights into each grant’s status and ensuring compliance with funding requirements.
Sage Intacct delivers a powerful solution for managing grants, enhancing tracking, reporting, and compliance. Its flexibility and customization options cater to organizations with varying levels of complexity in grant management. Implementing Sage Intacct improves grant management processes, ensures accurate reporting, and fosters strong relationships with funders, ultimately supporting the organization’s mission and securing ongoing funding.
An effective grant management system is essential for organizations that depend on external funding. Capabilities such as unique identification, flexible categorization, dimension integration, consolidated billing, and thorough reporting contribute to efficient processes and improve grant tracking and administration. Implementing this type of system strengthens operational performance and increases the overall success of funded projects and initiatives. Learn more about how RSM can help with effective grant management and reporting by connecting with us here.
