If you run a nonprofit organization, you’re always looking for ways to do more with less. When it comes to financial management for nonprofits, from charities, faith-based groups, cultural institutions, schools, trade associations, and membership organizations, Sage Intacct can help you stretch your resources.
For nonprofits, cloud-based accounting solutions offer many benefits that others do not. Five key differentiators are:
Outstanding Nonprofit Revenue Recognition
To save your organization time and increase accuracy, Sage Intacct Nonprofit Revenue Recognition automates recognizing revenue. Installment-based arrangements, such as annual tuition fees, can be recognized over a set period of time. You can also avoid doing manual calculations for revenue tied to events like fundraisers, 5Ks, casino nights, and galas, as well as for other conditional-based milestones, such as acquiring property, building design, and construction completion.
Because your revenue schedules are centrally located and not divided among countless spreadsheets, you can easily review deferred revenue postings as well as the status of conditions and their delivery status. Centralized data also allows audits to be performed more efficiently.
Sage Intacct Nonprofit Revenue Recognition can help your nonprofit comply with accounting standards such as ACS 958, ASC 606, and ASU-2018-08. To help your organization better track reimbursement and bills for funders, Sage Intacct Nonprofit Revenue Recognition also works with the Sage Intacct Grants Tracking and Billing application.
Precise Spend Management
Sage Intacct’s Spend Management can help your organization oversee its purchasing and payables procedures while ensuring spending stays within budget. Thresholds can be created to disallow or warn someone from inputting a bill or purchase commitment towards an overspent expense account and/or department. This can help cut down on unplanned costs.
Remaining budget balances can be seen within a report. You can set up a customized dashboard for each grant manager so they can closely monitor spending against a particular grant. Without waiting for reports to be run, leadership can see a dashboard that shows real-time financial data, as well as cash on hand.
Real-time Insights Measured Against Industry Best Practices
To help your organization keep up with industry-wide benchmarks, Sage Intacct offers the Nonprofit Financial Board Book Powered by GuideStar, which is the result of an exclusive partnership. Your nonprofit can take advantage of key performance indicators and use a customized dashboard to see how your financials compare to GuideStar recommendations. You can look at balance sheet performance, funding mix, and the makeup of key revenue sources, to name a few. These insights can help your organization measure its financial health, sustainability, and mission impact.
Comprehensive Grants Tracking and Billing
When you use Sage Intacct Grants Tracking and Billing, you can track, manage, and report on grants with ease, whether the funding sources are corporate, foundation, or governmental. Your overhead costs can be allocated to multiple grants, while expenses can be tagged with grant information and marked as “billable” if they should be charged to grantors. A reduced invoice cycle means your organization can get paid as soon as possible
Real-time Financial Statements
With Sage Intacct, your organization can generate up-to-date financial reports to increase transparency and donor confidence. Sage Intacct uses the power of dimensions to track net asset restrictions, so you don’t need to create duplicate restricted revenue accounts. Real-time data lets you see all the numbers you need to be proactive, whether you’re taking corrective action or moving on to new opportunities. Plus, it only takes a few clicks to produce Form 990 submissions, functional expense reports, GAAP-compliant financial statements, and FASB-compliance reports.
To find out more about all the ways Sage Intacct can help your nonprofit organization manage its finances more efficiently, schedule a call with one of the experts at RSM today.