Altus Dynamics Blog

3 Financial Management Pit Falls Faced By Charitable Foundations

Posted by Colin Marsh on Feb 13, 2015 4:00:00 PM

Edge-of-the-Cliff_718Are you a non-profit Foundation looking for a better way to manage your donations and grants? Often a Foundation can struggle when there is a lack of easy to use tools to manage funds, grants, and donations. Take a lack of tools and add the pressure of reporting from funders and you’ve got a long list of challenging tasks to manage your Foundation.

We’ve mapped out some identifiers to help you avoid the pit falls in a Foundation when it comes to working with the right tools:

1. Stop chasing paper

Does your purchasing process involve a piece of paper that flies around various departments, offices or further afield? Do these piles of paper sometimes getting misplaced or worse, lost? Has this resulted in inaccuracies in processing, reconciliations and your budgets missing the mark? Solutions today should give you easy employee productivity tools, consigning filling out a manual purchase request to ‘accounting history’. Easy to use online web based tools, which provide detail and drill down, is the only way your accounting team gets the control they need and the efficiencies everyone craves.

2. Reporting and data access

Is your data up-to-date or does it have to be compiled from multiple sources over an extended period of time and finally inputted to your accounting solution? Is it accurate or could human error from data re-keying result in errors?

The pressure continues to mount when it comes to funder reporting. Constant demands on how information needs to be reported on is never ending. We see it all the time! Foundations struggle to use easy reporting solutions to generate accurate and quick reports. Solutions today need to provide easily digestible reporting tools like dashboards. They need the ability to personalise the information to suit the user so your accounting team gets up to the minute financial and operational performance reporting.

The definition of integration to Excel needs to imply automated integration not re-keying of data. Lacking these capabilities will severely stunt the growth of any Foundation as the ability to track and report increases the larger the Foundation and the greater the complexity of its operations.

3. Solution Integration

Trying together your core processes like grant management and donation processing with your financial management system is integral to keeping pace with the demands a Foundation faces. You save valuable time and money when you can share information across grant processing, giving and donation management. Having this overview of all the data components gives you a holistic view of your operations, providing the information you need to make informed decisions and the future success of your non-profit.

If you are interested in seeing firsthand how our solution, based on Microsoft Dynamics NAV manages these challenges and more, click on the link below to view a webcast:

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