Like many non-profit and government agencies, you may find yourself managing the approval, distribution, and tracking of grants with limited resources and tools. I believe integrated solutions between financial and grant management processes and data leads to better operational process efficiencies. If you are struggling with disparate systems, you may be experiencing challenges like:
- Lack of integration between financial and grant processes leads to inaccurate payments, misspent budgets, and inability to identify potential savings
- Citizens demand transparency and accountability of grant program delivery
- Grantors face multiple manual and paper based processes.
- Lack of integration with Financial Management System
- Citizens demand simple process for applying and communicating with Grantor.
An integrated financial management system that includes the management of your grants provides many benefits for your organization. Our top 5 benefits include:
1. Single integrated solution supporting all program types eliminates data redundancy and inefficiencies
Integration between financial and grant processes leads to accurate payments and adherence to budget.
2. Program level business rules enforce compliance over the entire Grant lifecycle.
3. Internal and external accountability and financial controls reduces fraud.
4. Consolidated operating budget management provides agency wide view of program funding.
5. Capture of the agreement terms and conditions ensures compliance with regulatory requirements
Submitted by James Faw, VP Product Innovations at Altus Dynamics