Wise nonprofit leaders of growing organizations are finding that access to financial reports is no longer simply a task for the accounting department. It’s now useful for the entire organization, helping to improve visibility with less down time and ensuring a more efficient decision-making process with up-to-date data.
But those aren’t the only benefits. By implementing a system that gives department heads access to financial reports, nonprofit leaders can also gain real-time insight into their budgets, so they can fix problems before the become costly.
Now that you know the benefits of financial report accessibility, it’s time to learn how you can choose the right financial reporting system for your nonprofit. Get the facts in this article or contact EMK online to request a personalized walk through of your options.
They Key is Choosing the Right Accounting Software for You
The software selection process for any organization begins by ascertaining your needs. If you are not ready to move to a robust, nonprofit accounting system that will increase your efficiency and visibility, it might be time to start thinking about the benefits.
Ask yourself the following questions:
- How much time do we spend on manual tasks such as updating spreadsheets?
- What errors could be alleviated by automating manual data entry?
- What amount of time do we spend recording activities and building reports on grants, donations, and other updates when we could run such reports with the push of a button?
- How current is our accounting software and is it still offering the technology needed to run on our hardware?
- Are we maxed out of our user licenses and cannot add any more?
The answers to these questions may give you some excellent reasons for upgrading your software.
The Cost of Nonprofit Accounting Software
Before going shopping for new software, there are a few more questions you’ll need to ask:
- Will the new software be deployed through the organization?
- Will this software change how our organization functions in any significant way?
- Will shifting to new software take time or additional investments?
- Will we need to send people for special training to manage this software?
If you answered “yes” to one or more of these questions, then you may be looking at a more significant investment of time, money, and resources for your software selection process.
Any software that will change how you conduct your business, or software that requires additional investments of time or resources, should be selected based more on quantity than cost. If you skimp on the investment or rush to pick a package for your organization, you may come to regret your choice.
New Software or Make-Do Software?
Another important question is whether you actually do need new software or whether you can make do with the software you have. Often, an organization will buy new software when a package they already own may have the functions they need—they’re just not aware of them.
Start by making a list of the reasons why you want to buy new software. Then,
take an inventory of what you have now. Can any of the software packages or
subscriptions you currently have add the functions you need?
Pick Your Package and Test It
Once you’ve decided on the package that meets your needs, imagine how you’ll use it in your daily work. Gain consensus among the people and departments who will use it if it meets most of their needs.
Few software packages meet 100% of the needs of an entire company, and this is where you may need to compromise on certain features. Once you’ve chosen the package, purchase it. Ask about support, training, and warranties, and return policies if you feel it just doesn’t meet your organization’s needs after you’ve given it a fair trial.
Buying software can be a daunting process. By taking these steps and doing your due diligence, you’ll be able to find great software at an affordable price.
Stop Making Excuses – Be Proactive About Your Nonprofit Reporting Toolset
Many nonprofits wait to update their software solutions until it’s either broken and cannot be repaired, or until they receive a large grant or project that generates investment cash. Though this reactive mindset made sense in the past, today’s fast pace requires a more proactive mindset to stay ahead of the pack.
It’s time to stop making excuses and start making a plan to get accounting software that allows for access to financial reports and greater visibility into your organization.
Get the facts about all the latest financial reporting tools for nonprofit accounting software when you contact the nonprofit experts at EMK Inc. Contact EMK online or at (888) 443-9399.