Traditionally, the accounting function at nonprofit organizations is performed in offices down the hallway by one or more on-staff employees. That model is changing fast, however, fueled by the pandemic and increasingly accessible and secure technologies to support virtual accounting.
Especially as some employees begin moving back to the office, it may be helpful to consider three key benefits of virtual accounting and how they compare to the benefits of continuing to rely on traditional in-office accounting.
1. Anytime, anywhere collaboration
Cloud-based accounting solutions like Sage Intacct make it easy for staff members, managers, and board members to connect securely to the latest financial data from anywhere, at any time, using devices ranging from laptops to cell phones.
In the traditional in-person work model, collaboration is also possible—and often as simple as walking to the office next door. But if some of your employees will be working from home some or all of the time in the months and years to come, those in-person meetings may become more challenging to schedule.
With virtual accounting in place, you can still meet face-to-face when it’s convenient, but you and your team members also have the flexibility to work and collaborate from home, using up-to-date data and user-friendly dashboards.
2. Improve decision-making
To make informed decisions, stakeholders need real-time insight into every aspect of the organization. Sage Intacct helps by centralizing all data in the cloud, with easy integration across Salesforce, ADP, Bill.com, and other systems.
Managers, board members, and others can use Sage Intacct’s up-to-date reports and customizable dashboards to make smart and timely decisions about the organization’s priorities and where to dedicate your limited resources.
3. Give employees more flexibility
During the pandemic, many employees have appreciated the flexibility afforded by work-from-home and hybrid work options. Shifting to a virtual accounting solution can help you retain those employees, and you can still have some employees come into the office, if they prefer.
If you’re looking to replace an employee or expand your accounting team, an added benefit of virtual accounting is that you may be able to attract more candidates, including those who do not live in your area.
Insero & Co. is a public accounting firm with decades of experience working with businesses and nonprofits of all sizes. Our experts provide customized consulting services, including serving as an extension of our clients’ accounting departments and helping organizations implement best-in-class accounting software solutions.