The Accounting Tools You Need for Grant Tracking and Reporting
Winning grants is great news for nonprofit organizations. But managing those grants can be a time-consuming challenge for the accounting team, which needs to track, bill, and report on every one of them.
To streamline that process, it is important to have the right accounting tools in place, which often means moving from Excel-driven charts to more advanced cloud-based accounting software solutions such as Sage Intacct, which provide powerful report visualizations, as well as real-time reports that make it easy to drill down to the details that matter.
Save time and deepen insights
With a more feature-rich accounting software platform like Sage Intacct, you can easily centralize all your grant documents from corporations, foundations, government agencies, and more.
Simply import data from your membership and donor software, regardless of source or award type, and you can report and compare your grant budget to actuals on grants with reporting periods that differ with your fiscal year. It’s simple to search and report on grant delivery, impact metrics, and financial data, which can save you hours of time.
The customizable dashboards in Sage Intacct allow you to monitor all your grants in real time and collaborate easily within the system to ensure that budgets line up with performance and delivery. The dashboards clearly display non-financial metrics that are used regularly when creating grant reports or fundraising campaigns, including the number of clients served and how that figure compares to the prior year.
If your organization is involved in a grant to increase membership, you could easily see on the dashboard where membership stands today. Then you could drill down further to compare and contrast different membership groups.
More broadly, advanced software platforms give you more visibility and control across operations. By centralizing task tracking for grants and other projects, you can see at a glance what needs to be done and when. As your grant is used, you can monitor spending and track the budget plan in real time. And deadlines are a lot easier to meet when you can collaborate online with team members to ensure milestones are met.
Streamline your grant reporting process
Insero & Co. is a public accounting firm with decades of experience helping nonprofits achieve their missions and streamline their business processes. Whether you need business consulting or audit or other services, our experts are available to help.
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About the Author: Kimberly Gangi
