By: Sage Intacct
Nonprofit accounting in the modern era
You don’t change accounting systems often.
However, as your foundation or philanthropic charity grows in size and complexity, you reach a point where manual, time-consuming processes drain your productivity, and flying blind −without real-time visibility into key metrics−is stifling growth. As a good steward, you need a system that leverages the latest technology advancements.
At a minimum, a modern accounting system should automate and streamline core financial management functions such as Accounts Receivable, Accounts Payable, and Financial Close. But you can hardly fuel your growth and need for accountability and transparency by simply automating the minimum. Grantmaking foundations and philanthropic charities have accounting, tracking, and reporting needs that require specialized functionality.
Today, inflexible, inefficient, and outdated on-premises software is rapidly being replaced by a new breed of modern cloud solutions. Over 90 percent of businesses report using cloud solutions today, and nonprofits are no exception.
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