Digital Transformation for Nonprofit Finance Teams
What does digital transformation for nonprofits mean? Digital transformation allows you to have a data-driven handle on how your not-for-profit is performing, on what you should focus your attention on, and on where to find efficiencies. Digital transformation also enables employees to focus on higher-value tasks rather than manual work that could be automated.
Our Digital Transformation for Nonprofit Finance Teams webinar, presented by our president, Shawn Ostheimer and Pre-Sales consultant, Luiz de Souza explored how Sage Intacct empowered nonprofit finance teams to make data-driven decisions for greater social impact.
Nonprofit Finance Leaders Reveal Their Perspectives
Over the last three years, Sage has conducted research on financial leaders across the not-for-profit sector to provide their perspectives on the industry and the challenges they face. The results of this report are very encouraging. There is a direct correlation between a not-for-profit’s organization’s ability to leverage technology and pivot during the pandemic, and their ability to deliver on their mission goals. As nonprofits have taken proactive steps to engage with their communities and tell their stories, many have relied more heavily on technology than ever before.
Technology, like a modern financial management system such as Sage Intacct, helped nonprofits across the sector:
- Solve reporting issues (financial, operational, compliance, outcomes)
- Streamlined processes through automation
- Provided robust nonprofit-specific functionality like fund accounting and grants management
- Simplified multi-entity and multi-currency management and more
Nonprofit Digital Transformation Story
One of these digitally transformed nonprofit finance teams includes Room to Read, an international non-profit organization that has improved literacy in girls across 20,000 communities around the world. They’ve benefited 12.4 million children and have a global reach of millions more. They needed a cloud-based platform that could handle the various donor reporting requirements, provide multi-entity and multi-currency support and a system that offers global support for their finance and accounting teams. Ultimately they chose Sage Intacct and by leveraging its dimensions and capabilities, Room to Read has dramatically streamlined its chart of accounts from over 56,000 accounts to just 100. Now they can take every transaction detail with all the important dimensions to allow them to understand their organization. They’ve seen significant ROI and increased efficiency with Sage Intacct.
Sage Intacct’s Not-for-profit Specific Product Capabilities and Potential
In the demo portion of the webinar, Luiz illustrates how Sage Intacct is a true cloud platform meaning you can access all your data through a browser. You can forget about VPNs, accessing your data remotely or other inefficient ways to access your data. Everything can be accessed online with Sage Intacct in real-time. Digital transformation for nonprofits means having your data at your fingertips with accurate and up-to-date, unlimited dashboards and reports. Your organization’s assets, donations, grants and other income can be tracked easily and you will be doing your part in remaining transparent and ensuring all federal requirements are being met. When a non-profit has all of its assets and visibility in place, it can help nurture its reputation and gain long-lasting trust from all of its support system.
When you implement non-profit accounting software you are empowering your organization to make sure it maximizes all of its resources to help accomplish its vision and mission. When you need to deliver reports with timeliness and accuracy, you can show the potential supporters and donors why your non-profit deserves to receive funds. Your organization will benefit from higher efficiency and a higher production rate from everyone involved in the organization, including the volunteers. Digital transformation for nonprofits means being able to automate processes, improve productivity, create greater levels of transparency and visibility, enhance the governance of the organization, and strengthen the team’s decision-making and strategic focus.
To learn more about Digital Transformation for Not-for-Profits or about Sage Intacct, watch the on-demand webinar
About Sage Intacct
Sage Intacct is the AICPA’s preferred provider of cloud financial applications. Specializing in helping nonprofits of all types, Sage Intacct streamlines grant, fund, project, and donor accounting, while delivering real-time visibility into the metrics that matter. Our modern, true cloud solution, with open APIs, gives nonprofits the connectivity, visibility and efficiency they need to do more with less.
Sage Intacct helps nonprofit finance professionals increase efficiency and drive growth for their organizations. This is accomplished by automating your processes so you can run your day-to-day business better. And by giving you greater insight and flexibility—so you can make confident long-term decisions, then act fast to execute changes.
Sage Intacct helps nonprofits strengthen stewardship, build influence, grow funding, and achieve mission success. On average, our customers see a 25% efficiency improvement across their processes.