Nonprofit Industry Trends in the age of Covid-19
Sage Intacct recently released their new report documenting their research findings on nonprofit industry trends during 2020. The survey, conducted in Q4 of 2020 with more than 500 nonprofit finance leaders, revealed the struggles and successes that nonprofits experienced.
Some unique findings in the research included:
- Program disruptions were the biggest impact on nonprofits
- 50% of nonprofits had challenges shifting to a remote workforce
- 38% of nonprofit finance leaders cited lack of process automation as top internal frustration
- 35% experienced increased demand for services.
It is no surprise that, like other organizations, nonprofits have had to deal with unprecedented changes and industry disruptions. Despite this, there are signs of brighter days ahead. In the coming 12 months, 50% of respondents are forecasting either flat or an increase in revenue. Of those, 29% are forecasting a significant increase of 25 to 50%. Nonprofit industry trends are not as gloomy as one may expect.
However, the inability to automate financial reporting is the top internal frustration for nonprofits. Every nonprofit has been forced to make difficult decisions this year and nonprofits need more timely, insightful financial reporting to make data-driven decisions.
As nonprofits dealt with uncertainty, fewer resources, and organizational disruption, many turned to modern, cloud-based technology to stay afloat. The capabilities of a modern, cloud financial management system have proven particularly important to stay focused on their mission during the COVID-19 pandemic. Solutions like Sage Intacct allowed nonprofits to streamline processes, allow their workforce to easily transfer to home offices and helped them stay on top of nonprofit industry trends. In times of crisis, technology can be a crucial factor in an organization’s ability to stay afloat or be successful.
For a summary of the findings in this report, download the infographic below.
For more information on Sage Intacct, contact one of our experts today.