5 Reasons Public Benefit Organizations are Moving Finance to the Cloud
Dated technology creates serious barriers for public benefit and quasi-governmental organizations (QGOs) already facing increased demand for services and the need to comply with changing government regulations. In a recent survey conducted by Sage Intacct, finance leaders within nonprofits and QGOs shared the internal frustrations that were serious barriers to achieving their goals.
The top five frustrations are:
- Lack of process automation and organizational efficiency
- Inefficiencies and delays due to multiple, disparate systems
- Manual, time-consuming reporting
- Lack of real-time visibility into key metrics and performance
- Inability to measure outcome metrics
This article will examine how public benefit organizations can leverage cloud accounting software to empower the modern accounting team, gain real-time operational and financial visibility, master multi-entity management, and enjoy peace of mind with seamless integration with third-party business applications.
Modern solution emboldens flexibility, automation, and efficiency
A modern cloud financial management solution, like Sage Intacct, bring flexibility and automation to operational workflow processes. The cloud enables remote working and allows your finance team to move toward a paperless office. Team members can do their job from any browser and any device with confidence. Tailored report views can be set up and provided to non-finance personnel including executives and other key stakeholders within your organization that require insight for decision making.
Solutions like Sage Intacct support your organization as it evolves — flexible and configurable architecture adapts to meet your needs throughout transaction tracking and approval procedures, internal controls, and other workflow requirements. Plus, key stakeholders have access to tailored dashboards and reports that are relevant to your mission and operational measures — further strengthening collaboration across the organization.
This Sage Intacct Outcomes Dashboard enables finance leaders to combine financial and statistical information for greater visibility and decision-making.
More than just automating core financial management functions, Sage Intacct empowered public benefit organization Utility Emergency Services Fund (UESF) to rapidly expand its mission.
“As our organization has grown, we’ve experienced an overall 50% growth in headcount and our revenue has grown a lot more. Without Sage Intacct, we would not have felt comfortable adding new headcount, contracts, and additional revenue. Sage Intacct gives us the confidence to know that everything is accurate. As a result, we have additional dollars going out the door to help Philadelphians.”
Tom Malecki, Director of Finance and Operations, UESF
Deliver real-time visibility and reporting
If your organization is unable to access a consolidated view across multiple programs, funds, or initiatives in real-time, you’re probably also struggling to adapt to external pressures and ensure success. That’s why more organizations are using modern cloud financial management solutions to easily capture granular financial and operational data in the same way they manage their programs. Using dynamic dashboards and drilldown capabilities, they gain unparalleled real-time visibility and insights into financial and statistical data.
Role-based dashboards and analytics make it easy to keep a pulse on the financial health of your entire organization and of individual programs—as well as accurately budget for the months ahead. Sage Intacct automatically keeps your sub-ledgers and your general ledger synchronized in real-time, so you always have instant access to summaries and balances as well as transaction details. This support allows your finance team to become more strategic and forward-looking.
Master multi-anything management
Many public benefit nonprofits and quasi-governmental organizations manage multiple program areas, locations, currencies, and more using manual Excel-based processes. By switching to cloud accounting solutions like Sage Intacct, these organizations can simplify reporting and tracking with built-in automation of multi-entity transactions, allocations, eliminations, and financial consolidation, reporting, and analysis. Additionally, Sage Intacct offers deep support for global organizations with automatic multi-currency transactions and reporting.
Say goodbye to disparate systems
All too often, organizations like yours struggle with data and transactions across multiple systems that simply don’t connect with other key solutions like payroll, budgeting, CRMs, and other specialized applications. This often results in an inability to make quick adjustments or proactive decisions.
To ensure your finance team stays current with modern processing and reporting insights, Sage Intacct enables you to harness technology to work smarter. Sage Intacct’s open API and true cloud integration strategy allow for easy, intuitive impor
ts or seamless integration via web services. More than 200 software solution providers partner with Sage Intacct. Explore the Sage Intacct Marketplace to discover how organizations can streamline processes by connecting Sage Intacct with payroll, budgeting, CRMs, and many more specialized applications.
For example, Women’s World Banking uses Sage Intacct to provide global visibility to stakeholders with one system of truth.
“We knew Sage Intacct would increase our productivity with its easy-to-use, visually appealing interface, which we could make accessible to all of our finance and non-finance stakeholders anywhere in the world. In addition, we valued the flexibility Sage Intacct would provide us down the road when we need it to integrate with our other solutions like Salesforce.com.”
Michael Mohr, CFO, Women’s World Banking
Replacing and updating your old accounting solution with a modern, best-in-class cloud solution built for organizations like yours can cost less than you think — while saving you time and resources. Sage Intacct streamlines grant, fund, project, and donor accounting while delivering real-time visibility into the metrics that matter most to your organization and provides the visibility, flexibility, automation, and integration needed to accomplish your mission.
Automated and timely reporting is key to growth and mission success. Find out why public benefit nonprofits and quasi-governmental organizations like yours are moving financial management to the cloud, empowering modern accounting teams, and accelerating their mission with Sage Intacct. Download our eBook, The Benefits of Cloud Accounting Software for Public Benefit Organizations.
Natalie Anderson is a senior nonprofit industry marketing manager for Sage Intacct. Natalie has 10 years of experience in software marketing and is passionate about helping nonprofits leverage software to achieve mission success.
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