Nonprofit Financial Reporting: How to Achieve Deep, Wide, and Real-Time Visibility
Today’s nonprofit leaders need access to real-time financial information and easy-to-understand reports offering insights that help them make good stewardship decisions. Organizations face a number of reporting and compliance challenges in an increasingly complex funding environment.
CEOs and nonprofit boards want the CFO to step up to a highly strategic role. Unfortunately, many CFOs are stuck as the gatekeeper of financial information and the organization’s historical scorekeeper—endlessly trying to crank out backward-looking reports for review.
Can Yesterday’s Nonprofit Financial Reporting Systems Cut it in Today’s Environment?
Nonprofits struggle to get the information and insights needed from outdated or underpowered reporting solutions. Because nonprofits tend to have limited resources in the finance team, CFOs too often get mired down in manual reporting tasks, such as pulling data out of the accounting system and manipulating it in Excel to make it presentable for the CEO and the board. That is not the kind of strategic role most nonprofits need their CFO to play. That may be one reason why 64% of nonprofit finance professionals expressed concern about how much time gets consumed by manual reporting.1
The timeliness of financial reporting is another challenge plaguing many nonprofits. If your organization can only produce backward-looking reports at month-end or quarter-end, how can the executive team get any visibility into financial health or program outcomes right now? When surveyed, 57% of nonprofit financial professionals believed lack of real-time visibility into Key Performance Indicators slowed their ability to make decisions.2 In a different survey, 60% of nonprofits were challenged by a lack of a consistent framework for measuring and reporting impact.3
Sage Intacct Delivers the Complete Picture in Nonprofit Financial Reporting
Manual reporting, lack of KPIs and backward-looking reports are just three of the ten symptoms of an inadequate financial reporting system illustrated in the eBook, Secrets to Gaining Visibility into Nonprofit Financials. But, the eBook doesn’t just point out the obstacles to better nonprofit financial reporting; it explains how to improve visibility to meet the needs of nonprofits operating in a complex funding environment.
The visibility we have in Sage Intacct increases my team’s credibility with everyone in the organization–from the board and our funders on down. We now have easy access to accurate data and go into our finance committee meetings more prepared, so we can have the right conversations about how to move the organization forward.”
– Mark Paepcke, CAO, Public Health Accreditation Board
Read the eBook to discover:
- 10 symptoms of an outdated or inadequate nonprofit financial reporting solution
- Six benefits of automation with a cloud financial management solution
- How to improve real-time visibility with dimensional reporting and dashboards
- Why open integration widens visibility across the organization
- And more
You will also learn how finance leaders leverage Sage Intacct to get a deeper, wider, and real-time view of their organizations’ financial health.
1 2017 Sage Intacct Nonprofit Innovation Report
2 2017 Sage Intacct Nonprofit Innovation Report
3 BDO, “Nonprofit Standards, a Benchmarking Survey,” June 2018
A native Texan, Joan has over 25 years of experience in the accounting, technology, publishing, and nonprofit fields. Bringing her experience as a nonprofit financial leader to Sage Intacct, Joan has been instrumental in creating solutions, and providing support and best practices that help ensure nonprofits achieve their mission.