To be a successful non-profit you need more than donations. Tight budgets and a need to diversify funding streams lead these organizations to implement technological solutions to move their mission forward. Charities big and small want to make their money work harder to support their top priorities. There are four major financial challenges facing non profits today and Michaud Accounting Solutions can help you tackle these challenges, empowering your people to accomplish your mission. When you save time and money on your processes, you can focus your energy on what matters most.
Below are the four challenges.
Simplify complex accounting processes
You deal with different accounting rules and standards than a commercial organization with multiple projects to administer at the same time, a non-profit’s accounting needs are complex.
Ensure financial accountability
Strict requirements governing your organization’s activities mean that having access to accurate, detailed transaction information for any given fund or project is necessary for compliance. You need to make sure your organization and all its activity is totally transparent down to the last detail. Keeping on top of it all without the right processes, can be a major headache. It is vital that your organization stays open and accountable to ensure supporters and stakeholders are fully engaged with your work.
Keep stakeholders informed
For non-profits, reporting is critical. With multiple reports to prepare, for supporters and stakeholders as well as for authorities and regulatory agencies, an ability to easily provide accurate, detailed financial information is extremely important. Providing reports for board members, contributors, and regulatory bodies in order to trace funds received to specific program expenditures—can be extremely time-consuming.
Put your purpose first
Routine administrative tasks and manual processes can take up valuable time—distracting your focus on mission critical decisions and strategic initiatives. All the while disrupting your team’s ability to get on with the work they care about. With tightly constrained budgets and limited personnel resources, it’s vitally important that your people are able to focus on your core mission—helping others.