The Benefits of Sage Intacct in Not-for-Profit Organisations
Not-for-profitorganisations (NPO’s) are infamously difficult to achieve constant success with. This is because they do not only struggle with the same issues that regular firms operate with, they also deal with issues specific to themselves. This includes the pressure to show immediate results for shareholders, to the shrinking assistance from the Government in recent years. As such, NPO’s need all the help they can get when it comes to maintaining efficient accounting practices. This is where Sage Intacct comes in!
How Sage Intacct helps your Not-for-profit Organisation
Sage Intacct is the brand new product offered by Sage and has finally launched in the UK after its huge success in the US. Sage Intacct is perfect for non-for-profit, charities and organisations. There are many features that Sage Intacct possesses that can assist your growing NPO, some of which will be covered below.
Financial Transparency and Visibility
Donors want to know where their money is going and what their investments are achieving, and that is completely fair. A number of non-profit organisations receive numerous grants and donations in separate income streams. With Sage Intacct Fund Accounting, every funder has its own revenue source along with a series of specific reports with their own unique requirements to make fund management easier than ever before.
Stronger Internal Controls
Sage Intacct allows for centralised controls, which in turn provides an efficient distribution of responsibility. This is beneficial for the firm as it provides clarity within the NPO. Not only this, but Sage Intacct allows the user to set budgets for each event, program or funder. Additionally, Sage Intacct also lets you manage monies by grants, geographies and other dimensions.
Familiarity with Complex Consolidations
Sage Intacct’s multi-dimensional database is so sophisticated, in minutes you can get real-time analytics and swift closings. This allows you to aggregate transactions and activities across your not-for-profit organisation. The complexities Sage Intacct can deal with include multiple currencies, donors, locations and/or entities.
Sage Intacct’s Not-for-profit product add-on modules
Sage Intacct’s Not-for-profit accounting add-on modules have been created to streamline manual processes to help you reach your goals. These vary from modules such as the grants tracking and billing module, to the revenue recognition module, as we will describe below.
Grants Tracking and Billing Module
This module gives you the ability to centralise all grant details and documents for an extensive view. This is regardless of funding source or award form, whether it be foundation, corporate or governmental. Much like the Sage Intacct main body, this module ensures more control and visibility. Additionally, the grant tracking and billing module assists with company compliance with audits. This is due to centralised grant reports and records, so staff and auditors have a shared singular source of the complete truth. You are provided with the ability to get a clear audit trail for qualified expenses by asserting expenses as reimbursable during transaction entry.
Revenue Recognition Module
There are multiple areas in which the revenue recognition module assists the user. The module works with the aforementioned Grants Tracking and Billing Module to track and automate reimbursement bills and requests for funding sources. As a result of this, along with the benefits of selecting the best revenue recognition method for each revenue stream, Sage Intacct improves compliance efficiency and reduces errors. However, the revenue recognition module not only helps reduce errors, but also saves a significant amount of time. This is because you are able to avoid manual calculations in external spreadsheets, minimising monotonous data entry to help you focus on the important thing for your NPO.
As you can see from the above information, Sage Intacct is ideal for a not-for-profit organisation. Intacct, with the additional add-ons listed above, makes running a not-for-profit firm easier than ever before. Maybe your organisation can be the next of many Sage Intacct success stories!
Thank you for reading! If you want to make any further enquiries into Sage Intacct and how it can help your not-for-profit organisation, please feel free to contact us or request a Sage Intacct Demo.