6 Effective Ways Fund Accounting Software Can Propel Your Nonprofit Forward
Using smart fund accounting software can help you bridge the gap between fund tracking and creating GAAP-compliant financial statements that focus on net asset changes.
Finding the right software empowers your team to do this efficiently through specialized expertise, thoughtful knowledge, and well-rounded experiences.
What is Fund Accounting Software?
Your organization may have multiple funds for different activities and fund accounting software helps you to keep track of the expenditures for each activity and monitor the balances of each fund throughout the year. It's important to track this because it allows you to show donors where their money is going and how it is being spent. Using powerful fund accounting software tools helps you automate large portions of that process to help increase efficiency at your organization.
How Fund Account Software Can Improve Your Nonprofit: Six Key Benefits
Stoneridge Software and Sylogist work in partnership to help Nonprofits implement and effectively deploy software solutions to help them work more efficiently. When it comes to fund accounting, both organizations can offer you solutions that can help you
Enhance Decision-Making:
Access real-time data on expenses, sub-awards, and obligations through intuitive displays, including graphs and visual representations, aiding in informed decision-making.
Boost Efficiency:
Increase productivity by eliminating separate data silos, ensuring everyone has access to the same information, thereby reducing unnecessary communication and saving time.
Streamline Processes:
Gain a holistic view of your entire process, minimizing redundant and conflicting data issues from start to finish.
Automate and Simplify Grant Compliance:
Improve grant management by linking all relevant financial activities to specific segments, enhancing compliance and efficiency in periodic reconciliation.
Flexible Data Access:
Easily retrieve data in various formats like Excel and PDF to suit your reporting needs.
Multi-Currency Viewing:
Facilitate viewing and reporting grant data in multiple currencies, especially beneficial for multinational humanitarian organizations operating worldwide.
Stoneridge Software and Sylogist Can Help You Optimize Fund Accounting Software
Serenic Navigator by Sylogist is tailored to the accounting needs of nonprofits, NGOs, government entities, and other public sector organizations. Unlike generic accounting software, Serenic Navigator provides features necessary for efficient accounting processes and accurate tracking of grants and donations earmarked for specific activities and funds.
Likewise, Microsoft Dynamics 365 solutions - offered through partners like Stoneridge Software - can offer Nonprofits tremendous benefits including:
- Customer relationship management (CRM) capabilities that can help you earn donors and volunteers and centralize and optimize your communications with them.
- Automated finance and operations in Dynamics 365 Business Central and Dynamics 365 Finance to help you make data-driven decisions for the future of your organization.
- Modern business processes with the Power Platform allow you to break down and organize data, automate processes, and build apps and websites.
- Copilot Studio lets you use AI to build chatbots that can respond to donor or client inquiries.
Microsoft Dynamics 365 also offers discounted pricing for Dynamics 365 Sales Enterprise and offers a Power Apps grant for free for organizations with 10 or fewer users. If you have more than 10, the additional licenses come at a discounted rate.
Want to Take Your Nonprofit Higher?
Reach out to Stoneridge Software! We can help you implement, develop, and support tools and solutions that can help you improve your operations and streamline work throughout your organization.
Get in touch with us to learn more.
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