May 10, 2023|
Grant funding from multiple sources builds financial resilience, increases sustainability, and ultimately helps power a nonprofit’s mission. However, managing those grants can be complicated when using spreadsheets or legacy software.
Today’s grant management software solutions are customized to help nonprofit organizations streamline the grant management process from start to finish. Read on to learn what key features help you manage multiple grant funding streams effectively while saving time, reducing costs, and improving productivity.
Data-driven software supports finance teams throughout most of the grant lifecycle stages, including:
The first stage requires identifying funding opportunities that align with your organization's mission. Software can be used during this stage to estimate the necessary funding to cover program expenses and forecast potential impacts.
The grant application process involves submitting a grant proposal and application form outlining key details about the project. Accounting software streamlines this process with tools to produce grant documents, such as financial reports, budgets, and forecasts. Some solutions can also track upcoming deadlines, automate workflows, and perform time-consuming administrative tasks.
This stage involves accepting the award and receiving the funds. Typically, the organization signs a contract or agreement at this time that outlines the funding terms and conditions.
The program is set up and executed during this stage. Software assists you throughout the entire process with tools to streamline and automate workflows. Project management tools help you set milestones, schedule tasks, and assign responsibilities. Some solutions additionally sync with communication tools to send notifications and task reminders to keep all project elements on track.
Managers track how effectively funds are being used to achieve the program’s goals during this phase. Transparency is critical at this stage in order to demonstrate accountability to the funding organization.
Personalized dashboards powered by real-time data allow you to track progress and make decisions based on real-time data. In addition, customized reporting tools enable you to produce specialized reports tailored to the needs of different stakeholders.
The closeout stage involves the completion of activities necessary to formally end the funding award. This typically requires the submission of required reports and documentation in accordance with the terms and conditions of the funding. Grant management software for nonprofits simplifies this process with document management and custom reporting tools.
Nonprofits must follow accounting standards to ensure consistent and transparent financial reporting. The specific accounting standard followed depends on factors such as the type of entity, jurisdiction, and reporting requirements.
Nonprofits are typically subjected to Generally Accepted Accounting Principles (GAAP) established by the Financial Accounting Standards Board (FASB) or International Financial Reporting Standards (IFRS).
These standards typically affect the nonprofit’s financial reporting in the following areas:
Financial management software helps you easily maintain compliance with customized system configuration rules that comply with either GAAP or IFRS. This enables you to easily produce nonprofit financial statements in accordance with specific accounting standards. Further, some systems perform automated compliance checks that verify if grant activities are recorded and reported according to the standard’s requirements.
Sage Intacct is a leading grant management software solution that leverages the power of data, automation, and AI to streamline the entire grant management lifecycle.
Centralized task tracking for grants and projects improves efficiency and enhances collaboration. Unique features help managers track expenses and monitor budgets as the funding is used.
Sage Intacct streamlines compliance tasks so you’re always ready for an audit. Additional integration with Sage Intacct Nonprofit Revenue Management tracks barriers for conditional grants and automates recognition when specific milestones are reached. Centralized grant records, data, and reports provide a single source of truth to facilitate stress-free audits.
Ensure mission success with cloud-based software that automates the grant reporting process, increases control and visibility, and ensures compliance with grant tracking requirements.
For over 25 years, enSYNC has helped nonprofits leverage the power of technology to maximize their impact. Contact us to schedule a free assessment to learn how modern software can help your organization unlock new levels of productivity and efficiency.
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