In the mission-driven nonprofit world, accounting and financial management can sometimes slip down the priority list.
It’s not always easy to allocate sections of your budget to back-office infrastructure, and it’s even harder to find the time and expertise to make it all work. Consider some of the obstacles:
- Capital investment for software and hardware
- Facilities and expert personnel to implement and maintain the system
- Lengthy deployment cycles
- Capacity / scalability
- Reliability / availability.
These issues aren’t part of most nonprofit organisation’s core competencies. That’s why many nonprofits are increasingly turning to new-generation cloud-based solutions to automate financial management.
The benefits of Cloud Financials for a Nonprofit
Cloud-based financials enable the application vendor to deliver shared, scalable services that the nonprofit agency can access over the Internet using a web browser or mobile device.
There’s no need to buy, own, license, understand, manage, or control the underlying hardware, software, or data/networking infrastructure that supports the financial infrastructure.
Cloud services are typically delivered on a term-based subscription basis, eliminating the need for upfront software licensing fees or major purchases of hardware. The result is cost-effective, anytime, anywhere managed access.
While the urge might be to invest in programs rather than technology, it may be wise to calculate how a modest investment in technology can transform operations and ultimately help better manage programs.
Key Best Practices for Survival:
- Move financial management to the cloud for optimal accessibility and lower cost
- Enable global real-time access to financials, reports, and analyses
- Use cloud architectures to eliminate manual work and improve productivity while providing world-class functionality that far exceeds primitive single-user tools
Sign up to our Sage Intacct webinar to find out how Cloud Financials can change your business!
If you would like to discuss cloud financials for your nonprofit then please fill out the enquiry form or call 01332 587 515.