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Where ERP Equals Your Competitive Advantage

Financial management of nonprofits can be equally, if not more complex than their commercial counterparts. In fact, nonprofits require fund accounting rather than conventional accounting. As nonprofits are mission driven, they primarily focus on optimal allocation and utilization of their funds. This is achieved through fund accounting where the focus is on accountability of resources and achievement of program mission.

Some financial management challenges faced by nonprofits

  1. Grant Management: Tracking individual grants could be a complicated task as and when your organization grows. You need to keep a track of how many grants you have, new grants receivable and expenditures from grant money.
  2. Fund Restrictions and Cost Allocation: When organizations have various sources of funding, fund restriction management can be quite a challenge. It is essential by law that organizations use specific funds for specific purposes and report accordingly. This makes allocation of cost an equally critical task. Costs need to be tracked and allocated appropriately to ensure they are reimbursed, which often involves complex calculations.
  3. Payroll Management: Managing payroll can be daunting task in the absence of skilled personnel. Outsourcing could be expensive and not supported by operational budget.

How Can Technology help nonprofits overcome financial challenges?

Remove the headaches with Acumatica ERP for nonprofitsNonprofits, like any other commercial enterprises, can certainly benefit from accounting software. For instance, nonprofit ERP software can do a great job in handling fund restrictions and complicated cost allocation calculations.

Cloud based technologies can be particularly beneficial for nonprofit financial management. When all financial data and records are housed in a single system, management can get a real-time picture of the financial health of the organization. This, in turn, expedites decision making processes. Furthermore, critical data can be accessed anywhere and from any smart device. A vital feature of cloud ERP solutions is automation. This eliminates data redundancy and reduces operational overhead significantly.

Grant tracking probably holds the key to the financial viability of any nonprofit. Cloud ERP software for nonprofits are especially designed to track grants. Data related to specific grants are captured and monitored automatically. Additionally, state-of-the-art non-profit accounting systems ease out the process of reporting such as grant reporting and management reporting.

Success story: Hagar International deployed cloud ERP (Acumatica & NonProfitPlus) to make a huge difference in its bottom line

Nonprofit successes with Acumatica ERP“Acumatica really does adapt to your business needs. It’s flexible and configurable and you can mold it to the way you need to do things—not the other way around. Acumatica is a great tool for nonprofits.”

~Ruth Ellison, CFO.

How can Advanced Solutions & Consulting, Co. (ASC) assist you in selecting your Nonprofit ERP solution?

ASC has been at the forefront of implementing cloud ERP solutions for the past two decades. Recently, the company was honored with an award from Acumatica Cloud ERP for superior customer satisfaction and value addition.

Video 1: Video on Value Proposition; Acumatica & Advanced Solutions and Consulting

 

A leading certified Acumatica reseller, ASC commands extensive knowledge on the nonprofit industry. We take time to understand your business needs and suggest appropriate ERP solutions. Our experienced and expert cloud ERP team has successfully deployed 100s of ERP software including for the nonprofit market.

We are full service providing needs analysis, business and technology audits; on-time project management; flowcharting for process engineering and training and support. Our sole motto is Your Competitive Advantage. We promise to be your trusted partner through the before-during-after lifecycle of your ERP solution implementation.