There probably has never been an instance where a nonprofit Finance Director rolls out of bed and says, “I think I’ll buy new fund accounting software today.” Most accounting software has a lifespan of seven to ten years and usually isn’t replaced until it’s absolutely necessary. The process for selecting a new system is an involved process simply because so much has changed since the last time you evaluated software solutions. Not only are there changes in features and functionality, there have been dramatic changes in the technology landscape that must be considered. The process can be overwhelming.
To guide you in this process, Joseph Eve is happy to offer you a nonprofit accounting system checklist that provides a framework for the five different areas of consideration when looking for fund accounting software:
- Nonprofit/Fund Accounting
- Automated, Flexible Financial Processes
- Financial Insight
- Cloud Architecture
- The Right Company
At a minimum, a nonprofit accounting system should streamline and automate core financial management functions such as Accounts Receivable, Accounts Payable, and Financial Close. But you can hardly fuel your growth and need for accountability and transparency by simply automating and the minimum. Nonprofits have accounting, tracking and reporting needs that require specialized functionality in their financial management systems.
If you wish to evaluate your processes to ensure that they are the best practices to automate, JOSEPH EVE offers Finance Transformation that takes you from your current state to the ideal future state for your organization. Then we can guide you through your selection process where we use our Smart Start methodology which makes sure that once you’ve selected your nonprofit financial system, the implementation proceeds as efficiently and smoothly as possible.
We hope you find the Nonprofit Accounting System Checklist to be a helpful resource and we invite you to make use of other Nonprofit resources we offer including:
- White Paper: Nonprofit Outcome Metrics
- Webinar: A Variety of Topics on Cloud Technology and Nonprofit Best Practices. Click here for full schedule.
If you’d like to investigate Intacct cloud-based financial accounting for your nonprofit organization, JOSEPH EVE welcomes the opportunity to help you bring about the transformation. At your convenience, give us a ring 406-752-5225 or Email Us.