Signs You’re Ready for a New Fund Accounting Solution
You may try to find new ways of reporting, or find shortcuts from point A to point B that still get the job done, but ultimately the road is still paved with potholes, speed bumps, and roundabouts that make daily finance and accounting tasks just plain difficult.
If you’re spending too much time trying to find work-a-rounds it could be your financial accounting software.
Why Entry-Level Accounting Software Can’t Support Growing Nonprofits
Generic, simple, entry-level accounting software solutions may initially allow an organization to thrive, but as compliance, funding, and complexities grow these solutions can very quickly hinder mission productivity.
Signs You’ve Outgrown Your Financial Accounting Solution
- You can’t get your financial statements directly from your nonprofit financial accounting software.
- You are preparing reports in Excel, not your financial software.
- There isn’t enough functionality to track information by program, grant, location or whatever breakdowns are most critical to your organization.
- Month-end allocations of administrative costs require the use of complicated Excel spreadsheets that are prone to error.
- Spreading payroll taxes and benefit costs across the various grants and programs has become an all-day event.
- Providing grantors the information they request for the fiscal year they require is not possible in your current financial accounting software.
Navigate through the telltale signs with help from the “Accounting for Change guide”. Inside you’ll find:
- Top signs you’ve outgrown your current system
- Signs to look for in future growth
- Key features and functionality of a new system
- Plus, what true fund accounting with MIP can do for you
