Charity Accounting Systems: 5 Reasons to Upgrade Your System
The most successful organisations are the ones that know their financial management inside and out. To do this, you need an accounting system that goes beyond basic data entry. You need a system that works with you – not against you – freeing up your time so you can continue to do mission critical work.
As a Charity and Not-for-Profit specialist, Advantage have compiled 5 reasons from experience, why charities and not-for-profits need to upgrade their finance and accounting systems.
1. Your current charity accounting system doesn’t meet your reporting requirements
Financial requirements for charities and not-for-profits can change quite frequently. Your accounting system should be able to record, archive and send information quickly and accurately. This is critical when it comes to managing budgets and grants – you want to make sure you have real-time insight into all funds, how they are allocated and provide the compliance reporting to members, government and other agencies.
2. You lack customisable reports, insight and detail
The need to have an accounting system that provides the functionality and flexibility to produce the reports you need is critical.
Manipulating spreadsheets and creating static (out-of-date) islands of data becomes complex as you’re not dealing with the up-to-date information. Time spent on analysis because your current accounting system is unable to provide this is lost time that could be spent on more serious things.
3. You need full visibility into Gift Aid audit trails
With recent changes in the way charities and not-for-profits record and submit audit trails such as Gift Aid to the government places even more pressure and emphasis of reviewing their internal compliance procedures.
If your current accounting system requires development work to provide this information, is it time you switched your accounting system?
4. You use too many disconnected and disparate systems
Within the charities and not-for-profit sector, multiple systems are used for marketing to members, recording financial information, managing budgets, keeping track of grants and donations.
Whilst these systems may prove beneficial for your organisation, think about the software fees, annual maintenance costs and support.
The solution: You need a fully integrated software for charities solution that provides fully integrated financials, budgets, grants, donations, pledges, marketing, membership, reporting and intelligence, audit trails and more. The solution from Advantage Business Systems, a charity and not-for-profit software specialist has pre-configured this system to meet the needs and challenges of charities and not-for-profits.
5. You spend too much time working to your accounting systems processes rather than your organisations
Do you often find that you spend far too much time working within your accounting system with over complicated processes? Less is more, and with a pre-configured software for charities solution, processes are quick, easy and straightforward, each user has a dashboard based on their role, so they only see the information they need to see. The system is also flexible and scalable so you’ll never outgrow it!
For more information on fully compliant software for charities and not-for-profits, download our whitepaper.
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