So for today’s agenda, we’re going to begin with covering some of the challenges that nonprofit organizations face, that make them unique. Then were going to talk about the solutions that Intacct provides to nonprofits and cover some of Intacct’s capabilities and functionality. We’ll finish with a case study from a nonprofit who decided to choose Intacct for their financial software. And close with a little background on who we are, and I’ll give you my contact info.
So, let’s get into it. There are several types of nonprofit organizations, or NPOs. Some examples of NPOs might include, charities, foundations, trade organizations, arts and humanities, environmental groups, education organizations, religious organizations, and plenty more. Without the drive to generate extra profit, managing finances and budgeting becomes a huge challenge for these organizations.
Running finances for a nonprofit organization is a tremendous challenge. Your accounting needs are more challenging than for-profit businesses, but your resources are scarce. You have less budget. You have little to no IT resources. And, your first focus needs to be on your mission, not managing and maintaining software.You’ve got day to day operational issues, including managing cash, providing your management team with financial visibility, and helping your organization stick to its budget. But you’ve also got unique challenges — from dealing with strict requirements to ensure you account-for and report-on sources and uses of funds, to managing the expectations of major donors and your board.
Intacct helps leading nonprofits of all types – including charities, trade and membership associations, cultural institutions, charter schools, and faith based organizations. One of the biggest benefits of using Intacct for nonprofit financial management is its ability to automate fund, grant, member, and project accounting needs, which on average reduces the time required to manage fund accounting by more than 90% - increasing finance department productivity by 25% or more.
Intacct is a web-based cloud solution, but that doesn’t mean that it’s light-weight. Intacct’s award-winning solutions feature robust fund accounting, deep project accounting, flexible budgeting and planning, and real-time reporting and dashboards. Many nonprofits take advantage of Intacct’s built-in expense management, time, billing and purchasing applications to engage both employees and volunteers in their financial processes. For nonprofits with multiple locations or multiple operating entities, Intacct features multi-entity and financial consolidation capabilities. For nonprofits that rely on sales, events or dues to generate revenue, Intacct offers automated and accelerated billing and collections capabilities and strong revenue management and revenue recognition.
Nonprofits also benefit from Intacct’s flexible workflow and approval processes. You simply define levels of approvers for various sized transactions, and the system will automatically route any associated documents to the correct individuals for their approval, notifying them by email they need to log in to the system to take action. This is an enormous time saver for organizations that need to have outside directors approve payments — no more delivering paper checks for signature. With Intacct, your approvers simply log into the system, review the documents and approve electronically.
Now, let’s talk about reporting. Intacct includes a large library of built-in financial reports and it supports key regulatory reporting requirements, such as FASB 117. Also, Intacct’s flexible financial reporting tools make it easy to comply with very specific state and local reporting needs – such as the financial reporting challenges imposed upon charter schools by local municipalities. This deep visibility into your organization’s financial information will help you improve your cash flow management and expense forecasting by providing visibility into current and projected inflows, outflows and funding streams.Plus, since Intacct is available on the cloud, the anywhere, anytime access to the system means that any of your stakeholders can securely view real-time reports and dashboards at the time and location of their choosing.
Erp for nonprofits
ERP for Nonprofits With March 20, 2013 4:30 PM ET by Josh Baileye2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Today’s Agenda Challenges for nonprofits How Intacct can help Case Study Who is e2b teknologies Contact Infoe2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Nonprofit Challenges Less budget Less IT resources Operational issues such as cash management Providing team with financial visibility Helping your organization stick to its budget Strict requirements Managing expectations from donors and board memberse2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
How Does Intacct Help?e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Deep Financial Management Deep project accounting Flexible budgeting and planning Real-time reporting and dashboardse2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Workflow and Approval Processes Flexible workflow Simplifies approval processes Approve electronically No more delivering paper checks Big time savere2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Reporting Supports key regulatory reporting requirements Makes it easy to comply with specific state and local reporting needs Helps to improve cash flow management and expense forecastinge2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Case Study: 63 year old fee-for-service NFP Accounting wise - book publisher/seller and professional development provider Transactions: 375+ titles, 1,000 professional development sessions, 10,000 event participants annually, 15,000 orders 11 year old legacy accounting systeme2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Why was Great Books Foundation attracted to Cloud Computing? Aligned with mission Overhead Virtual organization Adaptable to GBF business model Added to GBF business modele2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
How has Great Books Foundation adopted Cloud Computing? Selected Intacct for financials Allows seamless integration across systems and business processes 2-way API to warehouses API to e-store Integrated with credit card processing Integrated with CRM Scanning & attaching documents Added job cost code to AP Email invoices to customerse2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Conclusion: Very pleased Cloud computing and Intacct made their sixth system conversion much easier than the previous five More time analyzing and drilling down on operations and less time gathering data and preparing financials Management likes that they can see a real-time connection between transactional data and the financial statementse2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
We also… We also develop other business to business solutions for the cloud and resell ERP software. Some of our applications include: And More!e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com