Leverage Dimensions for Nonprofit Chart of Accounts
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The document discusses Intacct, a cloud-based accounting software for nonprofits. It notes that nonprofits have complex accounting needs when dealing with multiple funds, projects, grants and stakeholders. The traditional chart of accounts approach results in large, complex account structures that are difficult to manage. Intacct uses "dimensions" which allow transactions to be tagged with multiple attributes like fund, grant and program, avoiding the need for segmented charts of accounts. This provides more flexibility and visibility into financial data. The presentation will demonstrate real-time visibility, using dimensions to tag transactions, workflow automation and customizing transaction fields.
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Leverage Dimensions for Nonprofit Chart of Accounts
- 1. Not Your Mother’s Chart of Accounts LEVERAGING CLOUD TECHNOLOGY FOR NONPROFITS
- 2. 2 Preferred Provider Business Solutions Topics • Brief Intacct overview • Chart of accounts: a better way • Intacct demonstration
- 3. 3 Preferred Provider Business Solutions Intacct Delivers Real Business Advantages to Nonprofit Finance • Achieve anytime, anywhere accessibility • Ensure control and compliance • Gain real-time organizational visibility • Ensure proper stewardship of funds • Gain operational efficiencies • Get out of the no value added IT business Cloud Financial Management and Accounting Software for Nonprofits Fund Accounting CRM Integration Project Accounting General Ledger Accounts Payable Accounts Receivable Global and Multi-Entity Consolidation Multi-Currency Management Financial and Management Reporting Time and Expense Management
- 4. 4 Preferred Provider Business Solutions Why Chart of Accounts is Hard to Manage for Nonprofits Funds Nonprofits must account for: More Projects Programs Grants Board of Directors And report back to multiple stakeholders: More Executives Congregation Donors
- 5. 5 Preferred Provider Business Solutions A Better Way: Intacct Dimensions • Intacct dimensions are attributes that allow for comparative (cross-tab) and hierarchical (drill-down) organization of key information • It enables categorization of a single element with multiple attributes for complex analysis and comparison • Dimensions allows users to easily access data with context
- 6. 6 Preferred Provider Business Solutions Traditional G/L Approach Base GL Account Fund (Location) Grant (Dept) Project / Program (Project) Restriction (Class) Leverage Fund, Grant, Program etc. as GL Dimensions and choose from drop-down on transact Old Approach --Build a segmented COA (large, complex, more cumbersome to maintain & utilize) Printing – General – Federal – Fund Raising – Unrestricted 6140 100 001 001 001 Printing – General – Federal – Management – Unrestricted 6140 100 001 002 001 Printing – General – Federal – School – Unrestricted 6140 100 001 003 001 Printing – School – Federal – Fund Raising – Unrestricted 6140 200 001 001 001 Printing – School – Federal – Management – Unrestricted 6140 200 001 002 001 Printing – School – Federal – School – Unrestricted 6140 200 001 003 001 Nonprofit Organization GL Account Dimensions Example (single account) Entity Structure Fund (Location) Grant (Dept) Project / Program (Projects) Restrictions (Class) 100 G&A 001 Federal PR1 Fund Raising Unrestricted 200 School 002 State PR2 Mgmt/General Temporarily Unrestricted 300 Facilities 003 Local PR3 Other Permanently Unrestricted 400 Cap Assets 004 Corporate 500 Debts
- 7. 7 Preferred Provider Business Solutions Traditional G/L Approach Base GL Account Fund (Location) Grant (Dept) Project / Program (Project) Restriction (Class) Leverage Fund, Grant, Program etc. as GL Dimensions and choose from drop-down on transact Old Approach --Build a segmented COA (large, complex, more cumbersome to maintain & utilize) Printing – General – Federal – Fund Raising – Unrestricted 6140 100 001 001 001 Printing – General – Federal – Management – Unrestricted 6140 100 001 002 001 Printing – General – Federal – School – Unrestricted 6140 100 001 003 001 Printing – School – Federal – Fund Raising – Unrestricted 6140 200 001 001 001 Printing – School – Federal – Management – Unrestricted 6140 200 001 002 001 Printing – School – Federal – School – Unrestricted 6140 200 001 003 001 5 Funds x 4 Grants x 3 Programs x 1 Restriction 60 account combinations of natural account number for “printing” Nonprofit Organization GL Account Dimensions Example (single account) Entity Structure Fund (Location) Grant (Dept) Project / Program (Projects) Restrictions (Class) 100 G&A 001 Federal PR1 Fund Raising Unrestricted 200 School 002 State PR2 Mgmt/General Temporarily Unrestricted 300 Facilities 003 Local PR3 Other Permanently Unrestricted 400 Cap Assets 004 Corporate 500 Debts
- 8. 8 Preferred Provider Business Solutions Traditional G/L Approach Base GL Account Fund (Location) Grant (Dept) Project / Program (Project) Restriction (Class) Leverage Fund, Grant, Program etc. as GL Dimensions and choose from drop-down on transact Old Approach --Build a segmented COA (large, complex, more cumbersome to maintain & utilize) Printing – General – Federal – Fund Raising – Unrestricted 6140 100 001 001 001 Printing – General – Federal – Management – Unrestricted 6140 100 001 002 001 Printing – General – Federal – School – Unrestricted 6140 100 001 003 001 Printing – School – Federal – Fund Raising – Unrestricted 6140 200 001 001 001 Printing – School – Federal – Management – Unrestricted 6140 200 001 002 001 Printing – School – Federal – School – Unrestricted 6140 200 001 003 001 5 Funds x 4 Grants x 3 Programs x 1 Restriction 60 account combinations of natural account number for “printing” Nonprofit Organization GL Account Dimensions Example (single account) Entity Structure Fund (Location) Grant (Dept) Project / Program (Projects) Restrictions (Class) 100 G&A 001 Federal PR1 Fund Raising Unrestricted 200 School 002 State PR2 Mgmt/General Temporarily Unrestricted 300 Facilities 003 Local PR3 Other Permanently Unrestricted 400 Cap Assets 004 Corporate 500 Debts 1 natural account Intacct Approach Base GL Account Fund Grant Project / Program Restriction Leverage Location, Dept, Project as GL Dimensions and choose from drop-down on transact Printing 6140
- 9. 9 Preferred Provider Business Solutions The Difference with Dimensions Area of Benefit Drivers Examples Flexibility to Plan and Manage Based on Attributes Tailored to Any Business or Industry • Ability to capture a more granular level of operational and financial data tailored to the business • No need for costly 3rd party reporting or data warehousing solutions = $1,000s to $100,000s in savings Increased Finance Productivity • Automation of reporting • No need to manually capture, aggregate, and manipulate data in Excel to produce reports • 1 FTE = $150k/annual savings Better Reporting and Visibility • Real-time visibility into the business • Improved multi-dimensional analysis with drill down to transactional level detail • More informed decisions • Faster time to results; take advantage of opportunities now not later when offline reports are made available More Efficient Information Distribution • Anyone, anytime, anywhere can access real-time, consistent information • Improved operational productivity. For a $20M organization, a ~1% improvement provides a ~$200k benefit
- 10. 10 Preferred Provider Business Solutions What We Will Demo Today • Real-time visibility • Tag transactions using “Dimensions” • Workflow and automation • Customize transaction fields
- 11. 11 Preferred Provider Business Solutions Nonprofit Organizations Rely On Intacct Real Value 10,500+ Growth Companies Growing with Intacct 95% Customer Satisfaction
- 12. 12 Preferred Provider Business Solutions Built for Success 10+ year track record of delivering results Choice of accounting and finance experts worldwide Industry awards 25 Best Small Biz Apps Top-rated workplace Top tier investors
- 13. 13 Preferred Provider Business Solutions Interested in Learning More? • Try Intacct with a free 30-day trial http://www.intacct.com/trial • Attend an upcoming webinar http://www.intacct.com/webinars • Download a free white paper Why Cloud Makes Sense for Nonprofits • Follow us on Twitter @intacct • Connect with us on Facebook http://www.facebook.com/Intacct • Contact us directly info@intacct.com | 877-437-7765
- 14. info@intacct.com | www.intacct.com | 877-437-7765 Thank you!
- 15. 15 Preferred Provider Business Solutions Key Terms • nonprofit accounting software • cloud erp • finance software • cloud erp software • cloud financial software • saas accounting software • erp accounting • financial software • cloud erp solutions • online accounting • cloud financials • cloud erp systems • saas metrics • cloud-based erp solutions • simply accounting • saas financial software • asc 606 • online erp software • best financial software • best-in-class erp • online finance software • erp accounting software • business financial software • subscription billing • ifrs 15 software • erp software • financial management software • cloud accounting software