Sage Intacct recently conducted a survey of nonprofit financial professionals, spanning small to large organizations with both single and multiple entities across a wide range of industries. Below is what your peers shared with us as their biggest pain points as part of the survey, as well as how to overcome them.
Biggest Nonprofit Pain Points
Below are the top 5.
Nonprofit survey respondents said the #1 biggest pain point is that reporting is manual and time consuming, which causes the following problems:
- Delayed reporting
- Error prone spreadsheets
- Lost time and inefficiency: especially for multi-entities that need to be rolled up
The survey also revealed that over 20% of respondents spend >40 hours per month consolidating data into Excel, and over 45% spend at least 25 hours.
Survey respondents reported that a lack of real-time visibility into key outcomes and performance metrics is their #2 biggest pain point for nonprofits. This leads to the following issues:
- Delayed decision making
- Being reactive vs. proactive
- Manual, error-prone tracking
- Missed opportunities
Example visibility can include constituents or patients served, per location, number of office visits, revenue per location, etc.
Having multiple disconnected systems, which is closely tied to visibility, was reported as the #3 biggest pain point, which causes the following problems:
- Lack of visibility across key data sources: e.g. financial system, billing, EHR, donor management, case management – this is caused by a lack of open architecture to make integration easy
- Delayed reporting
- Painful growth
Lack of Connectivity & Integration
Not having accounting information tied in with fundraising and CRM software like The Raiser’s Edge compounds the accounting software’s existing lack of visibility mentioned above. This is especially problematic for multiple locations, including locations, departments, and other entities.
Lack of Collaboration
There are simply too many emails, and a lack of discussion threads that can serve as an audit trail, and drill-down to source documents. Having these capabilities can lead to significant savings from reduced audit costs.
The New Nonprofit Financial Roadmap
After 30 years in business, we've found that Sage Intacct – implemented and configured by The Resource Group – is the single best way to address all of these nonprofit pain points. This is a big reason we became a Sage Intacct partner years ago.
Sage Intacct offers a new roadmap for nonprofits seeking to avoid these pain points and maximize their Return on Mission:
- Visibility: role-based dashboards (compliance, operational, A/P, grant tracking), dashboard drill-down capability, and all the security and permissions needed to protect your information
- Automation: reporting on outcome metrics and managing for the long-term: events, galas, campaigns, etc.; also, automated purchasing workflows will give you notification (on any device) that you have a pending electronic purchasing requisition or PO for approval – as you approve vendor payments, you can drill right into the original document to see the invoice
- Collaboration: Sage Intacct Collaborate is a module that captures internal discussions about journal entries, line items, reports, dashboards, etc., and facilitates collaboration across multiple entities, funds, locations, and programs
- Connectivity: Sage Intacct offers an open web API to integrate with fundraising platforms like Blackbaud's The Raiser’s Edge, and also integrates directly with Salesforce
- Control: having all of this reporting, visibility and collaboration puts you in control of your nonprofits finances and being proactive toward increasing your Return on Mission