by Saeward Schillaci, The Resource Group

So, you’ve decided that you need new accounting software for your project based business (consulting, marketing, SaaS or so forth). From here, you have two options: The first option, which is chosen far too often, is to decide based on simple, arbitrary factors. This might include picking whichever vendor seems the friendliest, using whatever your competitors are using, or choosing based on preferences of friends. This willy-nilly decision-making style is fast and easy, but it doesn’t ensure that the software functionality matches the needs of your business. It’s basically gambling – it might work out, or it might be a total waste of money that results in your business going back to the same outdated spreadsheets everyone used with the old system.

 

by Saeward Schillaci, The Resource Group

Even for a business with perfect accounting systems and easy-to-manage resources, proper accounting takes time and effort. On the other hand, companies with terrible accounting systems find themselves wasting time and troubleshooting issues constantly.

 

by Gary Volland, The Resource Group

Nonprofits have unique needs when it comes to accounting. From fund accounting to grant administration, program management to compliance reporting – nonprofit organizations often rely heavily on software to achieve their mission. So how do you know when it’s time to select a new accounting software solution for your organization?

 

Intacct cloud accounting software is increasingly chosen by nonprofits to maximize their “return on mission,” including foundations, healthcare providers, associations, social services, and faith-based groups.

More specifically, Intacct does this by offering two things that save nonprofits a bundle. The first is two additional chart of accounts dimensions for the general ledger. And the second thing that helps nonprofits save is a multitude of features that maximize productivity – all of which are documented below.

 

This is the seventh and final post in our blog series: Best Practices for Selecting Nonprofit Accounting Software

The typical accounting software lifecycle is 5-10 years for nonprofits, so you’re looking at a long-term investment. Keeping your new accounting software viable is achieved by implementing upgrades and proactive maintenance.

You just need to plan for it: all vendors have different schedules, with some offering major upgrades every year, quarter and some releasing new service packs every month. All of the above is greatly simplified with cloud accounting software.

Below are additional guidelines to ensure that you get the most out of your nonprofit accounting software so that you can instead focus more of your energies towards achieving your mission.