As a nonprofit finance leader, you must be a good steward of the public trust. You are responsible for ensuring the resources of your organization are well protected and used efficiently for the organization to fulfill its mission. In the digital age, good stewardship requires an overhaul of many manual, paper-intensive processes:
- Instead of financial reports looking back over last month or last quarter, you need real-time data and instant answers to questions.
- Instead of separate silos of data, you need the information to flow across systems and departments, offering better visibility.
- Instead of poring over spreadsheets, you need blended financial and statistical metrics visualized on a single screen.
But, what does digital transformation in finance really mean for nonprofits?
Modern, true cloud technology, along with best-in-class solutions, can deliver automated workflows and reporting, easy integrations between applications, real-time visibility, and insight into your key metrics. Most nonprofit finance leaders spend about 75% of their time on routine accounting tasks. Many say they’d like to be able to split their time 50-50 with more strategic endeavors.
Russell Guthrie, CFO at the International Federation of Accountants, went much further by saving 80% of his time at quarter-end using Sage Intacct integrated with a business planning software application. Consequently, he has been able to become a more strategic partner for his organization.
And, he’s not alone…
- Room to Read reduced its chart of accounts from 56,000 accounts down to just 100 with Sage Intacct.
- St. PJ’s Children’s Home strengthened donor confidence with impactful statistical and financial metrics.
- Atlas Network liberated the finance team from manual work.
Are you ready to examine the path to digital finance transformation in nonprofit finance? Check out our new eBook… 4 Steps to Greater Nonprofit Stewardship with Digital Finance Transformation!
If you have questions or just want more information, give us a call! We are always happy to help!