There's nothing simple about managing the financials of a foundation. Managing grants issued and grants received, adhering to GAAP and FASB for tracking restricted funds, and doing so without taxing your IT department is challenging on a good day.
What if there was accounting software that worked so well that it gave you clarity on your financials and left you with more time to focus on your foundation's mission—accounting software that left your sanity intact...?
Intacct is the leading provider of cloud-based financial management and accounting software for foundations because it presents a complete view of your consolidated numbers, summaries and the details you need to optimally manage your organization. Intacct allows you to report by fund, grant, and location and proactively manage key data, metrics, and initiatives to take action and improve outcomes.
You can forget the data re-entry and collection of disparate spreadsheets. With Intacct, you can automatically create the following:
As a cloud-based system, Intacct provides secure, 24/7 access to your foundation's financial and operational data from anywhere an Internet connection is available. There's no need to buy software, hardware or any infrastructure. A reasonable subscription fee puts the system at your fingertips as a modest monthly expense instead of a costly capital investment.
Other benefits include employees being able to log hours and expenses remotely, stakeholders being able to access reports and documents anytime and simultaneously, and managers can view task or project level accounting that is tied to the funding source and tracked across multiple fiscal periods. Remote transaction approval also eliminates having to track down people.
The Intacct accounting software is managed around the clock by Intacct experts and operated through high-security IBM data centers, so you need not worry about downtime or intrusions.
Intacct's project management module allows you to track revenues and expenditures per grant (as well as per program and project). This is especially useful for tracking and adhering to FASB 116 and 117 restrictions, including:
Intacct is the first and only financial management and accounting system that provides a rich multi-dimensional, multi-ledger system that makes it easy for you to capture granular financial and operational data in exactly the same way you manage your foundation.
You can use Intacct to gain real-time visibility into all aspects of your foundation's finances using powerful general ledger and sub-ledgers to:
Intacct's feature rich fund accounting that enables you to track an unlimited number of sources of funds—including grants, endowments and donations—and you can tie time and expenses at the employee, task or project level back to one or more sources of funds.
Because these programs may run for many years and cross fiscal periods, Intacct gives you the ability to configure all reporting, analysis, modeling and planning to cross fiscal periods and to span multiple fiscal periods.
Flexible workflow and approval processes make it easy to define multiple levels of approvers for various sized transactions. Intacct also automatically routes any associated documents to the correct individuals for their approval, notifying them by email to take action. There is no need to deliver paper checks for signature — approvers just log into the system, review the documents and approve electronically. This is an enormous time saver for organizations that need outside directors to approve payments, or have a distributed finance organization.
The quicker and more accurate you generate invoices from dues, orders, subscriptions, events or other revenue sources, the faster you are able to collect.
Intacct helps speed invoicing cycles by automatically generating invoices from timesheets, expenses, purchases and accounts payable transactions. It includes extensive automation for recurring billing with flexible scheduling—and if your account management team uses Salesforce CRM, it can even automatically create renewal opportunities in Salesforce so your account managers can engage your members ahead of their renewal.
Intacct eliminates manual data re-entry and provides more accurate billing, reducing conflict with your members and accelerating your billing and collection cycles.
When you're ready to move to a robust financial management like Intacct, it will free you to focus on your mission and providing first-rate service to your members.