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.
Additional Chart of Accounts Dimensions
As documented in our previous blog post, the dimensions capability of Intacct cloud accounting software allows you to track revenues and expenses for all of your funds, programs and grants, while simplifying your chart of accounts – from setup through real-time reporting. With this flexible financial foundation, you will gain insights that speed decision-making and progress towards achieving your mission that may not be possible with solutions such as Dynamics GP, QuickBooks, Blackbaud, Abila MIP, and other nonprofit software packages.
There are a number of dimensions that come standard out-of-the-box. However, nonprofits get an additional 2 dimensions, which can be useful for tracking restrictions and adhering to FASB 116 and 117 requirements as well as tracking funding sources. Further, the standard dimensions can be re-purposed and re-labeled for anything you need, and you always have the option to added an unlimited number of dimensions.
Dimensional Chart of Accounts
In addition to the extra 2 dimensions, simply using a dimensional chart of accounts can save hundreds of hours of productivity per year because you don't need to come up with a whole new chart of accounts for each grant, as is often the case with Dynamics GP, Sage and other accounting systems. This also streamlines audits as your auditor will not have to sift through thousands of GL accounts when researching a transaction. Learn more about dimensional chart of accounts...
Intacct's grant management capability allows you to add contacts, track tasks and manage billing—all in one place. In addition, the grant management module is fully integrated with other modules, such as the general ledger, purchasing, accounts payable, expense management and order entry modules. This saves time by reducing redundant data entry and increases efficiency by reducing errors.
Capturing grant data within your accounting system also allows you to track revenue, expenditures and costs on a per-grant basis, providing the ability to create detailed and customizable reports for grantors and funders alike. You can even produce dashboards that help your grant and program directors manage much more effectively, using KPIs (key performance indicators) and conditional formatting to bring attention to those details that require it.
Reporting & Analytics
With Intacct, it's easy for users to create custom reports, charts and graphs, and to apply these to Dashboards, without any IT intervention whatsoever (say goodbye to SQL report writing, advanced Excel/Access programming and Crystal reports). This frees up IT and allows you to create reports in a fraction of the time so you don't need to keep the board waiting. Also important to nonprofits is the ability to report across fiscal periods easily, which is a breeze with Intacct.
Intacct makes fund accounting easy by allowing automatic interfund transfers. This means that you only have to enter a transaction once because Intacct automatically applies the amount to both "due to and due from" accounts. This eliminates the headache of being out of balance. If you do these transactions manually today, Intacct will double your productivity.
Because of Intacct's unique multi-ledger and multi-journal capabilities, encumbrance accounting is a snap and completely customizable to your organization. Easily see in one report what has been spent, what is encumbered, how this compares to any budget and what the variance is.
Additionally, with Intacct's Spend Management module, one can quickly setup rules that check against a budget at the time of transaction entry and either warn or disallow transactions via the purchasing module, ensuring you don't go over that critical, board-approved budget.
The Business Case for Intacct
All of the above is why we believe Intacct cloud accounting software is ideal for nonprofits. If you need help applying your numbers to understand what cost savings your nonprofit can benefit from, let us know – we can help you through it so you can achieve new levels of return on mission with Intacct.