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In the for-profit world, there is a return on investment, or commonly shortened to the ROI. However, in the non-profit world, you have what is called the return on mission or ROM. In many instances, that ROM is achieved or at least it helps to achieve it, by monitoring Key Performance Indicators (KPIs) on a dashboard from your business management software solutions, such as accounting software, fundraising software, and/or grant management software. All this information should be readily available in your dashboards to be able to drill down on them and view the real-time information for your non-profit organization.
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.
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:
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.
Are you tired of the manual process associated with managing your accounts receivable process? Would you like better visibility into the collections process across departments, so you can better predict cash flow? Modern accounts receivable solutions have these top 7 features that can help you improve your collection process and metrics: