Accounting Software, ERP & BI Blog | The Resource Group

Best Practices for Nonprofits Selecting Accounting Software

Romy Andrews - Monday, September 25, 2017

by Gary Volland, The Resource Group

Best-Practices-for-Nonprofits-Selecting-Accounting-Software

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?

 

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Accounting Software, ERP & BI Blog | The Resource Group

Find the ROM (Return on Mission) for Nonprofits

Kim Anselmo - Friday, June 09, 2017

Find the Return on Mission for Nonprofits

For most nonprofit organizations when it comes to finance, the focus has traditionally been to minimize overhead costs. Unfortunately, the area that suffers the most is investment in systems. Debits and credits used to be the only focus, but now most nonprofits have corporate cards, shifting the conversations to expense management. This becomes a barrier for nonprofits as they often have more complete reporting needs.

 

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Accounting Software, ERP & BI Blog | The Resource Group

How Intacct Accounting Software Saves Nonprofits a Bundle

Kim Anselmo - Thursday, May 18, 2017

How Intacct Accounting Software Saves Nonprofits a Bundle

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 three things that save nonprofits a bundle. The first is a standard discount on the software. The second is two additional chart of accounts dimensions for the general ledger. The third thing that helps nonprofits save is a multitude of features that maximize productivity – all of which are documented below.

 

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Accounting Software, ERP & BI Blog | The Resource Group

Nonprofit Accounting Software Comparison

Romy Andrews - Thursday, May 18, 2017

G2crowdcrowd-Accounting-Software

There's never been more accounting software or enterprise resource planning (ERP) systems than there are today, with several claiming nonprofit expertise.

However, QuickBooks has become the most popular accounting software for nonprofits without even trying.

Why then are so many nonprofits moving away from QuickBooks?

Is it because QuickBooks lacks key functionality for nonprofits, or do users run into limitations that necessitate a migration to something more scalable? What other accounting options might be a better fit for nonprofits?

 

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Accounting Software, ERP & BI Blog | The Resource Group

Finding the Right Accounting Software for Your Association

Kim Anselmo - Tuesday, March 07, 2017

Focus on Your Mission, Not on IT

Focus on Your Mission vs. IT: Findng the Right Accounting Software for Your Association

Whether you're a trade association, a labor union, a professional society, or otherwise, there's nothing simple about managing the financials of a nonprofit association. The day-to-day challenges of dues collections, fundraising, budgeting, and reporting do not let up. It may seem as if you need to build a technology empire just to handle these demands.

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 association's mission—accounting software that left your sanity intact...?

 

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Accounting Software, ERP & BI Blog | The Resource Group

Pretty, Pretty Pictures for Nonprofits: Using Outcome Metrics to Create Understandable Results

Romy Andrews - Thursday, February 02, 2017

by Saeward Schillaci, The Resource Group

Outcome-Measures-for-Nonprofits

Nonprofits today are operating under growing pressure to be accountable and transparent. In order to secure funding, an organization must demonstrate a high degree of efficiency and sustainability in achieving their mission.

Most nonprofits are happy to oblige, of course, but there are two key issues: first, how can you ensure that your nonprofit’s performance is meeting high enough standards? Second, what parameters best show the state of your organization, and how can those be displayed in a friendly, understandable format?

 

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Accounting Software, ERP & BI Blog | The Resource Group

The New Financial Reporting Roadmap for Nonprofits in the New Year

Romy Andrews - Friday, December 30, 2016

The New Financial Reporting Roadmap for Nonprofits in the New Year by Saeward Schillaci, The Resource Group

If you work for a nonprofit, you probably experience certain financial headaches that are unique to your type of organization. By their very nature, nonprofits are required to have clear goals and transparent finances. A nonprofit needs accurate, understandable financial reporting to show to its boards, committees, and donors as well as to make decisions that will help accomplish the mission of the organization without wasting resources.

Of course, this is easier said than done. Many organizations find themselves spending far too many hours manually manipulating financial data in outdated spreadsheets in order to have reports that show the right information. This, in turn, can mean that getting the most up-to-date information possible can be a major headache for overworked accounting teams. Good software, and hard work are all crucial to nonprofit financial success. Chances are, you already have the "hard work" part covered; however, it's time to find the right financial software solution for your organization so you can achieve maximum success with minimum resources.

Intacct Cloud ERP for Nonprofits

 

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Accounting Software, ERP & BI Blog | The Resource Group

Accounting Software: Care & Feeding for Nonprofits

Kim Anselmo - Thursday, November 10, 2016

Nonprofit Accounting Software: Care & Feeding

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.

 

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Accounting Software, ERP & BI Blog | The Resource Group

Accounting Software Implementation: Tips and Tricks for Nonprofits

Kim Anselmo - Tuesday, October 18, 2016

Accounting Software Implementation: Tips and Tricks for Resource Group

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

Congratulations! You've decided upon the right accounting software for your nonprofit, gotten approval from your board and signed on the dotted line. This is truly an accomplishment, but now is when the rubber hits the road – it's time for implementation.

This journey can last anywhere from 3 weeks to 9-12+ months depending on the size of your nonprofit and degree of complexity. This blog post will help ensure a smooth implementation of your new accounting software.

 

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Accounting Software, ERP & BI Blog | The Resource Group

Is Your Nonprofit Ready for ASC 606?

Kim Anselmo - Wednesday, August 31, 2016

Is Your Nonprofit Ready for ASC 606?

If you're confused about Accounting Standards Codification (ASC) 606: Revenue from Contracts with Customers, you're not alone.

The effective date of the new revenue standard has been deferred until December 15, 2017 for non-public entities, but that still doesn't leave nonprofits with much time to prepare.

Here's some background and what we recommend.

 

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Accounting Software, ERP & BI Blog | The Resource Group

Orchestrating Successful Nonprofit Accounting Software Demos

Kim Anselmo - Sunday, August 21, 2016

Nonprofit Accounting Software DemoThis is the fifth post in our blog series: Best Practices for Selecting Nonprofit Accounting Software

In order for you and your team to make a final decision on which nonprofit accounting software is right for your organization, we recommend that you have your short list of accounting software providers come in and demo their proposed system.

Most nonprofits don't really think about how to get the most out of these demos. Many just let the presenter perform their standard dog-and-pony show, invite half their organization to attend and then struggle to determine which presenter is the best fit for them. Often, some of the attendees really like one presenter more because of their personality than substance, where the best fit software may have been presented by someone not as strong in presenting.  

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Accounting Software, ERP & BI Blog | The Resource Group

How to Evaluate Nonprofit Accounting Software Proposals

Kim Anselmo - Monday, August 15, 2016

How to Evaluate Nonprofit Accounting Software ProposalsThis is the fourth post in our blog series: Best Practices for Selecting Nonprofit Accounting Software

Once you've identified your final nonprofit accounting software candidates from vendors and partners, you'll next need to evaluate their proposals.

Considering that the effort is like comparing apples to oranges, here's how to effectively compare so you can choose wisely by leveling the playing field. 

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Accounting Software, ERP & BI Blog | The Resource Group

How to Find the Right Nonprofit Accounting Software Partner

Kim Anselmo - Monday, August 01, 2016

Accounting Software Selection Partner

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

Once your nonprofit accounting software requirements are documented and prioritized, the search begins for the right software and implementation vendor – or, as we like to call it, a partner.

The internet makes it easy to build an initial list of candidates. Some websites even allow you to enter accounting software search criteria to generate a list of candidates but may put you on an email/call list. So, what's the best way to find a vendor and do you really need a partner instead?

 

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Accounting Software, ERP & BI Blog | The Resource Group

Best Practices for Selecting Nonprofit Accounting Software: Documenting Requirements

Kim Anselmo - Tuesday, June 28, 2016

Accounting Software Selection RequirementsThis is the second post in our blog series: Best Practices for Selecting Nonprofit Accounting Software – The Importance of Documenting Your Requirements

No one wants to do it but documenting requirements from process owners, stakeholders and executive leadership will make or break the selection and implementation success of a new accounting software solution for nonprofits.

If done well, it will enable organizational growth. If done poorly, it could lead to hundreds of thousands of hours of wasted productivity (not to mention damaged reputations) that could otherwise help you advance your mission. 

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Accounting Software, ERP & BI Blog | The Resource Group

When Should Your Company Start Planning for the New Accounting Guidelines - ASC 606 and IFRS 15?

Kim Anselmo - Monday, June 20, 2016

New Revenue Recognition RequirementsThe new ASC 606 and IFRS 15 revenue management guidelines will have a major impact on public companies in 2018 and private companies in 2019.

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) will require companies to reallocate revenue each time a customer contract changes and defer expense recognition to align with the contract's delivery.

As a result, contract add-ons and renewals must be integrated into a single contract and will trigger re-allocations across both past and future periods, causing continuous revisions to revenue allocations and expense alignment. 

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Accounting Software, ERP & BI Blog | The Resource Group

When Your Nonprofit Accounting Software Needs Replacing

Kim Anselmo - Friday, June 03, 2016

Nonprofit Accounting Software: When It Needs ReplacingThis is the first post in our blog series: Best Practices for Selecting Nonprofit Accounting Software

Having easy access to mission-critical financial information is key to the growth for nonprofits, especially if you are expanding your services, opening new locations and winning more grants.

However, too many nonprofit business decisions are made with educated guesses from a patchwork of financial data drawn from your accounting software combined with spreadsheets, email and hardcopy reports. This time-consuming and error-prone process of consolidating even basic accounting data is a symptom of legacy accounting software. 

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