A recent survey of 350 decision-makers at nonprofits nationwide reveals some troubling trends. The majority of respondents believe that having better outcome measures – ways to track the impact of specific investments – would help to support their top three initiatives: financial stability, staff turnover, and donor retention. Yet, 71% of respondents admit they struggle to measure outcomes as quickly or completely as they would like.
Financial visibility has long been an issue at nonprofits, which often have complicated accounting requirements along with limited in-house resources. Like any organization, nonprofits need financial insights to keep themselves transparent, accountable, sustainable, and strategic. However, without the right tools or talent, sophisticated financial decision-making was considered out of reach for all except the biggest nonprofits, until now.
As part of its commitment to innovative financial management and nonprofit excellence, Sage Intacct included a game-changing feature in its latest product updated: a cash analysis dashboard. Though simple in execution, this feature utilizes sophisticated automation and analytics capabilities to give decision-makers unprecedented visibility. Every nonprofit should take notice.
How Dashboards Optimize Decision Making
Think of dashboards as a kind of dynamic report. Like reports, they condense lots of information about financial or operational performance into one succinct document. Unlike reports, they require little to no input from users.
The cash analysis dashboard now offered through Sage Intacct integrates three important metrics: statement of cash flows, cash trend, and cash balance. Most nonprofits already track these metrics in an attempt to understand their liquidity and financial position. Unfortunately, keeping the numbers up to date typically involves hours of repeated work, careful manipulation of data, and the complete focus of accountants. Analyzing cash is obligatory, but the process is inefficient and less than ideal for all involved.
Using dashboards instead of reports changes all that. At the start, users can set up a pre-built dashboard or easily customize one to meet their needs. They will define what data they need, where to find it, and when to go looking. Using those definitions, the dashboard will then automatically retrieve information on schedule and update the metrics accordingly. In practice, it’s like a report that refreshes itself.
Imagine never having to hunt for information. At all times, those at the helm of the nonprofit have access to an accurate and up-to-date cash analysis. They also have a lot more time to utilize that information since they’re no longer distracted with the reporting process. The cash analysis dashboard doesn’t always ensure nonprofits make the best decision, but it gives them all the insights they need single that decision out.
Getting Started With Sage Intacct
This exciting dashboard is part of a suite of advanced financial management tools built specifically for nonprofits. Technology drives today’s organizations, leading more nonprofits to seek out smarter and stronger replacements for their general accounting software. If you’re also looking for something better, Sage Intacct offers it out of the box. Contact SSF Consulting to learn more.