The Benefits of Replacing Grant-Tracking Spreadsheets with Sage Intacct
Effective grant management is key for nonprofits in fulfilling their mission, and tracking grant-related activities with Sage Intacct offers nonprofits a powerful way to enhance efficiency and their ability to serve their constituents.
Grant management requires a variety of tasks such as invoicing funders, tracking expenditures and the availability of funds, generating reports, and ensuring compliance. And if you’ve been monitoring these key activities with spreadsheets, you understand it’s a challenge.
Not only are spreadsheets inefficient, but oftentimes data needs to be entered manually and multiple times — which can lead to errors. These errors can undermine data integrity and congruence, and result in a lot of wasted time and effort looking for mistakes and reconciling data. Additionally, trying to pull data from multiple spreadsheets can impede your ability to deliver timely reports to donors who, understandably, want to know their grants are being managed effectively.
To solve the problems with relying on complicated spreadsheets, Sage Intacct’s robust financials also include comprehensive grant management capabilities for an efficient alternative that allows nonprofits to track and manage their billings, revenue, and expenses easily.
Built-in compliance tools, for example, review expenditures to ensure funds are being spent in accordance with each grant’s provisions and restrictions. You can also integrate grant-specific data with your general ledger, and store related documentation for easy on-screen referencing.
Plus, Sage Intacct’s Dimensional Chart of Accounts allows you to define dimensions that are critical to your organization such as program, fund, department, restriction type, and others that you can monitor easily. This not only allows your nonprofit to streamline data entry and reporting, but it also allows you to create dashboards that provide real-time, at-a-glance insight into your organization’s grant management and performance.
Sage Intacct’s reporting tools include robust, customizable report writers, chart and graph generators, and the ability to automate critical reports including GAAP financial statements, Form 990 submissions, FASB compliance reports, and other key documents.
Learn more about managing grants more effectively in Sage Intacct in this video: