Financial Reporting for Non-Profits

Financial reporting is arguably the touchstone in terms of Business Intelligence (BI) analytical processes, and for non-profit organizations, it is no different.  If you’re using Intacct, you know that there is financial reporting functionality built right into the Enterprise Resource Planning (ERP) system.  But there are plenty of organizations turning to third party products to perform these routine tasks of producing financial statements – why?  The independent software vendor (ISV) offerings for financial reporting software are designed with consumer demands in mind, and they streamline and expand analyses for a richer understanding of the data, trends, opportunities, and challenges.  This article will discuss the benefits of third party financial reporting solutions for non-profit organizations using Intacct.

First of all, there are a few overarching characteristics that should drive your search for a financial report writer.  I always start with ease of use as the top priority for a software that your team of business end users can manage themselves, without the IT department getting involved.  If the product you decide to invest in and implement is difficult or even too complicated for your accounting team to use for their regular processes, you risk a waste of your money.  Next up: collaboration.  Teamwork in regard to decision-making is common, even for small non-profit teams, so you want to find a solution that focuses on sensible collaboration, eliminating manual merging together of disparate spreadsheets and lengthy back-and-forth e-mail threads.  And with collaboration, security follows as an important characteristic to seek.  Password protection and distributable access rights are modern ways for you to ensure that sensitive information doesn’t get into the wrong hands.  It is these characteristics that should be a framework to evaluate different offerings for your non-profit Intacct processes.   Click Here to Learn More!!