The goal of any mission-based organization is to grow in influence and have a greater positive impact on the world. However, when growth does begin to ramp up, it’s both an achievement and an obstruction.
With growth comes complexity. Everything from staffing to operations to marketing becomes more challenging. But accounting is the area where the stress is felt most acutely.
Mission-based organizations that rely on a simplified approach to accounting quickly discover that approach is ill-equipped to serve the needs of a larger and more complex organization. Individual accounting processes may work, but they do not communicate and cooperate in a way that the demands of enterprise accounting require.
When Success is a Curse
This was a problem that Gateway Church discovered first hand. The Dallas/Fort Worth-based church with large mission operations had relied on a server-based platform made up of countless Excel sheets throughout a period of incredible growth. This platform quickly proved to be too inefficient, inflexible, and inadequate to keep up with the flood of deposits, payments, and transfers the church was suddenly managing. Accounting became a liability at a time when it was more important than ever.
Gateway Church elected to implement cloud-based accounting software from Intacct. The accounting challenges of a growing mission-based organization are not drastically different from those of a growing company. With the right tools and platform in place, accounting becomes dynamic in a way that any type of growth demands.
When Accounting is an Advantage
Cloud-based accounting software built for enterprises does more than just resolve challenges. It also creates vast new opportunities to use accounting in smarter, streamlined, and strategic ways. Here are some examples that Gateway Church discovered soon after implementing Intacct:
- Immediate Report Generation – Having accurate, up-to-date reports on a weekly and monthly basis is essential during a growth period. Automated tools compile, verify, and reorganize reports in a fraction of the time and with much greater accuracy.
- Complete Account Overview – Effective accounting requires instant access to data and documents. Rather than struggling to locate and access information, a shared platform brings everything under one umbrella.
- Paperless Processes – Printed documents only create delays and obstacles in accounting. When more of the accounting process is digitized and brought online, it allows for the seamless transfer of information between all stakeholders.
- Accurate Analytics – Sustaining growth takes strategic accounting. When all the pertinent information exists on one platform enhanced with tools for engaging with and interpreting that data, an organization gains sophisticated analytics capabilities.
- Donor Management – Today’s donors demand accountability and oversight. That is almost impossible to provide with legacy accounting systems. Cloud-accounting makes it easy to demonstrate sound governance and discipline in terms of how donations are spent.
It doesn’t take monumental growth for an older accounting system to become obsolete. If your mission-based organization is ready to embrace a better way, schedule a free demo of Intacct with the experts at AcctTwo.