In the mission-driven nonprofit world, accounting and financial management can sometimes slip down the priority list. It’s not always easy to allocate budget dollars to back-office infrastructure that doesn’t directly support the nonprofit agenda, and it’s even harder to find the time and expertise to make it all work. Consider some of the obstacles:
- Capital investment for software and hardware
- Facilities and expert personnel to implement and maintain the system
- Lengthy deployment cycles
- Capacity / scalability
- Reliability / availability
These issues aren’t part of most nonprofit organization’s core competencies. That’s why many nonprofits are increasingly turning to new-generation, nonprofit accounting services by a provider that uses cloud-based solutions to automate their financial management. Cloud-based financials enable the nonprofit managed accounting vendor to deliver shared, scalable services that your team accesses via the Internet using a web browser or mobile device. With managed accounting for nonprofits from AcctTwo, there’s no need to own, understand, manage, or control the underlying hardware, software, or IT that supports the financial infrastructure.
While the urge might be to invest in programs rather than technology, it may be wise to calculate how a modest monthly expense in a managed services for nonprofits can transform operations and ultimately help better manage programs. Service providers using cloud technology are much more agile than reliance on legacy systems of the past, which means you'll see a quicker return on investment.
What do nonprofit financial leaders have to say about their move to the cloud?
“We are grateful for the partnership we have with AcctTwo. They go above and beyond to serve our organization. The AcctTwo team has a passion for our mission and it shows in how they make us feel important and valued,” said Shawn Bettes, Vice President at NEXT Worldwide.
The team at NEXT Worldwide trusted the nonprofit experts at AcctTwo for their managed accounting services. Watch a video from AcctTwo's Sandy McClure about her own transition to cloud financial technology and how that uniquely enables her to guide you through the same journey:
In nonprofit financial management, survival depends on predictable costs, a reliable infrastructure, and world-class functionality. Here is a checklist of digital finance transformation that will better prepare you for the future.
Key Best Practices for Resilience:
- Move financial management to the cloud for optimal accessibility and lower cost
- Enable global real-time access to financials, reports, and analyses
- Use cloud architectures to eliminate manual work and improve productivity while providing world-class functionality that far exceeds primitive single-user tools
The digital finance experts like Sandy at AcctTwo have deep experience in nonprofit organizations. Contact us today to guide you through your digital transformation.