With more and more nonprofits embracing fund accounting as a strategy for growth, combined with the ever-changing reporting requirements from fund agencies, getting the most from your technology investment makes its way to the top of the priority list. Organizations need to be proactive when maximizing the returns on fund accounting investment.
Find out if you have you outgrown your accounting software by conducting a software review.
Start with a thorough review of your system’s processes. Next, conduct an in-depth analysis of the chart of accounts’ structure and financial statement formatting as they relate to supporting the organization’s reporting and tracking requirements. Finally, talk with your staff and key stakeholders who use the system to find out what’s working, and what’s not.
The revelations may surprise you.The results of these three steps will create a roadmap to refresh your system.
Don’t have time for a thorough system review? There are some steps you can take right now to expedite your system and get more life out of it.
- Re-order chart of accounts. Remove unused segment values to make data entry and reporting more logical.
- Clean up and archive. Start with the Accounts Payable vendor and Accounts Receivable customer rosters, then tackle the register histories. This will speed up the system while reducing staff time sifting through obsolete information.
- Close, optimize, or delete old fiscal years. This will expedite report generation and system inquiries.
- Identify additional modules that can create efficiencies for staff. Contact your technology consultant to learn about modules that can be added to automate manual tasks like spreadsheet schedules, purchasing and reconciliations.
- Train & Re-Train. You can’t learn all there is to know during your initial software training session. Underutilized modules that your team revisits can streamline processes significantly.
Welter Consulting helps nonprofits get more out of their accounting software. We find the most affordable technology, the most powerful solution, and providing expert support. We are dedicated to assist you in achieving your mission by leveraging technology and superior reporting. If you’re needing technology help, we’d love to talk to you about your specific needs. Contact us online or call 206-605-3113.