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3 Ways for Nonprofits to Level up Their Finances. Nonprofit organizations all face a familiar crunch: how to do more with less. Their missions are noble. But there’s always a limited number of employees to get the job done.
Now, with the advancement of cloud-based technology, accounting automation, and mobile payments, nonprofits have the ideal opportunity to level up their finances and maximize their resources.
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Nonprofit Champion #1: Accounting Automation
Accounting automation digitizes grunt work and runs those processes for you.
Let’s start with bill payment. If three people need to see an invoice to approve it for payment, there’s typically an owner of the process who is tracking people down, sending reminders, and continually checking where it is in the review process.
While this process is important (you have to pay the bills!), shouldn’t there be a way to make it easier?
With accounting automation for bill payment:
Nonprofit Champion #2: Mobile Payments and Mobility
Nonprofits—and their donors—are often spread across a country, continent, or beyond. Oftentimes, sitting at a desk every day isn’t an option for executives and employees. They visit donors, hold fundraisers, visit with volunteers, and more. If they can’t work on the go, they’re limiting their contributions to the organization.
Imagine if you had a dangerously close-to-overdue bill. All non-profits face tight budgets, and a late fee means an unnecessary and costly expense. The only person who can sign the paper check is traveling and won’t be in the office until next week.
What do you do?
Along with automating accounting, you must mobilize it. That includes the ability to pay from mobile devices. Adopt systems that are mobile-compatible, so that activities normally confined to paper or certain workstations don’t impair progress. In the example above, that executive could view the bill and any related documents or notes on a mobile app and simply swipe to authorize an ACH payment.
Time savings: Incalculable. Can we use that when talking about accounting?
Nonprofit Champion #3: Audit-ready tracking
Audits are a way of life for nonprofits. In order to retain their status, they often undergo them on an annual basis.
This process can be inefficient, devours valuable time, and typically looks like this:
Mike McVay is an experienced public accountant with affordable solutions for non-profit bill pay, non-profit payroll services and QuickBooks Accounting 850-725-5696
What if everything you needed for an audit could be handed over in just a few clicks?
With automation, every activity and workflow is tracked and archived—from the bill’s entry to the system, through each reviewer, all notes, approval, payment, and even check images. The nonprofit gives the auditor an audit-level access to the system. From there, the auditor can locate the information they need to complete their work—they don’t even have to be onsite. They can conduct the audit from any location in a fraction of the time it normally takes.
Mike McVay, Tax Accountant Blog
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL
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