A CLOUD-BASED FISCAL MANAGEMENT PLATFORM FOR RAPID DEPLOYMENT
As your organization adjusts to disruptions and changes, you may be feeling desperate for ways to streamline processes and simplify tasks to maintain efficiency and accuracy. From bill paying and invoicing to robust accounting software and easy-to-use expense tracking and reporting, technology is more vital than ever for efficient fiscal management and the ongoing success of your organization. Unlike other technology implementations you may have been a part of, some of these tools can be brought online and implemented very quickly—in some cases within hours.
BDO FMA’s consultants have been providing guidance to nonprofits around prudent and effective use of technology for two decades. Here’s a closer look at three fiscal management technology products your organization may be considering—and why they are important.
BILL PAYMENT AND INVOICING
Every organization has bills to pay and invoices to submit, so it’s inevitable that accounts payable and accounts receivable play a primary role in your daily operations. In a time of widespread remote work, you need your paper processes digitized. Besides the social distancing it enables, moving AP and AR online provides around-the-clock access to data and a snapshot of cash flow at any point in time, so decisions are always based on real-time information.
With implementation of bill payment and invoicing software, you will:
- Reduce paperwork: Save time, improve accuracy, reduce human error and free up time to focus on higher-level issues. Moving to a paperless portal eliminates the need for access to physical storage as well as eliminating the need to print and mail checks.
- Automate invoice approvals and donations: Approval and payment can be initiated from anywhere, including from your mobile phone. Individuals can easily donate online, and money is deposited and updated in the software as soon as it arrives.
- Optimize cash flow management: Automation simplifies scheduling your bill payments and by enabling customers to use electronic payment formats, streamlines your own invoicing and collection process, giving you increased control over your cash flow in otherwise uncertain times.
- Protect against fraud: High-quality bill payment and invoicing services make it possible to separate duties within an organization by systematizing workflow approvals and assigning authorization levels.
EXPENSE TRACKING AND RECONCILIATION
An employee expense tracking and reconciliation system facilitates the process and improves timeliness by allowing users to create and submit expenses and upload receipts using a mobile app. Reimbursements can be conveniently approved from anywhere. This feature saves time, and employees are happier knowing that the process is underway almost immediately. The program can also be synced with your organization’s accounting software, saving time and allowing for real-time access to the data.
Up-to-date accounting software is a valuable management tool because it provides your decision-makers with real-time data and important insights. By keeping accurate records that are easily and readily accessible, cloud-based accounting software plays a key role in producing the in-depth financial information and reports that you need to make confident decisions based on current realities and reasonable expectations of what’s coming next.
Accounting software also:
- Increases productivity: Your organization’s staff can reclaim time to devote to other tasks—like whatever unexpected shift emerges tomorrow.
- Simplifies the process: By syncing cloud-based accounting software with other data collection systems (like fundraising or payroll), your data only needs to be entered once.
- Reduces errors: Like all automation, computerized calculations reduce the possibility of errors.
- Provides 24/7 accessibility: With cloud-based software, it’s possible to access the information you need—when and wherever you need it.
- Includes fraud protection: By customizing user roles, it’s easier to protect against unauthorized activity. And with cloud-based data, there’s no worry about destruction from natural disasters.
BDO FMA worked with Idealware (now Tech Impact) to assess an array of nonprofit finance software options compiling results into a report you can download here: Selecting Financial Management Software for Your Nonprofit
If you’re ready to automate and need a trusted guide to support you through the process, talk to us today.