Analytics: Are you using any for your nonprofit?
Do you know what makes your organization tick? How efficient are you? Nonprofit managers know how to operate their cause(s) or mission(s), but they can't always see in real-time the finances behind those continuous activities. How can you understand in inefficiencies without knowing your analytical detail (Key Performance Indicators)?
Determining your Key Performance Indicators can be a very manual process for most nonprofits and usually involves using a third party solution like Excel. Here are ways that using a cloud-based ERP system, like Sage Intacct or Xero can help streamline your analytics.
Dashboards Both Sage Intacct and Xero allow you to create a custom dashboard that can show data like ratios, cash flow, outstanding payable & receivables, and other profit related ratios.
Prior Period Comparisons The great thing about custom reports that you can create segments of a financial statement and compare them to previous periods, which can be weekly to yearly.
Trend Analysis Having the ability to create custom graphs can visually show how your indicators are trending. It can be cash flow, donations received, or program service expenses. Or even how a specific fundraiser performed.
Non-financial Data One great thing about Sage Intacct is that non-financial data can be inputted. This allows you to have data related to services hours, meals served, or another measure of donations that can then be calculated against your financials. This allows you to see data without having to download into Excel and manually make those calculations.
Fund Tracking The term fund may different to each nonprofit, but in essence it can be anything designated by the board, restricted by the donor (either temporarily or permanently) or even just a tracking category. Tracking all these different funds or categories can be time consuming, but Sage Intacct has mastered their platform to meet all of these needs at once and can be customized to each organization.
How can this benefit your nonprofit
If you would like to learn more or see an demo virtually, reach out and see how one of these platforms can streamline your reporting as a nonprofit.