FINANCIAL SYSTEMS THAT MAKE A DIFFERENCE
It feels like every other blog is dedicated to AI or embracing modern technology – but in not-for-profit businesses, the finance systems and processes you use could make or break your business. That sounds a bit dramatic (and it is), but it also somewhat rings true. Here is how you can get the most out of modern finance systems. First, let’s look at two common challenges in the industry and how modern finance systems can combat them.
Managing donations can be a pain for the finance team and ensuring this information isn’t affected by human error is paramount. Realtime reports allow you to track donations and funding, bringing greater clarity and transparency. These reports can be drillable, so you can see the data overview before clicking into each individual area for greater understanding.
As not-for-profits are reliant on donations, grants and fundraising, forecasting can be rather challenging. However, with the addition of integrated systems and a reduction in human input – your data will be more reliable, and your forecasts will be more accurate. This will give you a clearer picture of your current business position whilst somewhat demystifying the future.
One of our clients, Greenwich Students’ Union (GSU) overhauled their systems and processes with our help. When we met with GSU they required an integration into NUS, an industry specific operational system, and wanted to better manage university society spend. A live dashboard was created to show the budget allocation and current amount per society, so funds could be allocated effectively. The data was pulled through in real-time, so at a glance the team could understand the current financial position. The integrations also improved the data integrity, so they can be sure that the numbers in the reporting system reflect the truth. I think the most important benefit was that the societies knew exactly how much they had and could therefore use all their allocated funds without the worry of errors or overspending. There’s a solution for every business, and I think we found that with GSU!
In the current digital age, it’s crucial that you capitalise on modern tech. At 4PointZero, we help businesses reach their full potential with their finance systems. Whether it’s a full-blown systems implementation, industry specific integrations or general systems support – we’re here to help. If you would like to get the most out of your systems, get in touch!
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