Non-profit organizations come in all shapes and sizes, from international research societies to local community outreach programs.
Non-profit’s operate in a world of significant complexity, limited resources and software solutions that hamper efficiency. Just like for-profit businesses, each non-profit has a unique mission and operating structure to support its growth.
Whether it is the continuous friction between the fundraising and accounting departments around actual revenue and delivering a superior donor experience or trying to link outcomes with the true cost of programs, non-profit’s have struggled to find Business application solutions that can meet their needs in an affordable manner.
NetSuite having unique features specific for Non-profit organizations with immense benefits and lifelong success.
Innovated Supervision of Funds When it comes to accounting for funds, handling multiple revenue streams can traditionally be demanding. An upgraded non-profit accounting solution should deliver an auditable and extensive fund accounting structure that allows the non-profit to manage diverse revenue streams, correlate fund sources to associated expense transactions, and efficiently manage fund restrictions and donation requirements. This provides complete visibility into restricted/unrestricted fund balances and donation’s contributions at both transactional and summary levels for true transparent reporting.
Automated Donation Lifecycle Many non-profit’s depend heavily on donations from philanthropic foundations, corporations and government agencies. Accounting for how those donations are spent, however, is a huge pain point. True donation accounting raises the efficiency and visibility into the donation lifecycle with the capability to track terms and conditions, track many projects to many donations, and manage expenses across multiple years. Consecutively, the non-profit is given automated tracking and exceptional visibility into donation contributions.
FASB Compliance with Ease FASB standards put compliance at the top of non-profit’s minds. With modern accounting software, non-profits are able to eradicate the speculations, manual export and manipulation of data with built-in FASB defined reporting. This makes transparent reporting simple for board members, auditors or leadership.
NetSuite has built leading practices around all of these capabilities, and more-so non-profit’s can hit the ground running with a solid financial foundation. NetSuite understands that non-profit’s need this system accountability, scalability and visibility in order to achieve, and propel their missions; and has built a solution to help them achieve this.
Rapidflow is more than consulting; a trusted partner in growth with a decade of experience in ERP implementations We truly understands a non-profit’s goals and is dedicated to help them to achieve their desired results.
Source of the blog: Netsuite blog
