Time to read: 2 ½ minutes. Non-profit organizations are always looking for ways to cut down on administrative expenses so they can focus all their attention and resources on their mission. Processes that consume too much time and resources should be automated and replaced so organizations can spend those resources elsewhere in a more productive fashion.
One of the best ways that non-profits can shift resources to mission-fulfillment is by leveraging specialized tools to improve the financial processes. Cloud FP&A solutions help organizations put all their financial data in one convenient workplace, enabling team-wide access and standardization. It helps break the mold of repeatedly importing and exporting files to deliver rich and actionable insights to all other departments. Then, the savings your organization creates in terms of time and resources can be re-purposed for higher purpose analysis and forecasting.
Here are some of the tangible, value-added benefits that Cloud FP&A can bring to non-profits.
Easier Grant Applications
Cloud FP&A makes grant applications easier by centralizing and standardizing an organization’s business data and providing eloquent reporting features with multiple distribution channels. Grant application and funding is one of the most important sources of income for a non-profit organization and Cloud FP&A makes it easier to manage and optimize. Non-profits can have complete access to their financial data with the assurance that all the information they are presenting to grant-giving institutions is accurate and current. Cloud FP&A gives users a variety of reporting options like real-time charts in PowerPoint or documents in order to better tell the story underneath the data and give interested parties a more complete portrait of the organization. Reports can be tailored extensively to meet the individual needs of their audiences.
Single Source of Truth
One of the most important changes that Cloud FP&A can bring to an organization is the unification and centralization of its financial data. Instead of disparate data silos that are difficult to access, connect and organize, non-profits can instead have all their financial information and more in one location. Putting data together can create a conversation between departmental data that unlocks insights for the entire organization.
Access controls built into Cloud FP&A software mean that CFOs and other leaders can restrict access to certain areas while maintaining organizational integrity and standardization. Each department can plan with the knowledge that they are working with the same information as everyone else, so organization-wide initiatives are easier to coordinate, and contradictory efforts can be avoided.
Real-Time Data Updates
Cloud FP&A provides automatic real-time data updates to an organization by syncing directly with their ERP software and lets users decide when to update data. A significant challenge that controllers face when making plans using static spreadsheets is the difficulty of working with current information as things can change quickly and working with outdated data can create headaches and wasted efforts. Not so with Cloud FP&A where organizations can receive automatic updates from secure sources and work with confidence. Non-profits can also use automatic updates to help them plan in a way that isn’t delayed and reactive.
Optimized Workforce Planning
Finally, Cloud FP&A has capabilities and tools that extend beyond the financial aspects of an organization and can transform the way the entire organization operates. These can be applied through other departments such as HR for workforce planning. Cloud FP&A dashboards allow HR teams to upload workforce data, more deeply analyze their workforce, and optimize their spending. Organizations can avoid costly churn cycles and make sure that their biggest expense is optimized and producing the maximum ROI.
Moving from static spreadsheets to Cloud FP&A can produce real returns for non-profits and help them focus on their mission. Cloud FP&A simplifies the financial process, allows for deeper analysis, and enables finance leaders to optimize other departments and take a real leadership role within the organization. Adopting Cloud FP&A is one component of the organization-wide digital revolution that can help non-profits stay solvent and financially healthy in uncertain times.