4 Reasons Non-Profits are Deploying Fund Accounting Solutions for NetSuite
Donations are critical to a non-profit’s success. That is why it is imperative that non-profits carefully manage how the money that is assigned to different purposes is being spent. But tracking and reporting on multiple funds can be a burden.
Non-profits must maintain and balance cash amounts across multiple segments and produce a financial statement. Non-profits must manage complex “release from restrictions” processes. And non-profits must meet regulatory requirements for donor-designated funds and grant reporting.
Fund accounting solutions for NetSuite solve these challenges. The technology automates the tracking and reporting of multiple funds across multiple budget periods to meet reporting requirements and demonstrate accountability to donors.
This is music to the ears of overburdened non-profit organizations.
Here are four reasons more non-profits are deploying a fund accounting solution for NetSuite:
- Greater financial control. Fund accounting solutions for NetSuite can generate “Statement of Financial Position” or “Balance Sheet” reports per segment. Net Asset calculations are performed by fund or any other segment, including class, department, or location. General ledger (GL) entries on all transactions are balanced in real-time. And multiple balancing segments can be defined. What is more, each cash account can be associated with a “Due To/Due From” account. The technology also automates compliance in regulated industries.
TIP: Look for a fund accounting solutions provider that has deep expertise with NetSuite.
- Easier access to information. Fund accounting solutions for NetSuite make it easy to meet internal and external requirements in required formats. And running reports and balancing accounts with an automated fund accounting solution for NetSuite takes a fraction of the time required to perform extra journal entries with traditional approaches to fund accounting.
- Better decision-making. With a fund accounting solution for NetSuite, users can access cash position per fund in real-time. And they can rest easy knowing that fund accounting GL impacts are “inline” with all the standard NetSuite impacts on a per-transaction basis. Multiple segments are automatically balanced. And rules can be configured for processing multiple transaction types. The technology also gets key information out of the back-office and into the hands of the people who need it, no matter where they are in the organization.
TIP: Make sure the solution has features specially developed for non-profits.
- Advance your mission. Traditional approaches to balancing the books and tracking funds can bog non-profit organizations down with excessive journal entries and other tedious tasks. Automating the process with a fund accounting solution for NetSuite frees non-profit staff to spend more time on strategic planning other mission-critical activities. Automation also reduces financial overhead, enabling non-profits to make better use of their donations.
Left unchecked, these types of issues can waste time and resources, jeopardize grant funds, create compliance headaches, and negatively impact an organization’s reputation with funding agencies.
It is no wonder that non-profit organizations are embracing fund accounting solution for NetSuite.
Ready and increase financial control, enhance information access, improve decision-making, and advance your mission?