How to Choose the Best Grants Management Solution for NetSuite
Grants are critical to the success of non-profits and government organizations. But traditional approaches of managing grants and subawards can be a burden.
Ensuring compliance, accountability, and overall program success requires most non-profits and foundations to spend a lot of time manually keying data, guarding against overspending, piecing together data, chasing down information such as indirect costs, and producing reports. Ensuring that the organization is a responsible pass-through entity only makes things more challenging.
The stakes are high to get the grants management process right. Non-compliance and non-adherence to grant terms and conditions can cause long-lasting reputational damage and lost revenues.
It is for these reasons that more NetSuite users are automating the way they manage grants.
Grants management solutions for NetSuite help non-profits and others optimize the grants lifecycle.
But choosing the wrong grants management solution can result in a lousy return on investment, time and money wasted on redeployment or customization, and a loss of trust with the CIO or CFO.
Here is what to look for to ensure that you choose the best grants management solution for NetSuite:
- End-to-end solution. The best grants management solutions for NetSuite help all types of non-profits and government organizations manage the entire grants lifecycle, including grant application, award receipt, and closure. All grant lifecycle changes are automatically recorded. And the technology does this for pre-paid awards and cost-reimbursable awards.
- Real-time tracking. The best grants management solutions for NetSuite record minute grant features that are specific to a customer and provide a real-time snapshot of grant expenses and revenue. Users can instantly access grant expenses, revenue, and other details. The visibility provided by grants management solutions help non-profits and government organizations comply with reporting mandates.
- Matching. The best grants management solutions for NetSuite match grants with other funding sources. For instance, dollar-for-dollar grants can be matched to other grants.
- Automated revenue generation. The best grants management solutions for NetSuite help prevent lost revenues through accurate indirect cost calculations and automated chargebacks.
- Tight integration with NetSuite. The best grants management solutions are built right on the NetSuite platform and have the same look and feel of a typical NetSuite page from a user interface perspective. This tight integration extends the functionality of NetSuite to provide full grants management and accounting.
- Streamlined operations. The best grants management solutions for NetSuite make it easy to create large program grants to fund smaller initiatives. And the technology can automatically generate outbound sub-award grants.
These six features are critical to choosing the best grants management solution for NetSuite.
Want to learn more about automating your organization’s grants management lifecycle?