Find the right solution for your goals
Your organization doesn’t run like a for-profit. You have different goals, different requirements, and very different budgets. You need technology that lets you support local communities with limited resources. With your mandate of social impact over profit, you have to approach financial management in a way that gets people-oriented results.
When assessing new technology, your priorities are: Does it do the job? Is it easy to use? Can we afford it? How will we be supported in the long run?
To make sure you have the tools you need to keep effecting change, you need a trusted partner software system with good value and stability. Here are four major things you need to think about when seeking out new financial management software:
1. How are you measuring impact?
Start by understanding return on investment and how your operations can be improved. You need to be able to tell which programs are operating with a surplus, a deficit, or breaking even. Start by measuring your current processes and how it’s impacting your team. Investigate the biggest challenges you are faced with – often it starts in how your operations spends. Whether it’s entering purchase requisitions manually or chasing down those approvals – those processes are costing you time and money and a new financial solution can solve that for you. Real time tracking is necessary when planning operating budgets and forecasting expenditures, so you need a system that helps you understand where your money is going and why in easy to understand reports and data sets.
2. Funder/government reporting
Speaking of data, are you reporting your programming objectives efficiently? Being able to talk intelligently and accurately about your initiatives and providing supporting data can be the difference between impressing potential funders that leads to increased funding support, versus struggling to execute on your initiatives.
3. Meeting regulatory requirements
Whether for tax reporting, or to meet the requirements of the Broader Public Sector Procurement Directive, compliance to your regulatory obligations is a must. Many growing organizations face the pain of meeting regulatory compliance and without the right financial solution in place their operations won’t handle this well and your staff will be the ones pulling their hair out.
4. The right change management approach
Whether you’re looking to revamp your organizational structure, or adapt to shifting budgets and new funding requirements, change is an inevitable part of your organization’s journey. Despite the potential for efficiency, automating those manual processes and adapting to new tools can be hard for your staff to adjust to, especially when they were comfortable with inefficient processes. Even with the most enthusiastic users, change in your digital transformation needs well thought out consideration about how this new solution will be adopted by your team. Look for an implementation approach that considers how your team is supported in this change.
Find the system that suits your needs
It’s bigger than shaping an organization, you’re helping shape your community, society and the world. And you want a solution partner every step of the way. The financial management software you choose needs to support your goals, scale to your growth and innovate your operations. Most importantly, your stakeholders and users need to be happy.
At Sparkrock, this is exactly how we develop our software. We are more than just an all-purpose software provider; our proven solutions are purpose-built specifically for the nonprofit sector. We care about building a community of partners–it’s why we run events like our annual two-day Fuel Good conference, which helps connect nonprofits with other industry leaders and changemakers on the ground.
We have the experience and the expertise to help you navigate your financial management. Want to see how we can help you make a positive impact? Start by downloading the State of Digital Transformation for Nonprofits whitepaper and let us help you empower your communities.