Whether your business is engaged in making profits or not, one thing remains – your accounting process plays a vital role in ensuring that your organization would be around for years to come.
It is because of the importance of accounting, in the daily functions of a company that several software vendors and applications developers have come up with automated systems aimed at streamlining the accounting process and ensuring the integrity of the data being processed. Unfortunately, because of the sheer number of applications currently available, choosing which one to purchase may seem to be a herculean task most especially if you are involved in a nonprofit organization.
Although the public sector as well as nonprofit organizations are bound by the same accounting principles, theirs is a process so complicated that it is usually prone to human error. Most especially in the case of nonprofit organizations, their accounting process is rarely about making profit but more on the monitoring of where each dollar goes to; thus, the more there is a need for an accounting software.
Public and nonprofit organizations benefit a lot from the various fund accounting software applications available in the market today. If you think you would benefit from one, the first thing that you have to do is to check your organization’s current structure. Consider the current infrastructure of your company – should you go for a web-based application or a PC-based one? Consider also the size of your organization as well as the complexity of the process involved. Although most nonprofit organizations make use of accounting procedures unique to NPOs, there are still slight differences between how a public library will handle its accounting process from how a church organization will handle its own. As the fund accountant, you would also need to consider just how much funds you would be monitoring. The fund accounting application that you would choose should allow you to monitor several fund sources.
You also need to consider how much growth your organization is expecting and how fast you think your company would be able to achieve this growth. Applications such as the Sage Accounting Fund MIP are flexible enough to enable you to not only buy within your budget but also ensure that you only get the application that would be able to grow alongside your company. Sage MIP Fund Accounting software also enables you to provide different levels of access to your staff so that your confidential data remains just like that – confidential.
Lastly, you need to ensure that your software application comes with a comprehensive technical support as well as maintenance. Aside from this, your staff should also be trained by the provider on how to work their way around. Applications such as the Sage fundraising software provide phone, email and fax support as well as on-site support.