7 Deadly Sins of Financial Management for Nonprofits

submitted by MasterPeace on 03/28/17 1

Keeping your organization financially pure. Minding the books while gathering new insights from financial data to further your programs and mission is a struggle for every nonprofit. Here are seven resolutions to keeping your books sin-free. 1. Scattered Data You want to close the books faster, but can't manage and integrate the influx of data. Five years ago 70% were able to close out monthly books in six days. Now, only 50% close in that period. Move to a cloud-based financial management system that integrates with your other systems (fundraising, grant management, etc.) so you have the right, up-to-the-minute data. xanegy.com/fund-accounting/ 2. Departmental Silos The finance department can't collaborate with other departments to speed up and streamline financial processes. Employees spend 28% of every work week answering emails. Adding social technologies can improve productivity by 20 - 25%. Choose a financial system offering organization social collaboration so you can cut down on email and increase productivity. xanegy.com/cloud-technology/cloud-benefits/ Austin Texas-based Xanegy assists nonprofit organizations with fund accounting, grant management, and fundraising solutions so that they can fulfill their mission.

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