By Paul Sparkes, Chief Commercial Officer at accounting software provider true-cloud, implicit.
Growing charities with complex financial needs require an agile solution that increases productivity and frees up man hours to focus on the things that matter. really important – helping to enhance the impact of its mission.
To achieve this, many charities have adopted cloud technology solutions that provide greater functionality, uptime and better security. At the entry level, the rise of Xero and QuickBooks shows no signs of slowing down, with larger enterprises investing in Dynamics and NetSuite to help them run their daily lives.
But what about medium-sized charities?
That expensive and outdated on-premises technology that sits in the corner of the office is becoming something of an anomaly. Finally, there’s a cloud-native proposition that makes sense for charitable financial services whose requirements go beyond entry-level systems and don’t have the budget for tools designed for 500-employee organizations. or more.
So what are the red flags to watch out for that tell you it’s time to switch accounting software vendors and embrace the true cloud?
1. You rely on manual processes
When it comes to day-to-day financial tasks within your charity – think expense submissions and approvals, or partial VAT calculations – rely on email trails, Post-It Notes or the “verbal” to follow and complete them?
If so, this should trigger a warning that something is wrong.
Applying short-term Excel-based fixes and manual workarounds to maintain your legacy systems won’t help your charity grow and thrive – it will hold it back.
It’s also the biggest telltale sign that you’re coping with insufficient features.
Therefore, if your employees spend a lot of time manually entering data, it’s time to look for another solution. This will not only help your teams save time – with intuitive workflows and process automation – but it will also reduce the risk of human error.
2. You fight for valuable information
Do you find it difficult to find accurate data that really important – and it would help managers make critical decisions for the organization?
Do you spend weeks manually compiling donor, trustee and fund reports, using a myriad of Excel spreadsheets along the way?
If you answered “yes” to any of these questions, you’ve probably outgrown your current financing solution.
Charities today need actionable insights in seconds, not weeks, and data must be available in real time to deliver real value, regardless of the number of sites or entities legal involved.
With a true charity-specific cloud system, spotting trends is much easier and decision-making faster, helping to advance revenue growth and operational efficiencies faster and more efficiently.
3. You can’t do your job from home
For charities with multiple locations around the world and multiple legal entities to manage, flexibility and “access from anywhere” are crucial.
If you have to go to the office to approve a document or access a file, it indicates a restrictive, clumsy and not very agile financial system.
Cloud-native accounting technology, on the other hand, supports geographic flexibility with authorized users being able to access intuitive dashboards, reports with real-time data, and documents from any location. You might call it a “facilitator” when it comes to hybrid and remote working models.
4. You’re having difficulty with system integration
While integration between on-premises systems has been commonplace for many years, trying to connect on-premises technology with other cloud-native applications is nearly impossible due to the architectural challenges and security threats posed.
Today, charities increasingly use a variety of cloud-based applications to run their day-to-day operations – including donor, membership, grant management systems and other mission-critical software. organization – which means they need seamless integration and high-speed/highly secure remote work access. .
If this is an issue for you, it’s likely a sign that you’ve outgrown your current system and need to migrate to a true cloud solution.
5. You are paying too much to maintain the system
If your vendor continues to charge you at the end of each month or year additional fees for system upgrades, maintenance and additional features, it’s time to take a step back and assess the ROI of technology.
As every professional in the sector knows, the budgets of charitable organizations must be tightly controlled and every penny must work as hard as possible for the financial stability of the organization.
A thorough understanding of the cost model is essential to ensure expenses stay on track and revenue generation remains a priority, but if you incur unaccounted costs, it can have a significant impact on your operations.
True cloud providers, who operate a monthly subscription model and have maintenance and upgrade costs included, offer a more transparent and scalable option, which can help avoid any “nasty surprises”.
To learn more about iplicit’s cloud-native fundraising software and some of the charities that use it, visit the website.