February 2024

Mohammad Anas Wahaj | 27 feb 2024

Nonprofits with their resource crunch have to make sure efficiency remains the key in all aspects of their work. Nonprofit finance teams have to fulfil their reporting duties under tight budget and time. Technology can come to their rescue when the right and cost effective solution is implemented. Grant Gevers, Senior Consultant for Nonprofits at Sage UKI Ltd., shares insights at Third Sector Summit from Sage's 'Fast Close. Faster Insights' report, and explains how cloud-based automation is reshaping financial operations. There are benefits to shortening month-end close cycle - Quicker preparation and dissemination of key financial reports; Improved managerial decision making; Eliminate bottlenecks and highlight inefficiencies leading to enhanced finance operational efficiency. According to the research by Sage, the average nonprofit takes around seven working days to close its books while nonprofits who are using automation are closing on average 1.5 days earlier than those who are not automating key processes, such as journal entry, bank reconciliation, or reviewing transactions. Three benficial steps of automation to finance teams - (1) Reduce the complexity of chart of accounts. (2) Complete reporting without exporting to Excel. (3) Month-end tools and collaboration. HIGHLIGHTS OF THE SAGE REPORT: Automating the financial close helps save 24 days a year; 40% of respondents say that the time saved is used to analyse data and find insights and trends and also to invest in training and development; 82% of finance leaders said that they are saving on headcount costs through using automation. Read on...

Third Sector: How automation is helping nonprofit finance teams make a bigger impact
Author: NA

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