While traditional accounting software solutions are still widely used, cloud-based solutions are becoming more popular – opening up new possibilities for nonprofit organizations to grow and support their mission.
Here are 10 benefits of cloud accounting software for nonprofit organizations:
10 Benefits of Cloud Accounting Software
1. See Real Time Metrics
Cloud accounting software constantly syncs your information together – updating accounts and figures in real-time to give you the most up-to-date overview of your current financial position. This can be extremely beneficial for fundraising, reporting and planning purposes.
2. Get Automatic Updates & Backups
Software updates and upgrades can be expensive, difficult, and timely. However when your software is “in the cloud”, you won’t have to worry about any of that. Automatic updates keep your software safe and up-to-date with the latest technological advances.
3. Reduce Costs & Headaches
Cloud accounting software actually saves you money – allowing you to cut IT and software costs. You’ll no longer have to pay for system/software upgrades or maintain server equipment.
4. 24/7 Accessibility
With ‘in the cloud’ technology, you’ll be able to access your financial data anytime, anywhere – as long as you have an internet connection. So whether you’re working from home or on the road, you’ll always have access to the most updated information.
Because all you need is an internet connection to access your nonprofit accounting software, you can even use your mobile or tablet device to check your real-time financials. Your data is readily available and at your fingertips in just a few minutes of logging in.
6. Collaborate with the Entire Team
Joining together and collaborating on projects is easy when working ‘in the cloud’. Authorized users can review financial data, reports, budgets and more – all at the same time, just by logging in. This makes collaborating easier as there is no need for everyone to be together to get things done.
7. Fraud Prevention
Protecting against fraudulent and unethical activity is important to the integrity of your organization. With customized user roles and built-in audit trails, you can take a proactive approach to keeping your financial data honest and accurate.
Cloud accounting software is also scalable; meaning no matter how big your organization grows you can easily create new users to fit your needs.
Safe and secure data is critical to the operation of your organization, and cloud-based software is one of the most secure ways to store data. Your financial data is safe from natural disasters and fires, protecting your files and productivity. Your information is also protected if your laptop is stolen, as all your files are stored in your online account.
Data is also securely stored off-site – protecting the privacy of your organization and your donors.
10. Accounting Compliant & Best Practices
Keeping up with the latest nonprofit accounting legislation can be time consuming – and sometimes hard to understand. Because cloud accounting software automatically updates, you’ll always be compliant and following best accounting practices.
Contact Us for Cloud Accounting Software Solutions for Nonprofits
Is your nonprofit ready to go to the cloud? We offer several leading nonprofit accounting software solutions to help you save time, improve reporting, and streamline your financial management, including Abila MIP Fund Accounting and Financial Edge NXT. To learn more about how we can help, reach out to us today by filling out our contact form or calling us at 877-889-0629.