Accounting systems are not something you change or replace often. However, as your nonprofit organization grows in size or complexity, you reach a point where manual processes drain your productivity, and you struggle to analyze your growing range of financial and operating data.
Technology has changed dramatically in the last few years and the rate of change continues to accelerate. Technology should be a part of your selection criteria, but the features of the solution you are considering are still the most critical deciding factor. As you graduate to a new solution, insisting on features specific to the needs of a nonprofit organization should be a priority.
The three page checklist includes selection criteria for the following five areas of attributes: Nonprofit/Fund Accounting; Automated, Flexible Financial Processes; Financial Insight; Cloud Architecture; and The Right Company.
Use the checklist as is or as a guide to developing your own customized list.
At a minimum, the fund accounting software solution you choose should automate and streamline core financial management functions such as Accounts Receivable, Accounts Payable, and Financial Close. But you can hardly fuel your growth and the need for accountability and transparency by simply automating the minimum. Xanegy works with nonprofits to ensure the selection and implementation of the necessary features and functionality to operate smoothly and accurately.