According to the National Center for Charitable Statistics (NCCS) there are more than 1.5 million nonprofit organizations of all types registered in the U.S. When it comes to producing and distributing financial reports, they face many of the same challenges as their for-profit peers.
Some non-profits still use outdated financial reporting software and to create reports manually in paper-based formats, which can lead to errors that damage the reliability of the reports and the reputation of the organization. In addition, recent new standards from the Financial Accounting Standards Board (FASB), as well as new government reforms and tax regulations, are having an impact on how financial reports look and the information they must contain.
Non-profit organizations also face challenges with staffing. Paid employees are expected to wear many different hats, or organizations rely on volunteers who aren’t always available. If a key staff member leaves, hiring and training their replacement can be an extensive process that costs valuable time. As a result, there may be instances when no one has the time or knowledge to quickly create accurate financial reports.
Even when there is sufficient staff, upper level managers and volunteers who serve on boards of directors need perfectly formatted financial reports that are concise and easy to understand. And because the board may not meet regularly, the ability to produce and distribute financial reports to everyone, at any time, is vital.
Non-profits need financial reporting software that is easy to learn and use. It should create reports that are customized for each organization, and offer the ability to drill down to scanned invoices to reduce paper records. And it should quickly produce 100 percent accurate reports that can be distributed with the touch of a button.
More than a dozen non-profit organizations have turned to FYIsoft to solve these financial reporting challenges and others. We invite you to learn more about FYIsoft’s financial reporting and financial analytics capabilities, and schedule a brief, 15-minute demonstration and see how we can partner with you and help ensure your organization’s success.