If your Nonprofit is managing several grants or relies on grants for a majority of funding, you need to ensure accuracy and compliance with grant requirements to ensure your mission’s success. You need a financial management solution that has a comprehensive and flexible grants management tool built in.
As a Nonprofit, you may be receiving grants from many sources, making it challenging to keep track of when money is to be collected and how often. It’s critical that Nonprofits keep track of their grants with effective grant management software otherwise they could lose out on grants in the future.
Wouldn’t it be great to have a solution that centralizes all grant documents and details for a secure, comprehensive view, regardless of award type or funding source? An ideal solution would allow you to easily report and compare budget to actuals on grants that have reporting periods that differ from or cross your organization’s fiscal year—without manual spreadsheets.
The specific items that can be charged to, and therefore reimbursed from, any grant are based on the specifics of each grant agreement. It’s not uncommon for each grant to have unique requirements as to what costs can be charged to the grant.
To take charge of reimbursements you need a Nonprofit cloud-based accounting and financial management solution that allows you to associate accounting entries with grants and flag reimbursable costs at the point of entry, reducing billing errors down the road. In addition, wouldn’t it be great if you could utilize integrated timekeeping data to easily tie employee efforts per grant to time sheets?
To ensure mission delivery, your team needs to be working together towards the common goal. Without a proper tracking system deadlines, milestones and budgets can easily be missed. You need a system that allows everyone to know what their responsibilities are at all times.
An ideal grant tracking solution would offer centralized task tracking for both grants and projects, allowing everyone to have visibility into what needs to be done and when. This would allow you to monitor spending and meet deadlines while easily collaborating with other team members to deliver on on conditions and milestones.
Compliance is a significant burden that has become costlier over time, especially over the past few years. Nonprofits often support the introduction of new rules and regulations; however, they still worry what the effect will be on their organization. Finance professionals spent a significant amount of time on compliance rules and regulations, and as organizations grow, difficulty and costs can grow as well.
What you need is a system that allows you to centralize grant records and reports so both staff and auditors have a single, shared source of the truth. A system that allows you to track funding details and tie deliverables to tasks. A system where you can identify expenses as reimbursable during the transaction entry, providing a clear audit trail for qualified expenses.
JDR has a solution to your Nonprofit Grant Tracking and Billing challenges. To learn more about how JDR can help you achieve your mission, fill out the form below and a JDR representative will contact you to schedule a discovery call.