Nowadays, almost everything is online. As technology advances, more and more for-profit and not-for-profit organizations are making the strategic decision to transition from on-premises (on-prem) accounting software to cloud-based accounting software.
For some organizations who have already invested in an on-prem system, the idea of transitioning to a cloud accounting software, like Sage Intacct, may seem daunting – whether it’s due to a perceived lack of control and security using a cloud-based solution, not wanting to incur any costs of switching, or simple hesitation to make any change to the financial management process. Cloud accounting software is a growing trend, however, and one we don’t see going away anytime soon. Many organizations are realizing the benefits of cloud-based accounting software far outweigh the concerns.
On-Prem vs. Cloud
Not-for-profit organizations have relied on on-prem accounting software for several years to handle bookkeeping, invoicing, bill payment, and other financial management functions. On-prem accounting software is installed and runs on an organization’s own servers or computers. This means that the organization and its IT professionals, if they have them, are responsible for maintaining the software, including updates and backups.
On-premises accounting software is typically costly to install and maintain due to the need for hardware, like servers and storage devices, as well as the need for infrastructure and security systems. Updating the system can also be inconvenient and disruptive to operations, requiring the services of a specialist and adding to the already expensive maintenance costs. Additionally, organizations may have to pay for new licenses or fees to access new features and functionalities, which can become costly over time, especially for not-for-profits.
On the other hand, cloud-based accounting software is hosted on secure, remote servers and can be accessed anywhere through the internet. With cloud-based accounting software, the organization no longer has to worry about maintaining it, as the software provider handles all the updates and backups.
Benefits of Cloud Financials for Not-for-Profits With Sage Intacct
Sage Intacct is a true cloud-based financial management and ERP solution that offers numerous benefits to not-for-profits, allowing the organization to focus on its mission objectives and make a greater impact. Here are some of the benefits non-for-profit can take advantage of through Sage Intacct:
- Less disruption to operations: One of the significant benefits of cloud financials with Sage Intacct is that it requires less disruption to operations. Unlike traditional on-premises systems that can take days or weeks to install and configure, Sage Intacct can be up and running in a matter of hours. This means that businesses can quickly start using the solution without any significant disruption to their day-to-day operations. This minimal downtime extends to system updates as well. With Sage Intacct, upgrades are scheduled automatically each quarter to ensure organizations have access to enhanced solutions and field capabilities.
- Real-time data: With Sage Intacct, organizations have access to push-button consolidations and real-time financial analytics that they can use to make informed decisions. This real-time data is essential for not-for-profits that need to respond quickly to make strategic decisions that could have a major impact on their performance and mission objectives. Sage Intacct’s Nonprofit Digital Board Book also empowers organizations with a comprehensive view of their financials, providing instant, actionable insight to key stakeholders and board members.
- Connections to other business applications: Sage Intacct integrates with other business applications with the utilization of an open API. This integration makes it easy for organizations to streamline their financial management processes and leverage key data from donor management, payroll, budgeting, CRMs, and other applications.
- Automated processes: Sage Intacct automates many financial processes, such as accounts payable, accounts receivable, general ledger, and automated nonprofit revenue recognition. It also offers comprehensive grant tracking and billing. This automation saves organizations time and reduces the risk of errors, which is especially helpful for not-for-profits who face staffing challenges in their accounting and finance functions.
- Self-service access to financial reporting: With Sage Intacct, not-for-profits can not only access financial reporting on demand but also develop customized reports. In an on-prem system, a specialist may be required to pull these reports, slowing down the availability of critical insights and inhibiting the effectiveness of the organization. Self-service access to reports and user-friendly editing tools are a familiar characteristic of cloud financials.
- Better communication and collaboration: Sage Intacct improves communication and collaboration between different functions within an organization. When conversations happen in the context of the transactions and documents they refer to, people have the information in front of them to be able to resolve questions quickly and accurately. With Sage Intacct Collaboration, everyone has access to the same information, reducing the risk of miscommunications.
- Flexible and efficient: Sage Intacct is a flexible and efficient financial management solution. It can be customized to meet the specific needs of a not-for-profit and can scale as the organization grows. From foundations to faith-based organizations to nonprofit healthcare organizations and educational nonprofits, Sage Intacct offers flexible advanced functionality to automate and streamline key finance and accounting processes down to the specific nonprofit industry sector.
Your Guide Forward to Sage Intacct
In an ever-evolving business landscape, not-for-profit organizations need a solution that can keep up with the latest technological advancements and accounting updates. Transitioning to Sage’s cloud accounting software doesn’t have to be a daunting task. Working with a trusted partner like Cherry Bekaert can help smooth the process.
Cherry Bekaert is a certified Sage Partner and Value-Added Reseller who can provide not only the software knowledge and capabilities but also not-for-profit industry resources to successfully transition from on-prem to cloud accounting software. Our team can provide guidance for historical data migration, implementation, modification to reporting capabilities and document workflows, employee training, and more.
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