• Home
  • Contact Us
  • Office Hours: 8:00 AM – 5:30 PM
  • 01482 828000
Logo
  • Software Solutions
    • Sage Solutions
      • Sage 200 Standard
      • Sage 200 Professional
      • Sage 50
      • Sage CRM
    • Add-Ons
      • Cim50
      • Cim200
      • Qnect 50
      • Qnect 200
      • Draycir Products
      • Sicon Additions
      • Sicon Manufacturing
      • Sage200 Expense Management Software
      • SmarterPay BACS Solution
    • Sage Support
    • Add-On Software Support
    • Sage Consultancy & Training
  • IT Solutions
    • Managed IT Support Hull
    • Microsoft 365 Solutions
    • Server Solutions
    • IT Procurement
    • SonicWALL Solutions
    • Remote Managing & Monitoring
    • Offsite Backup
    • 3CX VoIP Provider
    • Azure Migration
  • Reality Cloud
  • About Reality
    • Contact Us
    • About Reality
    • Team Members
  • Blogs

Manual Finance Tasks NPOs Should Automate

  • Home
  • Blog Details
  • December 17 2021
  • Lottie Perrelle

Many businesses are still stuck in the time-warp that is spreadsheets in order to store and manipulate numbers. Whilst this works for some, it is incredibly easy to make mistakes when performing mathematical calculations in this way. Manual tasks like this also become quite tedious, particularly when finances are involved. With lots of financial automation software available like Sage 200, it is worth considering swapping over.

Non-Profit organisations (NPOs) have unique challenges when it comes to finances, such as tax-exempt accounting, donation management and government funding. These all raise their own problems, and by investing in financial software this can help save both time and money. Ffinancial management software such as Sage 200 will help NPOs become compliant with government laws, and also help future-proof processes. Here are some manual finance tasks that should be automated in NPOs.

1. Currency conversions & basic financial tasks

Even the simplest tasks such as manual consolidation can be automated using the right software. With NPOs having various subsidiaries it can be a big task to reconcile all this data together, let alone thinking about currency conversion operations if subsidiaries are spread across the globe.

Many NPOs rely on manual spreadsheets with hundreds of different tabs, and this can significantly increase the risk of human error. These also don’t automatically create audit trails (which are necessary to ensure regulations are adhered to).

2. Reconciling data between different systems

Like most businesses, NPOs will have multiple data management systems for storing business-critical information. Not only does this take time to reconcile, but there is often the added challenge of requesting permission from individual departments. Having a cloud-based financial management system means that everyone who has permission will be able to access real-time reports and CRM data.

3. Making vendor payment approvals

For many NPOs, it isn’t just a case of transferring payments when they are due – there are often multiple stakeholders involved. Cloud-based financial management software can really help with this as it is easy to set up payment approval workflows. With real-time visibility of both the payment status and approvals, it is easy for everyone to see the financial status of the organisation using software.

4. Allocating cash transactions

Allocating cash within NPOs is often a very labour-intensive task, particularly when there are different administrative costs as well as direct/shared costs. ERP software such as Sage 200 can really help with cash allocation, as well as other critical aspects including revenue contributions, indirect costs and assets. Not only will automating cash allocations help save an NPO time, but will also improve the decision-making process too.

5. Performing financial audits

Financial audits are practically impossible to perform without automated financial software. Spreadsheets are all well and good for storing financial data, but when it comes to reviewing when certain payments were made, or dates when figures changed, they simply can’t provide that sort of information. Even the process of adding notes to each paper audit that is scanned, uploaded and emailed is extremely tedious.

Here are just a few benefits of using ERP software to perform audits:

You can create a 360-degree audit trail from transactions to reports and reconciliations.
Financial transactions can be easily traced from multiple sources.
Data can be easily organised and tracked, reducing the time needed to complete the audit.

6. Creating reports

Pulling lots of different financial data together from various systems in order to produce an overall report can be a costly operation (as well as a painful one!). To save time within NPOs, automating reports is a must. Financial management software such as Sage 200 will enable the creation of financial reports at the touch of a button. With real-time information available, it allows NPOs to make more informed decisions too.

If you are looking to upgrade your financial systems (whether you are an NPO or not), why not give the team at Reality Solutions a call to find out which system would be best for your business.

Previous Post
Creating An IT Strategy Plan For Your Business
Next Post
Remote IT Solutions – The Benefits

Recent Posts

  • How Cyber Essentials Can Protect Your Hull Business from Cyber Threats
  • How Sage Simplifies Digital Tax Solutions for Businesses
  • Choosing the Right Firewall for Your Business
  • Accounting Automation Tools: The Future For Businesses
  • 5 Benefits of an IT Roadmap for Small Businesses

Recent Comments

No comments to show.

Archives

  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • October 2019
  • February 2019
  • January 2019
  • August 2018
  • July 2018
  • June 2018
  • April 2018
  • March 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • April 2017
  • February 2017
  • August 2016
  • June 2016
  • May 2016

Categories

  • IT
  • Sage
  • Uncategorised

Recent Posts

  • How Cyber Essentials Can Protect Your Hull Business from Cyber Threats
  • How Sage Simplifies Digital Tax Solutions for Businesses
  • Choosing the Right Firewall for Your Business
  • Accounting Automation Tools: The Future For Businesses
  • 5 Benefits of an IT Roadmap for Small Businesses

Categories

  • IT 79
  • Sage 61
  • Uncategorised 11

Recent Comments

    Tags

    Business Benefits Charity Fundraising Macmillan Macmillan Cancer Support Microsoft 365 Security Virtual Private Network VPN Work Remotely
    Shape
    Logo

    Company

    • Contact Us
    • About Reality
    • Meet Our Team
    • LinkedIn
    • Privacy Policy

    Contact Info

    • Reality Solutions Limited. 1 Global Business Park, Hamburg Road, Hull, East Yorkshire. HU70AE
    • info@realitysolutions.co.uk
    • 01482 828000

    • Home
    • Contact