How investing in technology can solve your nonprofit’s financial skill shortages

2023’s post-pandemic climate has exacerbated the vital need for a solution to one of the nonprofit sector’s biggest ongoing issues: the shortage of financial skills. 

With 8 out of 10 companies reporting that finding either skilled or unskilled workers was difficult in 2022, charities and nonprofit organisations in particular are finding it increasingly difficult to find and retain workers with the skills required to drive their financial operations. With nationwide rising costs and worker shortages increasing, strong financial performance is more crucial than ever to ensure the sustainability and success of nonprofit organisations. 

To help fill the ever increasing shortage of financial skills in the nonprofit sector, ION’s new cloud-based accounting solution, Sage Intacct Nonprofit, offers your organisation an effective technological solution to end your team’s ongoing struggle with financial skill shortages.

With the battle for financial talent proving more and more difficult, your organisation can save both time and resources by investing in modernised accounting technology. Financial technology experts, ION, have partnered with Sage Intacct Nonprofit, to provide a cloud-based software solution that will not only bridge the gaps in your organisation’s financial management systems, but also accelerate growth and drive mission success. 

With ION’s expert guidance, investing in the right technology will arm your nonprofit with a comprehensive range of accounting tools designed to ease the financial struggles of organisations of all shapes and sizes. Combining the right guidance with modernised technology will not only ease your financial struggles, but will also free up your team’s time, energy, and resources to focus on mission success.  

Why your nonprofit should invest in modern financial technology 

Like many charities and nonprofits, if your organisation lacks a designated financial officer or finance team to manage your financial operations, investing in technology that can modernise and automate processes can alleviate financial skill challenges, boost productivity, and save your team time and resources. 

In cases where non-finance people are fulfilling the role of the finance function, paired with ION’s specialist implementation knowledge, Sage Intacct Nonprofit’s powerful accounting solution can simplify and automate even the most time-consuming and challenging tasks including: 

  • Bookkeeping and accounting
  • Budget planning and reporting
  • Tracking grants and billing
  • Financial planning and analysis

Not only will Sage Intacct Nonprofit’s technology modernise and streamline outdated processes that are slowing you down, ION’s specialists will empower your team with new real-time financial insights, deliver a deeper understanding of your financial performance, and help permanently remove the financial skill shortage currently roadblocking your growth.

How Sage Intacct Nonprofit can solve your organisations financial skill shortages

If your organisation suffers from a lack of financial skills or expertise, Sage Intacct Nonprofit offers a robust range of solutions that will enable you to fill in these gaps and experience greater control of your finance function than ever before.

Automate routine accounting tasks

When it comes to financial processes, knowledge gaps can turn even basic tasks into the most frustrating time-traps. Where employees were once plagued with spreadsheet nightmares and tiresome manual data entry tasks, Sage Intacct Nonprofit’s automation services eliminates the need for manual data entry, streamlining processes and boosting productivity. 

For example, by offering an automated grant tracking and billing system, your organisation can benefit from a centralised system for tracking grants and projects that allows both staff and auditors to monitor budgets and mission progress in just a few clicks. 

Alongside automated grants and billing tracking, Sage Intacct’s Intelligent General Ledger makes bookkeeping and accounting quicker and easier than ever before. By providing continuous and accurate accounting, Intelligent GL captures data in real-time to ensure your books are always report-ready. 

In addition to eliminating the need for any manual effort, Intelligent GL can save your team countless hours of stress and confusion by using advanced AI outlier detection to instantly spot anomalies at entry — an invaluable asset to an organisation already struggling with a shortage of financial skills. 

With this automated and modernised accounting software, your nonprofit can finally wave goodbye to hours of manual data entry, close the books in record time, and free up valuable resources needed to focus on your core mission. 

Reduce the cost of human errors

Coupled with boosted levels of productivity, Sage Intacct Nonprofit’s automated financial solutions will completely eliminate another major challenge facing the nonprofit sector: human error. 

A common issue faced by charities and nonprofits struggling with financial skills, human error can be costly to organisations both in terms of time and money. By removing the need for manual data entry, nonprofits can save thousands of pounds and substantially improve their financial data

For example, Sage Intacct Nonprofit’s automated AP workflow utilises a virtual assistant to automate data entry and payments, and enable data to flow seamlessly from your banks to your general ledger. 

This centralised and automated AP system eliminates unnecessary human errors and cuts AP processing time by an average of 65% — a shining example of how investing in advanced technology can be a more cost-effective and efficient solution for nonprofits than simply hiring more people. 

Unlock new levels of strategy and forward thinking

If a shortage of financial skills means that your nonprofit is busy struggling to stay on top of basic accounting tasks, this often leaves little time left for deep financial analysis and higher level strategic planning. 

Sage Intacct’s 2023 Nonprofit Technology Trends Report illustrated just how little time nonprofits have left for strategic future planning, with 42% of survey respondents wishing to spend 50-60% of their time formulating strategy, but in reality spending at least 80% of their time on tactical work alone. 

Leveraging modern technology like Sage Intacct’s cloud accounting solutions is an effective way to free up more time to focus on your strategy and completely bypass the financial skill shortage crisis.

On top of freeing up time by automating outdated manual systems and spreadsheets, modern cloud accounting systems offer automated reporting that provides the transformational insight you need for data-driven decision making and strategic forward planning. 

Sage Intacct Nonprofit’s real-time insights allow in-depth reports to be gathered in just a few clicks, in contrast to drawn-out manual systems that consume your team’s time, energy, and morale. By significantly reducing reporting time, investing in Sage Intacct Nonprofit can save an average of 40+ hours per monthly close. Not only does this significantly improve the satisfaction levels of your team, it provides you with the time that you’ve always longed for to focus on future strategy and the accurate data and reports needed for transformational decision-making. 

Focus on your organisation’s unique needs

In addition to freeing up your time to focus on future strategy and planning, investing in modernised accounting technology to bridge your organisation’s financial skill gap will give you increased visibility into the individual needs of your projects and campaigns. 

With financial infrastructure experts ION by your side, your organisation can take advantage of ION’s consultation services to ensure Sage Intacct’s technology is directly suited to your unique needs. Purpose-built to fit the changing demands of organisations of all shapes and sizes, Sage Intacct’s highly customisable features allows you to adapt everything from dashboards, to budgets, and multidimensional reports to your liking. With these personalised dashboard views and custom reports, you can benefit from greater visibility into your nonprofit’s financial health and needs than ever before.  

Concerned about having the skills to set up and configure your new technology? With ION’s financial transformation guidance, there is no need to worry about not having the skills to set up or navigate new systems. ION provides personalised support on everything from integration, to customisation, and training for your team. By investing in the right financial technology partner, you can ensure that your nonprofit’s transition to modernised accounting software is  seamless, stress-free, and tailor-made to suit your organisation. In fact, investing in financial software tools suited to their individual needs and goals has allowed Sage Intacct customers to see a return on their investment within just 6 months. 

To summarise 

If your nonprofit organisation struggles with the ongoing issue of financial skill shortages, investing in modern cloud-based accounting software provides a stress-free and cost-effective solution to managing your finance function. Sage Intacct Nonprofit’s powerful accounting tools combined with ION’s expert integration and customisation will automate and centralise your processes to boost productivity, save money, and relieve the stresses on your team allowing you to focus your time and energy on your mission and your future, not the numbers. 

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