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Business Management and Process Consulting Blog

How financial accounting solutions help Faith based organizations

Asyma Solutions Posted by Keith Greeno
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Posted on July 20, 2020 at 9:30 AM

Today's economic environment is certainly a major challenge for faith-based organization to navigate and survive. Which direction do you move? What do you adjust to maintain the delivery of critical services with reduced revenue and funding? How do we provide for increasing demand for transparency and accountability, while seeking ways to both produce and to demonstrate successful outcomes?

These are difficult questions. Below are 3 key areas that answer these questions:

Visibility

Like any organization, the more clarity of the information that you have the better your decision making and navigation will be. There are financial accounting systems on the market that provide easy access to financial intel in the format that you require. They provide dimensional accounting to give you access to multiple funds, revenue streams, multiple programs and entities with dashboards including key metric indicators. You can keep it simple—and never lose focus of what truly matters to your organization with these systems. Without these systems you must develop your own manual reporting and may miss the important factors or not have the information available until well after a critical decision had to be made. With good visibility you can effectively determine the best path forward by looking at the relevant information with the appropriate departments, or programs consolidated or rolled up to the detail that you need. You can help your organization choose the best course forward.

Automation

Many Faith-based organizations have legacy accounting systems that require a great deal of manual entry. Instead of automating the flow of information from services outcomes, operational or administration into one location, they require the constant review of information in multiple silos. There are accounting solutions available which allow for the automation of the transfer of all information into a single source of truth. With the enhanced reporting systems included with these accounting solutions you can review all relevant information in one area.  Automation is also available in other functional area such as critical budget generation, spending management, and purchasing workflows. This automation can provide stronger control over finances and reduce the risk of error and miss calculations. Spending control is critical during hard economic times.

Integration

Legacy systems also result in limited integration between locations, entities or operational systems. This lack of integration causes an increase in errors and reduction in the accuracy with the re-entry of data multiple times. It causes a significant delay in receiving management information to help guide the organization.  Once again there are financial accounting solutions which allow for the full integration of data and eliminate or reduce the huge administrative costs. These systems offer bi-directional interchange of information to generate timely, accurate, and relevant data for better decision making.

So how can accounting help your organization? By providing a fully integrated financial accounting solution that automates as many of the functions as is cost effective and provides better visibility to assist with decision making. With this improved access to timely, accurate information you can better navigate in rough economic times. Check out Sage Intacct Faith Based Solutions Click Here

Topics: Automation, Budgeting, Budget Vs Actual, Sage Intacct, Financial Accounting, Faith Based, Reporting, Dashboards, Dimensions, Approvals, Visibility, Integration, Dimensional Accounting, Purchase Order Workflow

Keith Greeno
Written by Keith Greeno

Keith is the co-founder and president of Asyma Solutions Ltd. Keith practiced with a public accounting firm for over 25 years where he developed an extensive knowledge of effective management processes and system design. Since then Keith has focused on consulting in business analysis, system design/analysis, training, implementation, software installation and project management.