For nonprofits, it is essential to monitor their grants closely as they are often the main source of revenue. Good management of funds in the present and proof of appropriate expenditure in the past is key for these organizations. Finding a reliable grant monitoring tool for nonprofits then becomes a priority. Here are some features that should be taken into consideration when searching for such software.
Based in the cloud
The best nonprofit grant tracking software is based in the cloud, which makes it accessible from anywhere at any time. This prevents employees and administrators from being stuck at the office to get their work done.
Compliance management
Oftentimes, grants come with particular requirements for spending based on the grantor’s priorities. Look for a solution with compliance management so that you can input the rules of the contact, of the government, or of the company and let the system automatically validate whether time and expenses allocated to that grant comply with requirements.
Reporting & analytics
These tools will allow you to not only gather valuable data about how funds were managed regarding previous grants, but it can also help you make course corrections as you go. Getting actionable data allows you to stay in control and to get improved visibility. Plus, you can use it as statistical evidence in your future grant-hunting.
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Auditing
Nonprofit grant tracking software that comes with auditing provides you with the ability to track all user actions in the system with a verifiable audit trail so that any changes or updates are visible. This increases transparency and shows that your organization is worthy of investment. Automated auditing software can also help prevent fraud and it lightens the workload on your auditors.
Automation
If you’re still using spreadsheets or paper tracking systems, you’re already behind. The latest nonprofit grant tracking software centralizes all your grant tracking processes and does the work for you. Plus, employees appreciate a system that reduces their workload and gives them one centralized place to submit timesheets and expense reports.
Mobile apps
Mobile apps are now a requirement, especially for nonprofits that often have mobile workers and volunteers. The software should have an easily accessible app for any smart device that’s intuitive enough for staff and non-staff to quickly and easily use the system with little to no training.
These essential features are what you should be looking for when searching for nonprofit grant tracking software with timesheet and expense reporting capabilities.
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