Nonprofits have a large burden when it comes to managing their organization. They need to track their timesheets and expense reports transparently to show how funding is being used. At the same time, they also need to think about the future and where funds will come from for their next projects, which means obtaining new grants to fund their mission. That’s where reporting and analytics tools can come in as valuable tools.
How can expense report and timesheet analytics assist nonprofits?
Here are several features & benefits of nonprofit reporting and analytics:
Reports are run through the policy engine and assigned a red, orange, or green risk level for every expense report. In the end, auditors and approvers better know where to spend their time based on these assessments.
Part of working for a nonprofit is ensuring that there's no fraud being committed and that funds are being spent wisely. Audit trails ensure that the nonprofit fully compliant with all rules, including contract rules and government regulations (like DCAA regulations and FAR requirements). Audit trails track all users, whether they're an employee, a manager, or an administrator.
business rules management & policy revision
Matching up every expense report against all the organizational and government and contract-driven rules is a huge task, so that's why automated software is necessary to meet the needs of this task. The first step in this process is to have an explicit expense report and timesheet policy to establis trust and transparency in your organization. You’re at a disadvantage, however, if you don’t know whether those rules and policies are being followed. That's where the software comes in to give you this information and provide hints about what policies might need revision.
Automatically generated reports for missing timesheets or expense reports that don’t have receipts allow you to get data about patterns with particular employees so that you can stop problems as they happen and prevent future trouble.
Related Article: Time & Expense Mobile Apps for nonprofits
save more time
Automated software frees up a lot of employee resources. This is especially true if your nonprofit stuck in the old days of using spreadsheets or printed pieces of paper, which can be difficult to get actionable data from.
Transparency & Trust
Reporting shows where funding has gone and how it’s been effectively used, which can win you more grants or renewals. You can use this data as evidence to win future grants or as proof of a job well done to renew a grant.
Number can be difficult to understand on their own. However, if you can put that data into a visual format using an eye-catching report or chart, that data can go farther in helping you determine meaning.
Reporting tool features
Access to data means having more control and more power over your organization. Here are a few more of the individual features you should look for in time and expense reporting software:
- Drag and drop features to create ad hoc reports;
- Interactive reports with graphics and visuals;
- Specific data drilled down about particular employees, policies, locations, or other details;
- Canned reports to look at standard operations;
- Updates in real time through notifications and automated emails;
- Many different kinds of reports.
The benefits of moving to an automated nonprofit expense report and timesheet software solution with analytics and reporting are many. Learn more about DATABASICS Time + Expense for Nonprofits™.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet & Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.
DATABASICS is headquartered in Reston, VA.