Nonprofits only have a limited source of funding from grants and donors, so they need to make the most of it. Here is a list of reasons why nonprofit time and expense software is now a requirement and not just nice to have.
nonprofit Time And Expense Benefits
Combining time and expense makes systems operate more efficiently, even if the nonprofit is working across the world. Global nonprofit time and expense simplifies and helps open up communication between HR, ERP, travel, accounting, and even credit card systems.
Simpler Grant management
Managing and tracking grants can be a major source of time and expenses, but it's important. Automated grant management can help. When employees allocate time and costs to specific grants or projects, valuable data about how much time and expense went into the project can be pulled out at the other end, increasing transparency and giving you the opportunity to make smarter decisions about the future.
Reporting & Analytics give essential insights
Grants are a major source of nonprofit funding, so nonprofits require data as evidence for why they deserve a grant or why they deserve renewal. Analytics can provide the opportunity for organizations to make adjustments as they go and reporting can give nonprofits essential data that increases transparency and supports how funding was used well in the past.
It can take a whole team of people just to enforce policies. An automated system free up those personnel and increase accuracy at the same time. The system automatically validates expense reports and timesheets against inputted rules and policies, sending them forward or rejecting them, leaving the approver with more time to review expense reports without errors or those that need more scrutiny.
it costs less to manage timesheets and expense reports
It takes time and expense to manage time and expense. That's a simple business truth. So, if you can eliminate how much time this management costs, you're already ahead. Automated software can do the work of managing employee timesheets and sending that data to other systems for a more streamlined process.
Per diems can be managed more simply
Nonprofits often use per diems because it's a simple way of paying employees and volunteers for their time and expenses. However, they might have employees working around the world, in different cities with different rates or they might have different requirements based on their contact or grant rules, which makes managing per diems quite the chore. An automated per diem management system manages these difference rates easily and can also track per diems for first day, last day, and partial days. In the end, employees get more accurate and timely payment for their daily work.
For nonprofits working around the world, these are benefits that the nonprofit cannot afford to miss out on. Time and expense software can be an invaluable tool for reducing errors and managing data. Learn more about DATABASICS Time + Expense for Nonprofits™.
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.