Nonprofit finance teams operate in a more challenging environment than ever before
Good financial stewardship plays a critical role in maintaining funding relationships and attracting new donors. Finance teams face pressure to provide full transparency for compliance and better visibility into both financial metrics and outcome metrics for the board, executives, donors, and government funders.
At the same time, the complexity around nonprofit accounting, multiple funding streams, and compliance is increasing, with a need for even small nonprofits to be able to account for funds, grants, projects, programs, and more. In today’s dynamic environment, many nonprofits are partnering, collaborating, or even merging with other nonprofits or working with other affiliates.
Key challenges for nonprofit finance teams
- Complexity of accounting and funding streams
- Reporting and visibility
- Managing funds and grants
- Cost allocations
- Internal controls and compliance
- Cash management
