AGENDA

1. Understand where Nonprofit Finance & Accounting has been and how it has changed with the advent of the cloud and Software-as-a-Service.

2. Learn about software ecosystems and how they can improve back office processes.

3. Learn how to take the next steps in leveraging new technology for your organization.

TO CHANGE OR NOT TO CHANGE?

New year resolutionsHow’s it going for you?Change is not easyOnly thing harder than change is not changingDelays the consequences – keeps you from reaching

your true potentialChange is sometime necessaryBut not necessarily easy – as quickly as resolutions are

made they are discarded – its hard work

TO CHANGE OR NOT TO CHANGE?

Change is inevitableGrowing number of millennial entrepreneurs – they

thrive of the idea of impossibleHow can we look at the way we operate the “back

office” through the lens of possibilities In order to see the possibilities, we need to look at

where we have been or where we are

Let’s look at where we’ve been…

FRUSTRATED AND SEARCHING

• Running the finances for NFP organizations is a challenge

• Meeting the program leader’s needs - ever changing• Financial data – foreign language• Our job is to focus on the mission not on building an

information technology empire – yet we need technology to get the job done!

• Cost for operations is not primary….it must be about the mission not operations

There had to be a better way.

THERE HAD TO BE A BETTER WAY

We needed something that: Can streamline processes and creates

efficiencies Is simple to use - simplicity enhances accuracy Provides analytics of the data with the click of the

button….NOT an export to Excel.

FINANCIAL FRUSTRATIONS - CFO

• Inefficient reporting and out of date financial information

• Never enough staff to meet the “flexible program needs”

• Manual manipulation of program specific is time consuming

• Management can’t comprehend/appreciate the time involved in “closing the books and keeping transactions “current”

There had to be a better way.

The cloud has changed everything

FINDING TRUE CLOUD PRODUCTS CHANGED EVERYTHING!

• The “Cloud” has opened the door for NFP’s to effectively report their finances

• SaaS (Software-as-a-Service)SimpleAccessibleAffordableSecure• Shared, scalable solutions that users access over

the internet

HOW DO WE POSITION OURSELVES FOR THE FUTURE?

• How do we know what products to pick?• Need to be with us for the long haul• No longer does one size fit all• How can we position ourselves for the future?Best-in-ClassNew EcosystemSolution Matrix• Relationships between products matter

Let’s look at where we could go from here.

THE IDEAL VISION

A new “Ecosystem”An Open Platform Enables its data to be both

accessed directly by users and

published in open formats and

Is powered by technology that is

freely available through open

licenses

THE SOLUTION MATRIX

• How do you begin to weed through all the options to find the right products?

• If “best-in-class” is where we should be, how do we get there?

Budgeting

Accounting System

CRM/ChMS

Expense & Credit Card Management Giving

Payrollpr

ofile

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ctio

nda

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HOW DO YOU START?

1. Needs Analysis2. Know Your Budget3. Talk to Peer Organizations

NEEDS ANALYSIS

1. The first step you need to take in choosing software of any kind for your organization is to undertake a good needs analysis, which will address both managerial and financial needs.

2. It should be broad, exploring both the obvious questions and the ones that really make you think.

3. Take time with this important step, since the last thing you want is to have to repeat this process within the next two years.

KNOW YOUR BUDGET

• Off the shelf software will be cheaper, but may not be sustainable due to your expected growth or reporting requirements

• Good news: You can take baby steps to go from where you are today to where you need to be and purchase the “best” product for the future even if the total package is currently not in the budget

• Make sure you are incorporating savings in staff “manual” labor hours when evaluating a more-costly robust system

TALK TO PEER ORGANIZATIONS

• Reach out to your peers and other similar organizations

• There is nothing more valuable in today’s search for the best products than to talk to someone that has already implemented and is operational

• Seeing a demo is only part of the journey• Talk to your peers so that you do not have to re-invent

the wheel is priceless

JOAN BENSONINTACCT

PANEL DISCUSSION

FAITH BASED FINANCE COLLABORATIVE 2018

THANK YOU!