Traditional accounting systems produce an over complicated chart of accounts. If your system requires a unique account number for every journal entry, your finance team is spending valuable time and effort manually managing data and losing time creating the reports your team needs. Too many codes create a system that can’t accurately or efficiently report the data your board and donors need to make decisions that support your mission and growth. Many nonprofits must choose between creating a sprawling, difficult to manage, chart of accounts or not tracking all their data properly. Luckily, Sage Intacct has a solution to this problem with their multidimensional chart of accounts.
Intacct’s use of dimensional reporting organizes your financial and operational data within a table-driven architecture. This organization is superior for accurately showing your organizations progress and status towards your mission. With Intacct you can choose up to eight dimensions for reporting such as program, department, project, location, and so on. With multi-dimensionality you only have to set up primary account codes eliminating the need for ongoing account numbers and continually reorganizing accounts to accommodate updates and change.
With dimensional reporting your team can move away from manually manipulating your financial data in Excel. If your team is continually pulling data from your accounting solution to manually build reports in Excel then you are losing time and money with inefficient processes. Intacct can save you this headache by tracking and sorting your data all in one place. This type of reporting is better for analyzing your organizations performance with the ability to drill down from top level to granular transactional data. In one place you can quickly compare expenses and revenue between programs, locations, and projects making easy to access reports to share with your board and donors.
Furthermore, Sage Intacct provides a deeper view beyond financial numbers. Intacct offers a statistical account feature that also reports your operational data. By enhancing with non-financial data nonprofits can track and report their operational outcomes for better budgeting and forecasting. And most importantly this type of reporting increases your transparency with your donors and board to accurately depict the full picture of your organizations performance and reflect your progress towards supporting your ongoing mission.
If you are currently struggling with manual processes and inefficient reporting with your current accounting solution MicroAccounting can help. For more information about Sage Intacct or to take a look at dimensional reporting give us a call now at 855.876.3773 or email us at email@example.com.