Nonprofit Accounting Insights & Analysis Survey Shows Challenges
More than half of nonprofit accounting professionals recently surveyed said they struggle with reporting non-financial performance data. Overall majority don't enjoy the automation of reporting with 73% spending up to 5 hours a week manipulating data outside their financial system and 27% spend more than 6 hours per week. 95% report having under 5 accounting staff members; the reporting bottleneck can't be solved by manual intervention.
AccuFund, Inc. (www.accufund.com), a provider of nonprofit accounting and fundraising solutions, shared its results from a commissioned survey conducted by publisher Nonprofit PRO of its readers (nonprofit finance professionals and top organization management) to benchmark nonprofit financial management. Nearly 300 nonprofit professionals participated in the survey.
Key Findings Include:
The 2015-2016 Nonprofit Accounting Insights & Analysis Survey sought information central to nonprofit financial management, including the amount of time spent inside and outside an organization's financial system pulling and manipulating data, as well as specific software features used to manage nonprofits.
Nonprofits are not leveraging technology in a cost-effective way.
Capturing the right data that enables organizations to make important decisions is an ongoing challenge. The majority of respondents, 60%, indicated their current financial software does not store and support reporting of non-financial performance data. "It's impossible for program managers to manage their programs with optimal efficiency when they are waiting on reports. It's more than an inconvenience, it's thwarting the mission," says AccuFund President, Peter Stam.
Additionally, 55% indicated their current financial software dashboard cannot be customized for individual users. "In today's world, having data and accurate reporting at your fingertips is not only convenient, but crucial. Nonprofit managers need to make decisions with confidence, knowing the information they are relying on is accurate. Staff, managers, volunteers and board members thrive on using data to better understand trends and next steps," explains Peter Stam, AccuFund's President. Read more on CPA Practice Advisor.