The Story behind Knowledge Management Platform of Tomorrow
Key Checkpoints in Document Management
New Alliances Will Drive Fintech Innovation
The Technology Roadmap for Legal Industry
Ensuring Cyber Security through Cloud technologies
Eric McKinney, Enterprise Infrastructure Director, G & J Pepsi-Cola Bottlers
Sherri Adame, Chief Customer and Reference Data Governance Officer, Cigna
Building a Cognitive Enterprise Architecture
Josh Sutton, Global Head, Data & Artificial Intelligence, Publicis.Sapient
Impact of Software Defined Transformation in the Enterprise
Vesko Pehlivanov, VP, Cybersecurity & Group CTO, Credit Suisse [NYSE:CS]
Thank you for Subscribing to CIO Applications Weekly Brief
The Most Important ERP Features for Nonprofits
Financial and procurement features include cash management, financial analysis, purchasing, cash management, expense claims, accounts payable, accounts receivable, budget management, accounting, general ledger, and requisition management.
Fremont, CA: Nonprofits require an Enterprise Resource Planning (ERP) solution to adapt to their changing needs and manage their finances, processes, and workforces. They must meet stringent compliance requirements and are constantly under pressure to provide accurate results for industry-specific challenges while operating with often limited budgets.
Since ERP solutions can differ dramatically depending on the industries, they're tailored for, finding the right software for your nonprofit can be difficult.
Listed below are the most important ERP features for nonprofits
Finance and Procurement
Every organization's success depends on its financial management. Yet, nonprofits face unique challenges such as managing budgets, tracking manual processes, and serving their communities with often limited resources. Nonprofits should prioritize platforms that provide a single, accurate, accessible, and secure source of financial data when choosing an ERP solution.
Financial and procurement features include cash management, financial analysis, purchasing, cash management, expense claims, accounts payable, accounts receivable, budget management, accounting, general ledger, and requisition management. Nonprofits can use these tools to provide staff with the data they need to make informed decisions and reduce mistakes, duplications, and delays that can lead to financial risks.
The inefficiency of human resources can be a significant challenge for nonprofits. HR processes are time-consuming, and the reliance on manual record-keeping and error-prone paperwork over time can lead to disconnected processes that frustrate managers, confuse employees, and increase compliance risks. In this sense, ERP solutions can be a valuable investment, as they provide organizations with the integrated, cloud-based tools they need to centralize staff management processes and provide employees with self-service capabilities.
In terms of payroll administration, nonprofit organizations need a solution that can automate payroll processes, simplify complex calculations to ensure everyone is paid correctly, and simplify job-sharing allocations. An ERP software solution can help nonprofits integrate their finance, HR, and scheduling data to identify potential errors and streamline payroll processes so they can focus on serving their communities.
Scheduling and Time Entry
Nonprofits should be able to manage complex, distributed workforces with dynamic, shifting schedules in the human services and education sectors. Any company would find this challenging, but nonprofits with limited resources and sometimes outdated technology may find it more difficult. A cloud-based ERP SaaS solution improves transparency, automates complex workflows, eliminates guesswork, tracks labor costs, and streamlines processes to get the right employees on-site when needed, and accurately tracks time spent on the job.