In 2023 smart NFPs are embracing technology and automation to empower their finance teams. As a trusted advisor to a wide range of NFPs, we stay on top of the latest technology and work alongside our clients to apply the right tools for their success.
With many organisations experiencing decreasing productivity, technology and automation offer the chance to improve the efficiency of financial processes significantly. Digital financial management systems and software can automate tasks such as data entry, report generation and reconciliations. For the finance team, this saves much time, allowing them to focus on value-added activities.
Manual processes can be prone to errors, leading to large, costly mistakes. Automation can assist finance teams by reducing errors. Automated systems perform precise calculations and data analysis, minimising the chance of flawed calculations and ensuring accurate financial reporting.
Technology enables finance teams to access real-time financial data and generate reports instantly. This helps NFPs with quick decision-making by providing up-to-date information on cash flow, revenue, expenses and budgets. We are proud of Xero Gold Partners, but other options, such as MYOB or Sage, may be worth considering.
Advanced financial software equipped with data analysis capabilities allows finance teams to analyse large volumes of financial data and identify patterns or trends. This helps forecast financial performance and supports strategic planning at a management and board level. Some of our favourite tools include Power BI, Calxa and Fathom.
Technology-driven financial reporting functions provide management teams with a broader and more detailed view of their financial activities and performance, including tracking budgets accurately, zeroing in on overspending or identifying potential areas for cost savings.
Streamlining Accounts Payable functions with technology supports greater internal efficiencies and oversight and improves vendor relationships. Technology can be used to process documents, facilitate reimbursement, issue virtual debit cards and implement financial controls over approvals. We love ApprovalMax, DEXT and Weel.
Efficient financial systems and automation tools help finance teams manage cash flow more effectively. This benefits other parts of the organisation by ensuring funds are available when needed. Improved cash flow management enhances stability and flexibility for the entire organisation.
We can’t write an article about technology and automation without mentioning AI. Many platforms mentioned in this article are also beginning to integrate AI and machine learning into their product offering. The evolution of technology will be increasingly focused on these concepts, which will benefit organisations in ways we can’t even predict today.
Our use and knowledge of technology and automation sets us apart from other accounting firms.
Next Dimension’s NFP clients are often amazed when we work with them to implement the latest technology in their organisation. Our forward-looking approach to accounting backed by technology strengthens our clients’ success and allows them to grow and expand into new areas that have yet to be identified.
Book a meeting today for an obligation-free discussion about tools to empower your finance team.
Brendan Lucas is the founder and Managing Director of Next Dimension Accounting. His company specialises in delivering tech-savvy accounts services that allow NFPs to focus on their purpose and programs.