A culture of prudence
Charities are under constant scrutiny when it comes to money, and charity scandals in recent years such as the one that befell Kids Company mean that many Not For Profit finance leaders are nervous about spending levels. As a result, many finance leaders now choose to practice restraint and prudence when it comes to their organisation’s cash. Cloud-based finance software, then, can help create a culture of prudence. When finance data can be shared at the touch of a button and displayed in a smart, user-friendly data dashboard, colleagues from across the organisation will have the information they need to remain on track financially.
Distributed teams
Unlike most organisations in the private sector, Not For Profit sectors tend to have highly distributed and mobile teams. First off, there are major cost-reduction exercises facing finance leaders in many of the major Not For Profit organisations, and that means many such organisations hire part-time staff, freelancers and contractors as a cost-saving measure.
Cloud functions can help organisations in this situation to keep everyone connected no matter what their working status might be. Remote document creation services mean important work can be done from anywhere, while cloud finance tools that allow all members of staff to access data means that geographical separation will be no barrier to strategic decision-making. This way, you’ll be able to achieve the best of both worlds and have both a distributed, cost-effective team and a high-performing one at once.
Data concerns
Not For Profit organisations often have a lot of sensitive data. Small local charities may have names and addresses of service users in spreadsheets, while large advocacy organisations could have confidential lobbying emails on their servers. But while many people have concerns about cloud data security, the development of security features such as two-factor authentication means that cloud-based systems are just as data-safe – if not more so – as paper and filing cabinets.
Not For Profits have always faced cost challenges, and in the modern economic environment, that’s not changed. But what has changed is that there are now innovative, tech-based solutions to these problems – including cloud software.
If you run the finance department of a Not For Profit and you’re thinking about moving to a cloud-based system, we can help.