Selecting Financial Management Software For Your Nonprofit

Selecting Financial Management Software For Your Nonprofit

March 2018

An independent report with support from:

FOREWORD

Dear Colleagues, As you know, the underlying financial realities make running a nonprofit difficult. But the right tools can help. And, with financial management software increasingly suited specifically to the needs of nonprofits, it has never been easier to collect and track financial data or produce meaningful and actionable reports. Good, clean data highlights critical details and reveals important trends, allowing confident leaders to make data-driven decisions. Indeed, for today's nonprofit leaders, the landscape has never looked better for financial management systems tailored to the needs of the sector. We are grateful to the team at Idealware for sifting through the dizzying array of financial management tools and distilling the critical questions leaders should be asking to identify systems that meet their needs. Over nearly two decades, our consultants at FMA have learned that there is no one perfect system for all organizations, and there are differences between them that make some a better fit for your organization than others. While it can be a difficult decision, a successful software selection process is marked by three characteristics: (1) The chosen platform is matched to the unique cultural and operational strengths of your organization; (2) The configuration is thoughtful and deliberate; (3) Staff users are given training sufficient to maximize the software's capabilities. We partnered with Idealware on this report in order to share our insights and experience working with organizations who have put data-driven decision-making first in their selection and implementation of technology. And, while the particular software packages may come and go, the approach this report articulates is evergreen. Whether the answer for your organization is a new financial system or simply a refresh of your existing platform, it is our hope that you will find this a useful guide to making the right decision and helping it stick. With confidence in your data and clarity in your reports, you'll have a better command of your organization's financial story. And, less time spent on operational headaches means more time for strategic thinking and putting your leadership skills to work on behalf of your mission.

Sincerely,

Hilda Polanco Founder and CEO of FMA

PAGE 2 Selecting Financial Management Software For Your Nonprofit ? March 2018

How Was This Report Funded?

Maintaining editorial integrity and impartiality while funding reports in the technology sector demands rigor, and Idealware works hard to meet those demands and the expectations of our audience. The following steps are taken to maintain editorial integrity and impartiality: ? Idealware employs a blind system of sponsorship--the research team is not made aware of a report's sponsors

or advertisers until publication. ? Idealware is responsible for all of the research and editorial content of this report. ? Vendors of systems included in this report or any of our reports do not pay for inclusion. Sponsorship has no

bearing on whether a product is covered in this report or any report. ? Neither the sponsors nor the vendors have any input over the editorial content of this report, nor do they see

the report prior to publication. This report was funded by the generous sponsorship of Oracle NetSuite, Blackbaud FinancialEdge NXT, and Community Brands, along with the sale of the visible ads. We're grateful for these sponsors and other companies who invest in Idealware's independent research. By doing so, they are supporting our mission of helping nonprofits use technology to create social impact.

Reprinting and Quoting

For information about reprinting, quoting, or repurposing this report, please read Idealware's policy online at .

PAGE 3 Selecting Financial Management Software For Your Nonprofit ? March 2018

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HOW IS YOUR NONPROFIT ACCOUNTING FOR ITS MISSION?

How does your organization ensure that it's financially healthy, spending wisely and delivering impactful programs efficiently? Discover how nonprofits use NetSuite's financial management platform to track progress against, and accelerate their mission.

nonprofit

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