Top 7 problems solved by Infor SunSystems Cloud in Not for Profit.
Problem #4: Lack of Real-time Budget Oversight
This is the fourth in our series of blogs highlighting seven common problems addressed by Infor SunSystems Cloud in Not for Profit organisations. In this blog, we highlight problems associated with a lack of real-time budget oversight.
The Problem
It hardly needs saying, but budget oversight is important. Particularly so in the not-for-profit sector where resources may be limited. Manage resources well, and there will be more available for front line activity.
Budget oversight is also a matter of trust. Stakeholders and donors want to see that resources are being managed responsibly and that compliance obligations are being met. And trust directly influences an organisation’s ability to secure future income streams.
In the charity sector, budget oversight is further complicated by the need to ensure that funds are being properly used for designated purposes. This level of control places particular strain on financial management systems, many of which struggle to cope. Consequently, finance teams are forced to resort to manual reporting and processes that are prone to error and inefficient.
How SunSystems Cloud can help
Infor SunSystems is renowned for its suitability to the not-for-profit sector and there are many reasons why. Perhaps first amongst them is reporting. Talk to anyone who uses SunSystems and they are likely to point to its reporting flexibility. The analysis system in particular puts it head and shoulders above much of the competition.
Multi-dimensional analysis in SunSystems simplifies the process of monitoring funds, grants, projects and other key dimensions. This ensures that spend is aligned to its intended purpose and that managers and stakeholders have the level of transparency they need. And one of the great things about SunSystems is that it is a real-time system. There is no need to wait for month-end updates and reconciliations. Expenditure is allocated to funds as transactions are entered. There is no lag in information being available.
Another way that SunSystems helps is by improving procedural control. For instance, automated budget checking warns when budgets are nearing limits. Postings that exceed approved budgets can be prevented and exceptions routed for review and approval.
Take the Next Step
These are just a couple of the ways in which SunSystems can help your organisation. To learn more, visit the not for profit sector page on this website. Alternatively, download a copy of our SunSystems Cloud Beginner’s Guide – Not for Profit.
In the next blog in this series, we highlight the problems associated with siloed program and finance data.
By Jon Isherwood