Financial software company Sage Intacct and GuideStar, a information source and directory for nonprofit organizations, have together released a new tool designed to assess the financial health of nonprofits. The Sage Intacct Nonprofit Financial Board Book Powered by GuideStar was announced during Sage Intacct Advantage 2017, held in Las Vegas from Oct. 17-20.
The Nonprofit Financial Board Book is built on the Sage Intacct platform. It incorporates the best practice metrics and insight that GuideStar uses to demonstrate the financial health of nonprofit organizations, as well as ensure the organization is on track in accomplishing their missions. The solution uses real-time transactional data from the system of record to automate the calculation of key financial and operational metrics important to nonprofit organizational health.
The stated goal of the partnership between the two companies is to improve financial stewardship and mission accomplishment based on a holistic view of each organization. For instance, the Nonprofit Financial Board book promises tools to help organizations understand whether they have enough funding to carry out their missions should any of their funding sources be impacted.
Some feature of the Book include showing key metrics such as revenue composition, liquidity, and unrestricted cash on pre-built dashboards to show financial health over time. The metrics are automatically calculated using balance sheet, revenue, and expense data from Sage Intacct, and through additional operational sources from within the organization including its donor management systems, budgeting and planning software, and payroll.
“With critical revenue, funding, and expense data at their fingertips, nonprofit finance executives have real-time insights into the health of their organization and can make the important decisions that will shape their future," said Dan Miller, vice president of product for Sage Intacct.
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