NetSuite for non-profit
overview
A unified business management cloud application like NetSuite is essential to uphold vital missions like support for social communities, facilitating awareness programs for global causes, and international outreach programs for educational offerings. However, in reality, nonprofits lack innovative products that provide operational efficiency and those that are budget-friendly to fulfill their unique requirements. They are also often found to use countless disjointed external systems, spreadsheets, and other manual processes.
Give your nonprofit with planning, budgeting, and forecasting tools it needs to meet its goals while maintaining and growing its finances. With NetSuite, built-in FASB-defined reporting based on unique GL Segments and a template UCOA-approved Chart of Accounts matched to Form 990 line items that you may modify.
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Be Financially Efficient with ERP for Your Non-Profit
ERP programmes offer both real and intangible cost savings, allowing every dollar to go forward towards furthering the purpose of a not-for-profit entity. Funds should be conveniently monitored to ensure that the company follows reporting protocols when managing several funds for various programmes or contracts, as well as to minimise human error and interference in data collection.
With a grant management function, efficiency and time savings will rise to the point that the non-profit will be able to afford to employ a full-time grants manager or grant writer, increasing the likelihood of receiving more grant funds in the future.
In the long run, continuing such practices would impair nonprofit organizations’ fundraising effectiveness and social impact on their local community.
Thriving nonprofit organizations comprehend the effective use of business management solution that increases their ability to focus on their core mission which controls costs and strengthens resources simultaneously. Since they believe bridges between systems improve their efforts, they have progressively invested in new technologies and cloud solutions.
Let’s unfurl the modules present in this unified solution of NetSuite to have complete control over the organization and amplifies your community impact.
Key Features of NetSuite's Non-profit Solution
Financial management
Grant funding
Real time Fund Accounting
Restricted Funds & Account Management
Encumbrance Accounting
Planning and Budgeting
Board Management
Donor management software and reporting of donations
Volunteer and teams management
Constituent management
All-in-one community management platform
Human Capital Management
Online fundraising and engagement, fundraising events, peer to peer fundraising
Marketing management
Financial Management & Core Accounting
Streamline your nonprofit’s finances with a robust business application that supports a nonprofit fiscal management system.
- Effortlessly manage finance and accounting with on-demand real-time financial reporting and features like GL (General Ledger), AR(Account Receivables), AP(Account Payables), cash management, allocation schedules and statistical accounting.
- Improve your productivity by automating the entire revenue lifecycle, managing tight budgets, providing analytics to insight, financial processes and approval routing workflows for journal entries, vendor bills and purchase orders.
- Automatically facilitates the closing process of multiple Net Asset accounts by integrating a period-end closing checklist.
- Supports compliance and security and complete visibility on audit trails, accounting for donor and aid resource management.
- Close your books on time by taking advantage of automated paid-off expenses and dynamic allocation for direct and indirect costs.
- You can track income transactions and receivables in a single system, simplifying the focus on metrics, accounting receivable aging, financial reporting, and reconciliation.
- Utilize more than 250 FASB-compliant standards, creative financial management, tailored reports, inventory control, role-based dashboards, and KPIs created especially for nonprofit workers and leadership.
Fund Accounting
You can accurately manage fund restrictions and grant requirements with NetSuite’s innovator and GAAP-compliant fund accounting framework that lets you manage diverse revenue streams and matches revenue sources to expense transactions. Its powerful business application makes project management efficient.
NetSuite, for nonprofit organizations, offers a framework for auditable and comprehensive fund accounting that allows you to track various income sources and expenses, correlate funds to tagged costs, inventory management, constituent relationship management, and efficiently manage restrictions and grant requirements for your nonprofit. With a simplified Chart of Accounts and embedded GL custom segments, NetSuite’s innovative solution automates FASB compliance. It provides exceptional transparency in cash flow, resource balances, the customer lifecycle, controlled revenue, performance metrics, functional expenses, and grant activity.
- Diversified funds are tracked and managed by segments that are relevant and associated.
- To illustrate where funds are at any time with real-time visibility, manage resources by restriction and report expenditures against programs or grants.
- Being able to quickly and easily produce FASB reports, such as Statements of Activities, Statements of Cash Flow, and Statements of Functional Expenses diminishes the hassle of disparate applications.
- Identify and describe revenue types, subtypes, restrictions, and any other segments that impact the GL on the line level for data entry and accounting compliance.
- Establish a matrix of relationships among multiple revenue sources, dimension segments, and locations.
- Data entry may be made simple and accurate by allowing an infinite number of GL segment code permutations.
Grant Accounting
NetSuite improvises your productivity and the visibility of the Grant lifecycle. Manage spending across several years, automate time and expense tracking, and track numerous projects and funding with NetSuite’s suite of cloud software.
Automating time and expense tracking among billable and non-billable transactions through many years gives you the upper hand in capturing relevant milestones. This way, the critical information is also present in a single centralized system.
- Projects can be connected to grant records to track time and expenses for billable and non-billable activities during grant expenses.
- It is possible to associate Grants with many projects and funds.
- Journal entries, vendor bills, expense reports, and journal entries can all be viewed in-depth on dashboards.
- Vendors, subcontractors, employees and expenses associated with an event, fundraiser or conference you are organizing.
- Supervise your internal projects with the respective deadlines, expenses and scheduled tasks.
- It simplifies financial reporting and metrics, aging of A/R(Account Receivables), financial reporting, and reconciliation by managing donor, grantor, funder, and funding source data in one place.
- It provides GL segment combination codes, a simple setup for the automation of data entry of transactions against an endowment. It makes it easy for you to identify and tag controlled revenue transactions related to donations, awards and Grants.
- Obtain insight into your funder’s invoicing requirements, most recent revenue, and Grant/Award criteria.
- On reports and searches, invoicing criteria for funders and grants can be sorted based on the anticipated date or timeframe.
- You can set up automatic billing cycles in NetSuite to charge grants. By setting up alerts, the accounting team can be informed of specific dates for invoice submission.
Automated FASB Reporting
Configurable compliance reporting is available on FASB reports, so those board members, external auditors and Nonprofit accounting teams experience a simplified process.
You no longer have to guess, do manual exports or manipulate data by
- Adapted balance sheet to comply with FASB financial reporting guidelines.
- As required by FASB, it reports all divisions of expenses by Program Services, Fundraising, Management and General.
- Unrestricted and momentarily restrained finance flows resulting from cash inflows and outflows
- A Revenue Report for Restricted Funds is created to support the Statement of Activity, where accounts and funds are listed for all revenue transactions.
- A Revenue Report for Restricted Funds is created to support the Statement of Activity, where programs and funds segments are listed for all revenue transactions.
- Net Asset categorizations can be applied to a Statement of Revenues and Expenditures, allowing it to be filtered for a single grant, or viewed as a comparison of all donations.
Simple, Flexible Financial Segmentation with Unparalleled Transparency
Eliminate lengthy, error-prone account code strings by using pre-defined GL custom segments. This allows you to see where funds come from and what they are being used for. Financial segmentation may increase reporting capabilities and analytics while reducing complexity, coordinating fundraising and finance, and clearing clutter from a standard chart of accounts.
A NetSuite account comes with 12 segments to code revenue and expense transactions. With custom segments, funds can be restricted depending on time availability or donors’ intentions; revenue streams can be categorized, functional expense categories can be tracked, funds can be allocated to a particular programme, and more. Ultimately, staff, management, and leadership teams can customize FASB-compliant reporting, dashboards, and role-based KPIs to maximize their investments.
- Identify and evaluate different sources of income, such as donations, pledges, gifts, services, and ticket sales.
- Demonstrates where funds are spent in real-time by relating revenue to those tagged expense transactions.
- A project log tracks the completion of tasks, the amount spent on grants and programs, as well as the percentage of completion of tasks.
- Monitor and keep track of relationships between multiple revenue sources, multiple segments, and multiple regions.
- The ability to create unlimited GL (General Ledger) segment code combinations makes data entry easy and precise. It also gives you a complete picture of performance metrics and fund balances.
- Apart from the already existing pre-defined segments, you can create your own to better suit your unique business requirements.
Reporting Analytics and Dashboards
Getting a comprehensive picture of your nonprofit’s performance, on-demand and real-time is a breeze with NetSuite Oracle Cloud. You’ll have deeper insight and better decision-making from FASB compliance reporting to role-based metrics and analytics
KPIs and Metrics for Effective Tracking
NetSuite cloud ERP recommends scorecards that help create a culture of data-driven decision-making.
- With the built-in scorecard, one can set definitions of success using the recommended governance metrics given by the charity navigator across the organization to improve fundraising efficiency, programs, administrative ratio, fundraising ratio, contributions ratio and cash flow to total debt.
- With real-time data available, including reporting and other personalized dashboards, the organization can boost the speed of decision-making.
- Allows the organizations to craft in-depth reports that enhance nonprofit organizations’ focus on the progress for long-term success using cross-departmental benchmarks.
Spend Management
You may get total visibility and control over every dollar spent by assuring responsibility and protection control
- It is possible to automate the entire process of acquiring products and services, from purchase to payment.
- Monitor spending trends for your entire organization with unparalleled visibility
- Set up budgets and spending controls to stay compliant with policies
- Track and maintain detailed costs linked with grants and funds along with inventory in an effective manner
- Manage sources to expense transactions with donations over multiple years
- Grant management processes that require multiple approvals and to stay aligned with organizational policies
- Using the procurement dashboard and email notifications, you can ensure that purchase payment are completed on time.
- This business management software suite has pre-defined expenses with their allocation schedules and amortization templates, including default billing schedules.
Global Cloud Management
The goal of your charity organization should be to have a worldwide social impact, and managing IT complexity should not take up too much of your resources. To achieve this, NetSuite Cloud: OneWorld comes in handy to expand all your goals at a global level by working anywhere at any time on a unified platform, even with limited resources.
- To access an IT system, nonprofits require a browser and an internet connection.
- Applications, operating systems, and servers to network switches are all managed by NetSuite.
- In terms of security, it has everything covered, like uptime, disaster recovery, application maintenance and system updates.
- Access all aspects of your multinational or affiliated organization, including forecasts and campaigns, regardless of the languages and currencies used.
- Consolidate at the regional and global level, considering currency, taxes, and legal compliance differences.
Explore ERP Buddies’ NetSuite Implementation for a
Non Profit
NetSuite is a single solution that can integrate and provide a 360-degree view of every operation within a nonprofit organization.
Learn how ERP Buddies helped a Non-profit organization to transcend ahead in the modern era.
Why choose ERP buddies for your
ERP implementation?
ERP Buddies is a North American NetSuite Partner (Software Vendor) with diverse experience in implementing ERP systems for multiple companies across wide industry verticals with a true cloud solution.
With offices in the U.S, Canada (North America), Philippines, India (Asia) and UK, Spain (Europe), our experts are accessible globally and make it their priority to create a smooth and positive experience for clients. Our experts assist clients throughout the entire implementation process, with on-site support and consultation, along with additional assistance in customizing your system functionality to guarantee it meets your business needs.