Budget management can be time consuming, so any process that cuts down the work is welcome. Modernizing your approval methods will streamline processes and increase efficiency in your budgeting procedures.
As well as reducing paper waste and saving the environment, eliminating the need for paper-based approvals can have many advantages. A modern approval process integrated with your budgeting and wider accounting procedures will ensure approvals are accurate, and will save time in the future.
Using cloud-based accounting and budget planning software means that staff are able to view and collaborate on documents at the same time. This enables people to update and approve budget requests quickly and securely. Having the budget process as part of a wider accounting system also enables accounting documents to be updated in real-time, so that staff and stakeholders will always have access to an accurate and transparent position of the nonprofit’s finances.
Eliminating paper-based approvals allows for errors to be reduced, as any incorrect entries that occur can be rectified in a timely manner. Errors can be noticed, questioned and corrected quickly as staff have access to the same documents and information, and can change it immediately if needed. It also allows data to be added to the system as and when requests are made, reducing the need for data re-entry in the future. These stream-lined processes will increase the efficiency of you organization.
Staff will also be able to check budgets and approve unforeseen and emergency requests in times of emergency and crisis. Ensuring everything is up to date will mean that if anything does happen, budgets can be accessed immediately and altered and approved according.
Up-to-the minute data that is accessible from anywhere allows stakeholders and users to gain insight to the actual situation of the organization at all times and from any location. This transparency is becoming increasingly important to nonprofits and donors – accountability is imperative and donors are becoming more interested in how their donations are being used for change.
Eliminating paper-based approvals or any sort of paper-based process in your budgeting and accounting activities will speed up processes, reduce errors, increase transparency and improve efficiency of your nonprofit organization.