In today’s fast-paced and ever-changing world, nonprofit organizations face numerous challenges in managing their finances. To stay ahead, they need to adopt modern financial management solutions that streamline operations, provide accurate financial data, and enable informed decision-making.
In this article, we will explore the case study of Crossref, a nonprofit organization that successfully implemented Sage Intacct to overcome its financial management challenges. We will also discuss how outsourcing accounting services to JFW Accounting Services can help nonprofit senior officers upgrade and optimize their financial operations.
Crossref, a nonprofit organization that operates a digital hub for academic publishing, faced several financial management challenges. With over 17,000 members worldwide and a complex revenue model, CrossRef needed to manage intricate financial data and reporting requirements.
Their existing accounting system was outdated, lacked automation, and required significant manual data entry. This inefficiency led to increased labor costs, reduced productivity, and limited visibility into their financial performance.
Moreover, Crossref struggled with currency conversions, as it dealt with payments in multiple currencies. This added complexity to their accounting processes and increased the risk of errors.
How Sage Intacct Helped Crossref
To overcome these challenges, Crossref turned to Sage, a cloud-based financial management solution designed to automate and streamline financial processes. The implementation of Sage Intacct led to significant improvements in Crossref’s financial management.
1. Automation and Efficiency: Sage Intacct’s automation capabilities reduced the time spent on data entry and report generation. Lisa Hart, Director of Finance Operations remarked,
We’ve streamlined our financial processes across the board, which saves about $45,000 in headcount each year despite our 53% growth since adopting Sage Intacct.
This improvement in efficiency allowed CrossRef to focus on strategic financial planning and analysis.
2. Real-time Financial Data: Sage Intacct provided CrossRef with real-time financial data, enabling the organization to make informed decisions based on accurate and up-to-date information. This increased visibility into their financial performance facilitated better resource allocation and strategic planning.
3. Simplified Currency Conversion: Sage Intacct’s multi-currency features simplified currency conversion, allowing CrossRef to accurately track and manage transactions in various currencies. This streamlined their accounting processes and reduced the risk of errors.
4. Customizable Reporting: Sage Intacct’s flexible and customizable reporting allowed CrossRef to generate reports tailored to their specific needs. This ensured that they could easily access and analyze the financial data most relevant to their operations.
5. Scalability: As a cloud-based solution, Sage is highly scalable, enabling CrossRef to easily accommodate future growth and expansion. This adaptability ensures that CrossRef’s financial management system will continue to meet their needs as they evolve.
The Transformative Power of Sage Intacct
The success story of CrossRef demonstrates the transformative power of Sage Intacct for nonprofit organizations. By implementing this modern financial management solution, nonprofits can overcome their financial challenges and focus on their mission-driven work.
To ensure a seamless transition to Sage Intacct and optimize your financial operations, consider outsourcing your accounting services to JFW Accounting Services. As a certified Sage Intacct Partner, we offer expert guidance and support throughout the implementation process. Our team of accounting experts can help your organization:
✅ Streamline your financial processes and improve efficiency
✅ Access real-time financial data for informed decision-making
✅ Simplify multi-currency transactions and reporting
✅ Customize reports to meet your organization’s specific needs
✅ Scale your financial management system as your organization grows
Investing in Sage Intacct and partnering with JFW Accounting Services can revolutionize your nonprofit’s financial management, freeing up valuable time and resources to focus on your mission and goals.
Upgrading to Sage Intacct and outsourcing your accounting services to JFW Accounting Services is a strategic move for nonprofit senior officers looking to improve their organization’s financial management.
By adopting a modern, cloud-based solution, you can automate processes, access real-time financial data, and streamline your operations. This, in turn, enables your organization to make data-driven decisions, enhance financial transparency, and achieve its mission more effectively.
To experience the transformative benefits of Sage Intacct and JFW Accounting Services, contact us today. Our team of dedicated professionals is ready to help your nonprofit organization navigate the challenges of financial management and embrace a brighter, more efficient future.
Don’t wait to take advantage of the benefits offered by Sage Intacct and JFW Accounting Services. Reach out to us today and embark on a journey towards streamlined financial management and a more successful, mission-driven nonprofit organization.
Jo-Anne Williams Barnes, is a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA) holding a Master’s of Science in Accounting (MSA) and a Master’s in Business Administration (MBA). Additionally, she holds a Bachelor of Science (BS) in Accounting from the University of Baltimore and is a seasoned accounting professional with several years of experience in the field of managing financial records for non-profits, small, medium, and large businesses. Jo-Anne is a certified Sage Intacct Accounting and Implementation Specialist, a certified QuickBooks ProAdvisor, an AICPA Not-for-Profit Certificate II holder, and Standard for Excellence Licensed Consultant. Additionally, Jo-Anne is a member of American Institute of Certified Public Accountant (AICPA), Maryland Association of Certified Public Accountants (MACPA), and Greater Washington Society of Certified Public Accountants (GWSCPA) where she continues to keep abreast on the latest industry trends and changes.