I remember back when I was in high school, I had a TRS-80 Color Computer, a rudimentary word processing program, and a slow-as-molasses dot matrix printer that I used to produce all of my school reports. (I know. I’m dating myself.) But, at the time, it felt like I had the most advanced computer system in the world!
I was no longer using a typewriter that required whiteout correction fluid or tape, or a fresh sheet of paper if I made a mistake. I could instantly correct anything I needed to, right on the computer screen before I printed it out. In a word, it was AMAZING. At the time, I didn’t think about how much more efficient I could be using this new technology to write my school papers – I simply thought it was cool. But in reality, this technology saved me time – tons of time.
The right technology used in the right way can be a real godsend. Think about the advent and evolution of technology in our own lives. The maturation of the internet has dramatically changed how we interact with the world in many ways, making it much easier to expand our knowledge of the universe with a simple click of a mouse. We can quickly and easily deposit checks in the bank without ever leaving our house, and we can pay bills in a much shorter time than it took to write checks and put them in envelopes. (What once was called “mail” is now referred to as “snail mail.”) These are just small examples, but they illustrate the larger point. Technology can make us more efficient, allowing us to focus on the issues that matter most.
And this is true in our work lives as well. With the increase in complexity around processes and rule/regulation changes, many nonprofits will (or should) turn to technology to increase efficiency and automate more high-volume, repetitive tasks. This will free up financial personnel to focus more acutely on addressing increasing complexities to ensure compliance. Additionally, ongoing cloud adoption will allow greater accessibility for nonprofit staff to work anytime from anywhere.
So what’s the best approach to figuring out if you’re using the right technology for the right job? Assess your current technology investment. Do you have the right technology to help you manage multiple revenue sources? Do you have technology to help mitigate fraud? Do you have technology to help make the audit process run more smoothly? As compliance demands increase in complexity, technology can be a lifesaver. Look at tools that are purpose built and designed specifically for nonprofit organizations to manage the complexities and nuances of nonprofit finance and accounting.
In the 2017 Nonprofit Finance Predictions, our experts foresee nonprofits will use technology to gain efficiencies. In this whitepaper, you’ll discover all of their predictions, along with suggested actions you can take to keep pace with the changing times.