Comprehensive financial planning is critical for the growth of every organization. Fortunately, technology has created a system of ease for organizations to create a financial plan while managing savings and spending. By and large, a financial plan is essential as it allows your nonprofit to maximize its assets. Also, it furnishes an organization with the confidence needed to weather any bumps along the way.
- 21st-century organizations must be able to anticipate change and pivot rapidly across the organization.
- Planful ensures financial agility and gives you control over your nonprofit’s financial success.
- Anaplan allows you to view and analyze current performance, forecast future outcomes to fuel growth, reduce risk, and optimize costs.
What are the top 5 financial planning platforms for nonprofits?
This article will consider some of the most outstanding financial planning platforms that nonprofits can leverage for effective management.
1. Mint
Mint provides an easy way to aggregate expenditures, balances, budgets, and more. The software tool allows for basic budgeting and money management. Also, its easy-to-use user interface makes it suitable for nonprofits that are primarily concerned with budgeting and tracking the organization’s spending.
Mint is one of the most popular and free financial planning apps. Not to mention, the platform can perform a multitude of functions such as keeping track of all your bank and credit card accounts in one place, monthly budget creation, expense categorization, and tracking, and setting up bill payment reminders, among others.
2. IBM Planning Analytics
IBM Planning Analytics is an AI-infused integrated financial planning tool. The software combines the ease of use of spreadsheets with a large database to make for ease of financial planning. Also, it can operate on servers, in the cloud, or as an AWS service.
IBM Planning Analytics has robust data integration capabilities. Essentially, this allows you to access data from a variety of sources and systems. In addition, its multidimensional database (TM1) can efficiently manage large amounts of data quickly and provide real-time insights.
IBM Planning Analytics can help you steadily scale up your organization. Nonprofits can use the software to make data-driven planning and projections while making real-time strategic insights with its multidimensional database. Also, the collaborative platform enables several departments to contribute at the same time by allowing for shared input.
3. Workday Adaptive Planning
Workday Adaptive Planning is an AI-powered financial planning platform. The software enables decision-makers to collaborate smoothly, plan continually, and swiftly incorporate change.
Also, Workday comes with automated tools and can also assist in streamlining financial operations. With its self-service reporting and interactive dashboards, managers can effortlessly collaborate with team members.
Make better decisions faster with Workday’s embedded AI and machine learning (ML) by automating routine operations and making recommendations. Nonprofits seeking to stay abreast of today’s ever-changing industry can use this world-class budgeting, forecasting, and planning solution.
4. Anaplan
Anaplan allows you to view and analyze current performance, forecast future outcomes to fuel growth, reduce risk, and optimize costs. By and large, the financial planning tool allows you to make better and more informed decisions speedily.
21st-century organizations must be able to anticipate change and pivot rapidly across the organization. Hence, there is a need to synchronize your nonprofit’s planning in simple, collaborative formats and dashboards. With Anaplan, you can create end-to-end visibility and alignment across your organization.
Also, the software allows you to unify data collection and analysis in one location. This enables both high-level and granular insights while creating ease in data sharing with all stakeholders. Nonprofits seeking to connect their entire organization and deal with real-time changes of any size while scaling can opt for Anaplan.
5. Planful
Planful ensures financial agility and gives you control over your nonprofit’s financial success. The software tool can help improve your planning and reporting process while allowing you to make more effective organizational decisions.
With Planful, you can eliminate the waste of manual, time-consuming processes to deliver superior insights. Also, you can have the confidence to steer your organization more quickly than ever before.
The Planful Financial Performance Platform is designed with financial intelligence. Hence, it ensures minimal IT work, caters to all users and teams, and genuinely allows financial operations to be more aligned.
Planful ensures that your nonprofit scales easily without sacrificing performance. Also, you can be sure that your team is furnished with the tools they need to handle mega-complex and difficult procedures. Nonprofits seeking a platform that can assist with financial performance while aligning every team can opt for Planful.
Conclusion
To sum it all up, comprehensive financial planning incorporates budgeting, saving, and investing, among others. With financial planning tools, nonprofits can alleviate financial stress, address immediate needs, and map out future plans.
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