The vast majority of organisations set aside money for emergencies, capital needs, and operations needs (rainy day savings). Cash management allows nonprofits to implement thorough cash management procedures to ensure they achieve their goal.
- Cash management is an essential component of financial stewardship for nonprofit organisations.
- The cash flow Tool works smoothly with QuickBooks Desktop and Online without requiring any initial data entering.
Top 5 Cash Management Nonprofit Tools
To begin with, nonprofits can maintain cash reserves, guarantee financial stability, and overcome unforeseen obstacles by closely monitoring cash flow. Also, sound financial management is made easier, and transparency is demonstrated by following bookkeeping fundamentals and creating accurate financial statements.
Hence, this article will consider top cash management tools for nonprofit organisations.
1. Aplos
Aplos is a financial management suite and fund accounting platform that works to meet the financial needs of religious and nonprofit institutions. Essentially, Aplos offers tools to create a single source of financial truth so it’s simple to see how dollars translate to impact.
The platform offers specialised tools to track restricted funds and grants. It also helps with generating custom reports to focus on specific programs or sites. By and large, the tool is an effective way to showcase how finances are allocated. All in all, the cash management platform comes in handy for nonprofits.
2. Nonprofit Plus
With a pricing structure tailored for charity organisations, this ERP software is one of the most noteworthy options. Essentially, Nonprofit Plus unifies all users into a single system with improved automation, reporting, budgeting, and controls.
With these cash management tools, organisations can improve the way they handle money, grants, departments, programs, and inventory. Also, NonProfit+TM, a dynamic and potent technological tool, can automate tedious tasks, remove Excel, limit users to the functionality and accounts they require (minimizing user error), and create any form of report.
Nonprofits seeking to manage cash balances, transfers of monies, daily transactions, and bank account reconciliation can opt for Nonprofit Plus.
3. Cash flow Tool
Cash flow Tool works smoothly with QuickBooks Desktop and Online without requiring any initial data entering. Also, the tool allows organisations to view both their projected cash flow for the upcoming six months and historical cash flow for the previous twelve months.
You can view your forecast by week or month by selecting any point on the chart to display your cash-in or cash-out transactions. Overall, this cash management tool is straightforward yet effective. It shows rolling six-month anticipated cash flow deficiencies in red and positive cash balance days in shades of green.
Also, to understand the effect on your cash flow, you can also rapidly do a strong what-if analysis to determine when it would be appropriate to take out a loan or postpone paying a bill.
4. Financli
Financli comes with templates for all financial tasks, including budget creation and cost tracking, making it simple to plan and manage funds. Furthermore, the tool is useful whether you’re new to financial planning or seeking an improved method of managing funds for your organisation.
To assist organisations in managing finances more skillfully, Financli provides bespoke financial management solutions. The simple-to-use and intuitive software is modified to match your unique requirements as it provides custom solutions. Nonprofits seeking to keep tabs on their finances can opt for Financli.
Conclusion
Cash management is an essential component of financial stewardship for nonprofit organisations. Also, nonprofits that manage their cash flow well can effectively fulfil their financial commitments, undertake their missions successfully, and keep the confidence of stakeholders and donors.
If this article resonates with you, we welcome your thoughts, suggestions, and questions.