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Financial consolidation for non profits with intacct - partner blog

Plenty of non-profit professionals who use Intacct are managing the financials of the organization with multiple offices, locations, and/or entities. Aggregating organizational data from multiple locations can be challenging without a modern financial consolidation tool.

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Financial consolidation for non profits with intacct - partner blog

  1. 1. Non-profit Financial Consolidations for Intacct Customers By Filius Bonacci Plentyof non-profitprofessionalswhouse Intacctare managingthe financialsof the organizationwith multiple offices,locations,and/orentities. Aggregatingorganizational datafrommultiplelocationscan be challengingwithoutamodern financial consolidationtool. FiliusBonacci knowsthatasdata continuestogrowin amountand importance tomakingcrucial decisions,more executiveteamswill be shoppingforthe bestsolutiontoenable theirbusinessenduserstoconsolidateinformationintoa unifiedfinancial reportsetorfor summarizedoperational statements. Inthisarticle,we willfocuson the feature andfunctionalityofferingsforthe non-profitIntacctcustomerwhoischargedwiththe responsibilityof consolidatingdataformonthlyfinancialsoryearlybudgetsforthe parentorganization. We’ll beginbydefiningthe term. Financialconsolidationreferstothe processof combiningall of your differentlocations’orentities’transactionalinformationtoproduce asingularsetof financial statementsfora parentorganization. These reportsare comprisedof entityinformationandshowcase the overall healthof the parentorganizationinaverydirectway. For non-profits,financial consolidationstypicallydon’tinvolve eliminationsforinter-organizationexchanges between subsidiaries. Thatsaid,itisnot abnormal foradjustmentsthatneedtobe made to be done manuallyif youdon’thave a modernconsolidationtool,aswell ascurrencyconversionswithdiverse moneytypes. If you’re lookingfortoday’sbestconsolidationsolution,itislikelythatitisfor one of two mainreasons. If you’re lookingfora modern,automatedconsolidationtool,itcouldbe fora wide varietyof reasons, but there are two reasonsthatstand outto us at FiliusBonacci – bothrelatedtoage. Some customers are choosingtomove away from olderproductsthatare too simplistictomeetmodernbusiness demands,like manual Excel spreadsheetconsolidations. Othersare readytoupgrade from more mature software thatis toocomplex for businessenduserstomanage,like HyperionorCognosTM1. Recently,anaccountantwhomanagesthe financialsforanon-profitparentorganizationwithIntacct spoke at the #BI360Focus15 conference aboutherfinancialconsolidationresponsibilities. Since the organizationisinternational intheirefforts,she isregularlyworkingwithateamto convertcurrencies while followingdomesticandglobal accountingrules,likethe InternationalFinancialReporting Standards(IFRS) toGenerallyAcceptedAccountingPrinciplesadjustments(GAAP), usually referredtoas IFRSto GAAP. Some consolidationsoftware offersin-depthanalyseswithsub-ledgerinformationandis part of a comprehensive suiteof BusinessIntelligence (BI) tools,completelyintegratedwithother modules like ad-hocreporting,planning, datavisualizations,andBIdatastorage. Let’szoominon financial consolidationsspecificallyfornon-profitorganizationsusingIntacct,soyoucan have a head start inshoppingforthe right consolidationtool foryourorganization. To continue learningmore about financial consolidationsolutionsfornon-profitorganizations using Intacct, read the rest of this article here.

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