Some philanthropies focus on long-term goals—raising money for cancer research, fostering democracy, eradicating hunger, etc. It’s not expected that the nonprofits and NGOs with these types of missions should achieve their goals right away. Their missions are not generally bound by hard deadlines or specific timeframes, as long as they continually endeavor to reach their overall tasks.
Other philanthropies are focused on giving help to those that need it now. These organizations are time bound: they have to worry about providing services quickly and effectively, because often people’s lives are at stake.
Both types of philanthropy are incredibly important, and they often complement each other. For example, a nonprofit or NGO that provides medical care to affected populations during an outbreak of a deadly disease (such as the current Ebola crisis in Africa) is reliant on the long-term focused philanthropies that work on developing better treatments and possible cures.
The Importance of Easy, Clear Reporting
A time bound organization typically has the same accounting needs as other nonprofits and NGOs. Transparency and accurate reporting are necessary for the success of any nonprofit, but time bound organizations are especially vulnerable to delays and inaccuracies in their financial information, given their need to make big decisions quickly and access funds immediately. They need any time, anywhere access to current, reliable data.
Time bound philanthropy is often incredibly stressful, especially during a crisis. Delayed access to funding or concerns about budget overruns should be the last thing on the minds of the staff on the front lines of a health disaster.
When it’s time to strategize and report, nonprofits and NGOs need accounting software that is quick and easy to use, complete with features such as:
- Compatibility across departments and funding organizations
- Automatic language and currency tools
- Instant access to critical, real-time financial information
- Accessible from anywhere on the globe
The right financial management software helps organizations have a stronger impact on their mission. Choose nonprofit accounting software that takes away from the stress of running a nonprofit, rather than adding to it.