Non-profit organizations rely heavily on grants from foundations, corporations, government agencies, and other grantors to support their mission. The process of applying for these grants, reporting on them, and tracking their status has become complex and tedious.
Every year, non-profit organizations around the world receive millions of grants. The problem is that handling all the paperwork is a time-consuming and complicated task that keeps the organization from delivering life-changing programs. That is why many non-profits choose to outsource their grant reporting process.
ARDEM Incorporated provides non-profit organization outsourcing, thus reducing operating costs for the organization and making a difference in people’s lives. We provide fundraising and application processing, finance & accounting/bookkeeping, donor/gift processing, talent acquisition, etc.
How do non-profits outsource the grant reporting process?
A grant is a monetary payment made to a charitable organization. A foundation, corporation, or government entity is usually a grant source. Many non-profits rely on grants they get throughout the year to stay afloat and fund their projects.
Given the risks and vulnerabilities of managing accounting and related tasks in-house, many NGOs opt for outsourcing companies. This decision opens the door to various beneficial benefits.
Most non-profits simply do not understand the complexities involved in grant writing, financial management, and report preparation. As a result, they opt for outsourcing these tasks, which saves them money and time while providing them with a quality report at the end of the project.
An outsourcing partner creates a customized chart of accounts and general ledger to manage all relevant funding sources and costs by program and grant.
Further, management receives reliable data on which to make key decisions. Skilled outsourcing partner collaborates with management to develop operating budgets and provide monthly or quarterly reports.
Management remains aware of regulatory requirements through experienced, outsourced personnel to protect their non-profit status, adhere to reporting requirements, and provide correct, timely filings.
We focus on providing data processing services to established non-profit organizations wanting to boost operational efficiency and minimize expense. We take relevant data from physical or electronic sources and turn it into a usable format for various uses making data processing easy, affordable, and quick.
Why is outsourcing a good option for the grant reporting process?
Outsourcing is a good option for the grant reporting process for the following reasons:
- Outsourcing grant reporting is ideal because it allows the organization to save time and money while mitigating risks associated with submitting financial reports.
- Grant reporting services help eliminate the risk of fraud, which could result in a loss of funding. Fraudulent use of charity funds is costly and may prevent recipients from receiving future funds.
- Hiring accountants with substantial skills and experience is costly and, at times, challenging. Outsourcing can eliminate the need to keep in-house workers and thus save on costs.
- Another reason why many non-profit organizations choose to outsource their grant reporting is due to expertise.
Furthermore, outsourcing companies already have upgraded IT systems. Thus, to acquire fast and reliable reports, a recipient does not need to invest in costly systems.
ARDEM provides back office support solutions to established non-profit organizations wanting to improve operational efficiency and reduce costs. We offer a suite of products, including an integrated accounting system, payroll processing, human resources management, etc.
Non-profit organizations of all sizes are opting to outsource certain tasks and process management.
Working with an outsourcing team gives the grantee exposure to some of the most experienced team members, including bookkeepers, administrators, and individuals who understand the numerous intricacies of the grant reporting process.
ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information please reach out to us at email@example.com or call us at 908-359-2600.