Organizations that operate on a not-for-profit basis have unique Accounting requirements. Most nonprofits maintain general ledgers to keep track of donations and expenses. Many organizations also have subsidiary records that account for specific transactions. The ability to export data from platforms such as financial edge accounting software to a general ledger through the use of nonprofit database software can ensure that ledgers are more complete and accurate. Find out more about how Integration can help any organization maintain a general ledger and export specific transaction data.
Why Integration Between Revenue Tracking Systems & Accounting Systems Is So Important
Staff tasked with tracking revenue from donations and grants typically take measures to ensure the completeness and accuracy of this information. All of these measures have the potential to be undermined if it is difficult or impossible to keep this data intact during a transfer to a general ledger maintained on a nonprofit’s accounting system.
In addition to figures and transaction data, a number of factors such as restrictions on funds may need to be accounted for when transferring financial information between platforms. The use of an accrual or cash accounting method also has implications for accurate reporting of revenue data. A data management system for nonprofits is designed with the unique needs of these organizations in mind.
Why Omatic Software Is The Perfect Solution for This Type of Integration
Omatic is data integration Software developed for use by not-for-profit entities. This platform has built-in support for financial posting and integrating revenue tracking and accounting systems. Omatic can integrate the leading accounting, customer relationship management and financial reporting platforms in the nonprofit sector.
Stakeholders who were previously required to perform tedious and error-prone manual data entry or deal with the difficulty of navigating different data formats across software platforms can appreciate the single-entry workflow integration makes possible. Support for leading nonprofit financial software and options for automating imports and exports set this integration suite apart from competing clients.
How To Take the First Step Toward Post To General Ledger Integration
The first step toward revenue and accounting software integration involves identifying the programs in use and the data that must be transferred. Identifying the steps in workflows and the obstacles presented by each platform can also be helpful. Once integration software has been set up, a brief implementation period is necessary to ensure that platforms interface in the right ways.
Stakeholders can then pursue measures to facilitate automatic data transfer and other measures to minimize requirements for manual work and increase the level of accuracy of data across platforms. From keeping the most complete and transparent records of revenues and expenses to reporting this data to a general ledger, integration software can facilitate every aspect of recordkeeping and accounting.
An integration solution that facilitates keeping accurate records and posting financial data to a general ledger mitigates many bookkeeping challenges. Data integration software can connect financial software and any other platforms in use at an organization. Nonprofits that pursue integration tend to have more accurate and complete data on hand for analytics and reporting.