Sage research reveals positive signs in nonprofit sector despite COVID-19 disruptions

Sage (FTSE: SGE), the market chief in cloud business the executives arrangements, today delivered its 2021 Nonprofit Technology Trends Report. The report features how money pioneers inside the nonprofit sector utilized innovation developments to balance out funds, adjust to new distant work conditions, and position themselves for proceeded with mission accomplishment in the midst of the worldwide pandemic.

It is nothing unexpected that nonprofit associations have confronted extraordinary difficulties since March 2020. The overview found that program disturbances (70%) and the difficulties of moving to a far off labor force (half) were the greatest difficulties looked in the previous year. Moreover, 58% of study respondents noticed that their nonprofit association encountered a diminishing in income in the previous year, and 40% considered a to be in financing as probably the greatest effect on their association. Notwithstanding, on a more certain note, 76% of associations studied were as yet ready to increment or keep up their contributor base during the year.

The study, directed in Q4 of 2020 with in excess of 500 U.S.- based nonprofit money pioneers, notes there is confidence for more splendid days ahead, as nonprofits proceed to adjust and discover one of a kind approaches to associate with constituents. Indeed, discoveries from the report reverberation this feeling and incorporate the accompanying:

• 46% of survey respondents reported they experienced innovations coming out of the pandemic they would not have otherwise realized.
• In the coming 12 months, 50% of respondents forecast either flat or an increase in revenue – with 29% expecting a significant increase of 25 to 50%.
• 82% of survey respondents reported using financial management and accounting software to support operations and growth.
• 70% of survey respondents reported a change to their social media strategy due to the pandemic; and the results are impressive, with 62% seeing an increase in engagement.

Making the case for cloud financial management

For the second year straight, the review demonstrated that the powerlessness to robotize monetary announcing is the top inner disappointment for nonprofit money pioneers. Each nonprofit has been compelled to settle on troublesome choices this year and nonprofits need all the more convenient, canny monetary answering to settle on information driven choices. Respondents likewise noticed that the second most significant usefulness for their bookkeeping and monetary administration framework was its capacity to incorporate with different frameworks – further featuring the moving of innovation needs because of the pandemic.

As nonprofits managed monetary vulnerability, less assets, and hierarchical interruption, many went to current, cloud-based innovation to remain above water and remain laser zeroed in on their main goal. The capacities of a cutting edge, cloud monetary administration framework have demonstrated especially significant during the COVID-19 pandemic.

“Before we moved to a cloud financial management system, everything would take a long time to report,” said Marlene Wong, CFO of Koret Foundation. “For example, it used to take 50% longer to get a budget together and to give my CEO estimates surrounding forecasts for grantmaking. Now, we see six months ahead on how our end of year numbers are going to look, so we can adequately plan for cash flow needs to ensure we can fulfill all grant commitments. This is particularly important during COVID-19, as our grantees need funds in a timely manner and our board requires up-to-date information to manage through market volatility.”

“Moving to a one hundred percent work-from-home arrangement has created very limited disruption with our finance team,” commented Glenn Wood, Pastor of Church Administration at Seacoast Church. “With Sage Intacct, we have been able to completely manage the finances of our congregation remotely during the COVID-19 crisis. It’s enabled us to operate the business as usual for us.”

“It’s encouraging to see that nonprofits have taken proactive steps to stabilize their finances, adapt to new conditions, and position themselves for continued mission success,” said Joan Benson, Director of Nonprofit Industry Marketing for Sage Intacct. “Many have relied more heavily on cloud technology than ever before. As we look ahead to a post-pandemic world, we will continue to see more nonprofit organizations rely on cloud technology, like Sage Intacct, to strengthen stewardship, build influence, grow funding, and achieve mission success.”

About Sage

Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. With our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good, and more challenging times. We are here to help, with practical advice, solutions, expertise and insight.