An NGO is primarily driven by the donations or contributions made by the corporations and individuals. These donations are also governed by the “Statuary guidelines” and as per statuary requirements separate books have to be kept for FCRA accounting. On a day-to-day scenario, such organizations have to
- Report all their expenditure heads to the donors stating utilization towards the concerned project of the funds contributed by them.
- Manage approvals at various project milestones, since each project expense is tightly controlled by the budget availability due to defined source of income in form of Grant.
- NGO organizations are dependent heavily on the resources skills. It is important to retain this manpower and achieving the satisfaction level by providing the world class HR processes.
- Remote location increases the complexity and timely information to the officers on those locations is a huge task. Manual reporting of the expenses and then allocation to the relevant project expenses is another area where lots of resources are consumed. Project Costing is another challenge with need to monitor the allocated vs actual expenses and allocation to the relevant accounting head without the accountant intervention
“Pumping wealth back towards the un-nurtured”
Prudence Offering
On a day-to-day basis, NGOs have to work on:
- Different account books keeping as per statuary requirements mentioned below:
- 35AC
- 80G
- FCRA
- Others
- Effective distribution of the Grants received from the donors and their categorization based on the above parameters.
- Fund utilization reporting to the donor based on the type of donation.
- The control and approval workflow on the payments against the project milestone based on the type of the donation / Grant received
- Multi location distribution of the resources and their remote monitoring with centralized database.
- Employee information and work flow for HR processes.
Through our solution, we have helped the NGOs achieve:
- Improved decision making with up-to-date financial information
- Respond easily to changing compliance and regulatory requirements
- In Built control on the budget vs. actual spending on the project wise expenses.
- Provide the detailed accountability of grant expenditures associated with restricted grants.
- Provision to extend the solution to your partners and affiliates.
- Identify and monitor project milestones in easy-to use dashboards geared for different roles and users: Management, Accountants, Department / Program Managers, Project Accounting and Field Office Staff. Dashboards are accessible over the web and your mobile device.
- Automate budget checking to monitor the availability of funds (especially those with restrictions) and ensure money is available and the program or activity is permitted, prior to placing orders.
- Create paperless approval processes and store scans of associated documents in a single archive.
how can we help you?
Contact us at the Consulting WP office nearest to you or submit a business inquiry online.
“The results were clear, professional, and persuasive, and the investors and advisors who have seen the materials loved them. They know what investors want!”
Damian Smulders
CTO, DeepOcean Entertainment