In the nonprofit world, every dollar counts. Many local and global nonprofit groups struggle to organize expenses. Expense report software can serve as a vital tool to save nonprofit organizations valuable time and money while providing full clarity of their operational spending. We’ve rounded up six essential features that provide nonprofit groups with the necessary elements to optimize their outreach.
Expense report software equipped with mobile capabilities, such as a smartphone app, gives organization employees and volunteers the flexibility to submit expenses in the field and on the go, anywhere in the world. This accessibility increases user compliance and helps organizations reduce operating costs.
Currency conversion is as a crucial tool for global nonprofit groups. Programs that encompass a spectrum of global currencies take the burden of currency conversion off of the user. This allows volunteers to quickly capture accurate expenses, no matter where they are in the world.
Mileage tracking allows volunteers to track their movement at the touch of a button. Standard IRS reimbursement rates can be applied to record an accurate reimbursement amount in half the time.
Volunteers often pay out of pocket for the bulk of their expenses. As a result, the reimbursement process is vital to the longevity of an operation. Direct accounting software integration allows administrators to approve and export data instantaneously, ensuring nothing slows down your team.
Nonprofits are annually rated on how they spend their funding. Organizational expenses are broken into three categories:
- Program Expenses: Expenses that are necessary to complete a nonprofit’s task at hand (for example, pencils and papers needed for a classroom).
- Administrative Expenses: Expenses related to managing the nonprofit (for example, accounting and legal fees).
- Fundraising Expenses: Any expenses that contribute to fundraising.
Nonprofit groups receive a higher rating if they put more of their budget towards Program Expenses. Expense report software with built-in reporting facilitates a simple way for organizations to audit their spending behavior in each category.
Every dollar of funding counts. Software with activity-based pricing allows nonprofit groups with seasonal volunteers to save immense time and money. With activity-based pricing, organizations are only charged for users who submit expenses on a monthly basis. This relieves organizations from having to regulate active and dormant volunteers.
To see how an advanced expense reporting solution could benefit your organization, request a demo of Tallie.