How Grant Management Software Supports The Grant Lifecycle

Grant funding from multiple sources builds financial resilience, increases sustainability, and ultimately helps power a nonprofit’s mission. However, managing those grants can be complicated when using spreadsheets or legacy software. 

Today’s grant management software solutions are customized to help nonprofit organizations streamline the grant management process from start to finish. Read on to learn what key features help you manage multiple grant funding streams effectively while saving time, reducing costs, and improving productivity.

Grant management software supports you throughout the grant process. 

Data-driven software supports finance teams throughout most of the grant lifecycle stages, including: 

Stage 1: Identification of Grant Opportunities

The first stage requires identifying funding opportunities that align with your organization's mission. Software can be used during this stage to estimate the necessary funding to cover program expenses and forecast potential impacts. 

Stage 2: Applying for Grants 

The grant application process involves submitting a grant proposal and application form outlining key details about the project. Accounting software streamlines this process with tools to produce grant documents, such as financial reports, budgets, and forecasts. Some solutions can also track upcoming deadlines, automate workflows, and perform time-consuming administrative tasks.

Stage 3: Award Stage

This stage involves accepting the award and receiving the funds. Typically, the organization signs a contract or agreement at this time that outlines the funding terms and conditions. 

Stage 4: Project Setup and Implementation

The program is set up and executed during this stage. Software assists you throughout the entire process with tools to streamline and automate workflows. Project management tools help you set milestones, schedule tasks, and assign responsibilities. Some solutions additionally sync with communication tools to send notifications and task reminders to keep all project elements on track. 

Stage 5: Monitoring and Reporting

Managers track how effectively funds are being used to achieve the program’s goals during this phase. Transparency is critical at this stage in order to demonstrate accountability to the funding organization.
Personalized dashboards powered by real-time data allow you to track progress and make decisions based on real-time data. In addition, customized reporting tools enable you to produce specialized reports tailored to the needs of different stakeholders. 

Stage 6: Closeout

The closeout stage involves the completion of activities necessary to formally end the funding award. This typically requires the submission of required reports and documentation in accordance with the terms and conditions of the funding. Grant management software for nonprofits simplifies this process with document management and custom reporting tools. 

Grant management software helps you stay compliant with different accounting standards.

Nonprofits must follow accounting standards to ensure consistent and transparent financial reporting. The specific accounting standard followed depends on factors such as the type of entity, jurisdiction, and reporting requirements. 

Nonprofits are typically subjected to Generally Accepted Accounting Principles (GAAP) established by the Financial Accounting Standards Board (FASB) or International Financial Reporting Standards (IFRS). 

These standards typically affect the nonprofit’s financial reporting in the following areas: 

• Revenue recognition 
• Expense allocation
• Reporting
• Compliance 

Financial management software helps you easily maintain compliance with customized system configuration rules that comply with either GAAP or IFRS. This enables you to easily produce nonprofit financial statements in accordance with specific accounting standards. Further, some systems perform automated compliance checks that verify if grant activities are recorded and reported according to the standard’s requirements. 

How Sage Intacct helps nonprofits effectively manage grants. 

Sage Intacct is a leading grant management software solution that leverages the power of data, automation, and AI to streamline the entire grant management lifecycle. 
Features include:

• Process automation for faster and more accurate reporting
• Real-time data that gives you an updated view of the current status of your programs
• Tools to report and compare budget to actuals on grants with different reporting periods
• Ability to extend grant records to include additional details, including relevant activities, specific outcomes, or performance metrics
• Tools to easily search and report financial data, impact metrics, and other information on grant delivery
• Smart grant tracking features that ensure you never overstate amounts or miss a charge
• Ability to associate accounting entries with grants
• Option to flag reimbursable costs at entry
• Features to track and approve employee effort per grant
• Ability to bill indirect costs based on a negotiated rate, specific rate, or markup based on the type of expense
• Integration capabilities with membership and fundraising management software that unlock additional functionality

Sage Intacct gives managers more control and visibility.

Centralized task tracking for grants and projects improves efficiency and enhances collaboration. Unique features help managers track expenses and monitor budgets as the funding is used. 

Sage Intacct helps you stay compliant.

Sage Intacct streamlines compliance tasks so you’re always ready for an audit. Additional integration with Sage Intacct Nonprofit Revenue Management tracks barriers for conditional grants and automates recognition when specific milestones are reached. Centralized grant records, data, and reports provide a single source of truth to facilitate stress-free audits. 

Unlock the power of cloud-based software to streamline your grant management process.

Ensure mission success with cloud-based software that automates the grant reporting process, increases control and visibility, and ensures compliance with grant tracking requirements. 

For over 25 years, enSYNC has helped nonprofits leverage the power of technology to maximize their impact. Contact us to schedule a free assessment to learn how modern software can help your organization unlock new levels of productivity and efficiency.