Running a non-profit organization is all about doing good and bringing about radical changes to humanity. The main objective is to always make a difference in people’s lives every day! And are always focused on fund-raising, community service, and volunteering. However, they can achieve this once they manage their inflow and outflow of expenses thoroughly.
With this, NGOs can focus more on community service and stop worrying about fund-raising. But there lies a major challenge.
- Corporates demand financial accountability from their NGO partners. With increased spends, companies are asking for accountability on how the money is used.
- Most corporates depend on their NGO partners to arrive at the number of beneficiaries. Only a few carry out external audits to figure out the real impact. And in many cases, the donation amounts are so small, that it is difficult even to measure them.
With this posing challenge, NGOs are all the more confused on how to bring transparency and accountability for their spends on the good deeds. This is where expense management technology plays a pivotal role in the organization.
- NGOs can distribute Prepaid debit cards to staff and volunteers which can be compensated by company administrators online.
- Staff and volunteers can use the cards at POS, online and ATMs for expenses such as travel and conveyance for fund-raising and outreach activities, publicity, recruitment & training, mobilization of resources, buying supplies, office petty cash expenses, etc.
- All the transactions can be tracked real-time establishing complete visibility, transparency, and accountability.
- Company administrators can fund, authorize, approve and reconcile expenses with ease from their centralized, web-based dashboard.
Gaining deeper financial insights
- The expense data collected by the solution helps in making expense analytical reports.
- They can gain statistics and trends on ProjectWise expense to understand how successful they were with the project versus how they spent on it.
- These reports can be shared with corporate companies on the distribution of funds
- Further giving them the opportunity to increase budgets depending on the projects
How Can Finly Help You In Managing Your Petty Cash?
Setup budgets across various cost centers, branches, projects etc. Users can spend using Finly Visa Cards for ATM withdrawals, Online and POS spend. Cash expenses can be tracked on the Finly System against pre-allocated budgets.
Finance team can disburse funds on the cards and set spending limits for each staff to keep expenses in check using Finly’s dashboard. Load or withdraw funds, view business transaction summary, approve expense reports all from your dashboard.
Reports can be generated on the fly and shared with the concerned teams & integrated with other business systems.