Plenty of non-profit professionals who use Intacct are managing the financials of the organization with multiple offices, locations, and/or entities. Aggregating organizational data from multiple locations can be challenging without a modern financial consolidation tool.

1. Non-profit Financial Consolidations for Intacct Customers
By Filius Bonacci
Plentyof non-profitprofessionalswhouse Intacctare managingthe financialsof the organizationwith
multiple offices,locations,and/orentities. Aggregatingorganizational datafrommultiplelocationscan
be challengingwithoutamodern financial consolidationtool. FiliusBonacci knowsthatasdata
continuestogrowin amountand importance tomakingcrucial decisions,more executiveteamswill be
shoppingforthe bestsolutiontoenable theirbusinessenduserstoconsolidateinformationintoa
unifiedfinancial reportsetorfor summarizedoperational statements. Inthisarticle,we willfocuson
the feature andfunctionalityofferingsforthe non-profitIntacctcustomerwhoischargedwiththe
responsibilityof consolidatingdataformonthlyfinancialsoryearlybudgetsforthe parentorganization.
We’ll beginbydefiningthe term. Financialconsolidationreferstothe processof combiningall of your
differentlocations’orentities’transactionalinformationtoproduce asingularsetof financial
statementsfora parentorganization. These reportsare comprisedof entityinformationandshowcase
the overall healthof the parentorganizationinaverydirectway. For non-profits,financial
consolidationstypicallydon’tinvolve eliminationsforinter-organizationexchanges between
subsidiaries. Thatsaid,itisnot abnormal foradjustmentsthatneedtobe made to be done manuallyif
youdon’thave a modernconsolidationtool,aswell ascurrencyconversionswithdiverse moneytypes.
If you’re lookingfortoday’sbestconsolidationsolution,itislikelythatitisfor one of two mainreasons.
If you’re lookingfora modern,automatedconsolidationtool,itcouldbe fora wide varietyof reasons,
but there are two reasonsthatstand outto us at FiliusBonacci – bothrelatedtoage. Some customers
are choosingtomove away from olderproductsthatare too simplistictomeetmodernbusiness
demands,like manual Excel spreadsheetconsolidations. Othersare readytoupgrade from more
mature software thatis toocomplex for businessenduserstomanage,like HyperionorCognosTM1.
Recently,anaccountantwhomanagesthe financialsforanon-profitparentorganizationwithIntacct
spoke at the #BI360Focus15 conference aboutherfinancialconsolidationresponsibilities. Since the
organizationisinternational intheirefforts,she isregularlyworkingwithateamto convertcurrencies
while followingdomesticandglobal accountingrules,likethe InternationalFinancialReporting
Standards(IFRS) toGenerallyAcceptedAccountingPrinciplesadjustments(GAAP), usually referredtoas
IFRSto GAAP. Some consolidationsoftware offersin-depthanalyseswithsub-ledgerinformationandis
part of a comprehensive suiteof BusinessIntelligence (BI) tools,completelyintegratedwithother
modules like ad-hocreporting,planning, datavisualizations,andBIdatastorage. Let’szoominon
financial consolidationsspecificallyfornon-profitorganizationsusingIntacct,soyoucan have a head
start inshoppingforthe right consolidationtool foryourorganization.
To continue learningmore about financial consolidationsolutionsfornon-profitorganizations using
Intacct, read the rest of this article here.