Why Your Fund Accounting System Needs a Strong Partner Network
There was a time when you had to find one single solution that hopefully met the majority of your needs and priorities, which often meant you were stuck in a binding contract for years. Now, your technology and software needs evolve fast, and you can’t be tied to a system that can’t change with you. So how can your organization keep up with these needs and manage disparate systems at the same time?
As technology and the times have changed, you now can be more flexible and utilize integrations and partners to expand your current software to meet your changing needs.
Whether you have inherited accounting software or are tasked with a business decision to choose a new solution that fits your needs, they both face their own challenges. Here are four reasons why choosing a vendor that offers a robust partner ecosystem can help meet your ever-changing needs as a nonprofit, foundation, or school.
1. Confidence in your organization’s tech foundation.
Your building’s foundation holds up the entire structure and bears the heavy load against storms, natural disasters, and aging. Why not feel the same way with your software vendors? Imagine having a stable foundation you can build on, knowing it can endure the longevity of your mission. It is important to start with reliable, purpose-built software that can grow with your organization and meet your essential needs.
Choose a software company that aligns with your vision and values. One that understands the needs of a nonprofit organization. When you find a company that is invested in building an ecosystem of diverse partner relationships, you can feel confident when expanding your organization. With foundational software you are confident in, you are able to bring in specific or niche functionality to enhance your current solution.
You also want confidence that everything that is built on your foundational software keeps your data secure. When you find essential software that meets your security needs and concerns, make sure that it will require a security attestation of the application’s behavior and security practices for any software that is connected to it. It is just as important for partners to be good stewards of user data and comply with the same standards as your fund accounting software.
2. Customization without the price tag.
Have you wanted to build a custom software solution to meet all your needs but then saw the price tag attached? Having the bandwidth, skills, and budget to create a custom software solution is not something nonprofits often have the privilege of doing. Building off your foundational software with partners is a way to have the customization without needing to start from scratch.
Think of building a partner ecosystem like an a la carte process. You can continue to have the newest functionality or niche features your organization needs by finding a partner solution that can integrate seamlessly with your current software. This can allow you to streamline business processes without creating a complex software infrastructure that your in-house team may not be able to manage. This also helps your organization save on constant upgrades as your organizational needs change.
3. Faster Implementation—and Impact.
You can add functionality and value to your current software solution with the click of a button. Many partners have built integrated onboarding teams to help make a streamlined transition for you and your team. There is a mutual benefit between partners that can work to your advantage and allow you more time to focus on your mission and outcomes.
Choosing a partner with added value or functionality can allow you to adopt the new features much quicker than if you were to build it in-house. Why not let the experts handle it?
4. Reach a Wider Audience.
Technology and innovation evolve quickly, and so should you! You can better keep up with changes in this fast-paced industry by utilizing partners. If you have foundational software from a vendor that invests in its partner marketplace, you will be able to continuously expand and grow with the changes in the industry in real-time.
You can quickly increase your scalability and flexibility within the industry through the usage of integrations and partner programs. You are in a digital-first era, and being able to keep up with innovation is critical to your growth.
Simplify Your Fund Accounting with Partners
Are you stuck completing finance operations that made sense 15 years ago? It may be time for an assessment on how you can simplify and automate your current processes. The utilization of partners in network can improve your day-to-day operations tremendously, whether it’s integrating with your bank, scanning documents, going paperless for Accounts Payable processing, or other functionality that will save you time and make better data-driven decisions.
If you decide you want to go paperless for Accounts Payable processing, you have options in partners to find the one that provides these features you need. There is a full ecosystem of partners that can help you automate your finance operations and take daunting tasks off your hands.
Finding an essential software solution with an extensive partner ecosystem can support your continued growth and flexibility while cutting costs and disparate systems. With vetted partners that understand your organization and your foundational fund accounting software, you get implemented faster and see value sooner.
Looking for ways to extend your solutions through partner offerings and want an organization that understands the financial demands of nonprofit organizations? Check out our Blackbaud Partner Marketplace, SKY API, and Partnership benefits.
Fund Accounting Software that Drives Impact
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