Accounts Payable Automation for Nonprofits
Nonprofits face extremely unique accounting challenges as they strive to ensure the majority of organization donations get passed on to program beneficiaries. However, most nonprofits operate on tight budgets, and keeping administrative overhead low is a constant struggle. If your nonprofit organization is still processing invoices through time-consuming, tedious, and manual processes that can lead to errors, you’re missing out on the savings and efficiencies provided by accounts payable automation for nonprofits that are critical for success.
It’s no secret that technology is changing the way we do business; automating accounts payable processes can significantly improve your organization’s overall financial operations. With a small allocation for expenses and a strict oversight process, inefficient accounts payable processes can take an expensive and burdensome toll on nonprofits, one that requires a large investment of both time and money to manage. AP automation saves time by streamlining workflows, provides real-time visibility into performance and financial status, and increases data accuracy while helping nonprofits comply with tax laws and prepare for year-end audits.
Goby provides a tailored AP automation solution for nonprofits that simplifies workflows and gives organizations with tight budgets and even tighter procedures what they need most: more time and money saved.
What our solutions do for you
While nonprofits have accounts payable processing needs that mirror other industries, these organizations require niche services that most processing systems don’t address. This is why it’s important to find an AP automation solution designed with the specific needs of nonprofits in mind. Here are a few features nonprofits should take into account when searching for an AP automation solution:
Full Accounting Integration
With full accounting integration, Goby’s AP automation software for nonprofits helps your accounts payable department run smoothly and with greater efficiency. Our platform speeds up the entire accounts payable process and virtually eliminates costly mistakes while allowing you to glean actionable insights with the power of analytics.
Using an AP automation platform, each invoice is captured and coded automatically. Invoice data is extracted free from errors and stored in the cloud. Then invoices are digitally routed to decision-makers for nearly instantaneous review and approval. Handling invoices manually can take up a significant amount of time and open the door to approval delays and other potentially costly mistakes, such as double paying. With Goby’s automation solutions, nonprofits can stay on target and submit payments accurately and on time, enabling opportunities for you to collect early pay discounts from company vendors. You can also repurpose the space you’ve been using for storage and filing of paper invoices.
Innovative Security Features
Believe it or not, AP automation software provides greater security than paper-based processes. Paper allows sensitive files to be easily be compromised; paperwork can be misfiled, destroyed, or stolen. A digital approach offers a much higher level of security for you and your customers’ data. When data is stored and updated centrally, AP leaders can control and monitor access, so staff only touch the data that is relevant to them. In addition, numerous safeguards, encryption, and banking-level security measures work together to protect your documents and keep your company safe from phishing scams. Secure, permission-based access with audit trails makes complying with accounting and industry regulations easier and minimizes audit risk.
Many businesses still conduct reporting using manual data entry and spreadsheets that come attached with time-consuming, inconsistent processes that require intensive efforts and are fraught with errors. Fully automated data capture and sophisticated analytics allow you to forecast a truer picture of donations and cost, helping you better control profit and loss while giving you more confidence in your financial predictions and reporting. Working from a single source of truth, accounting teams can deliver accurate reports more frequently, complete a financial close quickly, and dive deeper into company data to deliver strategic insights to other leaders within the organization.
Why work with Goby?
Goby offers accounts payable professionals a faster, smarter way forward with cloud-based AP automation. Our end-to-end solutions enable teams to streamline approval workflows; enhance monitoring, reporting and collaboration; optimize cash flow, improve vendor relationships while driving rapid ROI.
Goby provides nonprofits with a frictionless environment for managing AP. With more reporting capabilities than any other AP platform and solutions for complex, recurring invoices such as utility bills AP teams gain greater control and better insight into their performance. Serving mid-market companies across all industries, Goby remains committed to the mission of creating delightful results out of ordinary data.