Sage research reveals positive signs in nonprofit sector despite COVID-19 disruptions - Seite 2

As nonprofits dealt with economic uncertainty, fewer resources, and organizational disruption, many turned to modern, cloud-based technology to stay afloat and remain laser focused on their mission. The capabilities of a modern, cloud financial management system have proven particularly important during the COVID-19 pandemic.

“Before we moved to a cloud financial management system, everything would take a long time to report,” said Marlene Wong, CFO of Koret Foundation. “For example, it used to take 50% longer to get a budget together and to give my CEO estimates surrounding forecasts for grantmaking. Now, we see six months ahead on how our end of year numbers are going to look, so we can adequately plan for cash flow needs to ensure we can fulfill all grant commitments. This is particularly important during COVID-19, as our grantees need funds in a timely manner and our board requires up-to-date information to manage through market volatility.”

“Moving to a one hundred percent work-from-home arrangement has created very limited disruption with our finance team,” commented Glenn Wood, Pastor of Church Administration at Seacoast Church. “With Sage Intacct, we have been able to completely manage the finances of our congregation remotely during the COVID-19 crisis. It’s enabled us to operate the business as usual for us.”

“It’s encouraging to see that nonprofits have taken proactive steps to stabilize their finances, adapt to new conditions, and position themselves for continued mission success,” said Joan Benson, Director of Nonprofit Industry Marketing for Sage Intacct. “Many have relied more heavily on cloud technology than ever before. As we look ahead to a post-pandemic world, we will continue to see more nonprofit organizations rely on cloud technology, like Sage Intacct, to strengthen stewardship, build influence, grow funding, and achieve mission success.”

Download the full 2021 Nonprofit Technology Trends Report from Sage.

Media contact:
Peter Olson
[e-mail]
408-878-0951

About Sage
Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. With our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good, and more challenging times. We are here to help, with practical advice, solutions, expertise and insight. For more information, visit www.sage.com/en-us/ or www.sageintacct.com.

Methodology and Demographics
Sage spoke with more than 500 nonprofit finance leaders in the U.S. for this research study, providing insight into the challenging year, innovations coming from the pandemic, technology engagement, and ultimately, mission impact. The majority of the organizations (85%) that completed the survey were mid-size nonprofit organizations with revenue of less than $24M annually.