In today’s world, many organisations can link their successes to their use of technology, building intelligence and delivering efficiencies as a result. Whilst technology ranges from artificial intelligence to a smartphone, there are also the back-office management systems which influence these successes, such as certain software. Within this is where financial software and ledgers sit, and the reason why it can have a great impact on many companies, but in particular charities.
First of all, you may ask, what is a unified ledger? PS Financials’ Unified Ledger is based on the unique architecture of its software, allowing multiple rules and ‘data tags’ to be added to each transaction instead of only the three standard ledgers – Sales, Nominal and Purchasing. These could be specific options such as a ‘fund’ ledger and ‘project’ ledger etc., which is one of the main reasons why a unified ledger can aid charities in how they work. With the different ledgers ultimately determined by the organisation, it enables them to create various ledgers to organise and track individual projects, funds and contracts, without the need for consolidating the accounts first, meaning everything can be accessed easily and analysed with flexibility. Recording all data this way gives a clear view of how each project or campaign is performing, vital for not-for-profit organisations where the distribution of funds is extremely important. What’s more, there is no need to manually reconcile separate ledgers, as this can be completed automatically, further reducing the risk of human error and saving time.
The system’s automatic consolidation of data from multiple locations in one place is a result of its flexible, multi-dimensional approach. This allows you to combine, filter and cross-reference a huge volume of data. Additionally, using the charity-specific reporting suite, you can then generate custom reports and rationalise this information into a detailed analysis at the touch of a button across multiple sites, with as much detail as is required.
Another aspect charities and not-for-profit organisations should consider is having different projects across different locations. With the effects of different rules and tax implications, for example, carrying out cross border analysis can become problematic, especially with most financial systems built for charities based on a national commercial entity model. However, with a sophisticated system, having multi-currency functionality means unnecessary processes are avoided whilst accuracy of data is improved. PS Financials has the flexibility to cater to the unique accounting requirements of multiple locations; all data is automatically consolidated in one place, providing instant access to an accurate picture of your organisation, worldwide.
Being a leading provider of financial and back-office management software to over 4,000 Not-for-profit organisations worldwide, PS Financials has the tools for your organisation to succeed and grow. Find out more about how PS Financials can aid your not-for-profit organisation www.psfinancials.com/commercial.