Managing grants and donations through online accounts offers non-profit organizations a more efficient way of tracking, managing and using the funds they receive. This approach contributes significantly to greater financial transparency, an essential element in gaining the trust of third parties.
Online accounts are tailor-made tools, specifically designed to simplify and improve the management of different funding sources. The advantages of making or receiving donations via your association's online account are manifold, both for your donors and for your organization. Let's explore these advantages in detail.
Why choose an online account for your association?
With an online account for associations, the entire donation process is made easy. Your donors can make a donation quickly, in just a few clicks, without having to make a physical visit or send a cheque by mail. They can also set up recurring donations and manage their payments themselves, creating a traceability that reassures them. What's more, online donation platforms are extremely secure. For your association, the advantages are numerous.
- Real-time revenue tracking: you know exactly how much money you have at any given time.
- Fast, secure transfer of donations from the funding source to your organization's account.
- Creation of specific sub-accounts for each grant to track expenditure and income related to each.
- Categorize funds: you can categorize funds received according to their origin (individual donations, government grants, private grants, etc.). This facilitates compliance with grant conditions and the allocation of funds to specific projects.
- Separate funds for specific projects and for your association's day-to-day needs.
- Integration of in-kind donations (goods or services) into overall financial management.
- Customized financial reports for donors, members, authorities, etc.
- Automatic production of tax receipts for those eligible.
- Automate recurring donations, making it easier for you to plan certain medium-term actions.
- Various payment options: credit cards, bank transfers or other.
- Automated donation collection saves time: manual administrative tasks and the risk of errors are reduced.
- Reduced risk of theft, as you no longer need to handle physical money.
- Guaranteed compliance with new laws and regulations.
- Infinite accessibility: collections can be organized on a national or even global scale.
- Collaborative management: if you decide, several members of your team can have access to the account to manage it collaboratively.
The online bank account: a necessity for managing donations and grants?
In the age of digitalization, the use of an online bank account is a must for optimizing your association's financial management. We've seen the range of undeniable advantages it offers, particularly when it comes to managing donations and grants.
Practicality is one of the most appreciated features. Account access is available 24/7, offering unrivalled flexibility to view transactions, check balances or carry out banking operations at any time. Gone are the constraints of traditional banking hours!
The ease with which transactions can be tracked also represents a major asset, enabling real-time examination of cash movements, expenditure and receipts. This improved financial transparency facilitates budgeting and the detection of possible errors.
The automated features of online banking save you a considerable amount of time. Regular payments, direct debits and expense management can be set up to run automatically, freeing up time and energy to concentrate on your association's core missions rather than on tedious administrative tasks.
Secondly, the ability for supporters to donate online quickly, simply and securely is a considerable advantage. This stimulates fundraising, encourages generosity and extends the reach of campaigns.
Having an online bank account is not only a modern way of managing your finances, but also contributes to the development and sustainability of your association.