Without technology, it’s become tougher for the state, municipal, or tribal government organizations to obtain and effectively handle federal and non-federal funds. To keep up with current expectations and evolving federal laws, investing in contemporary grants management software is no longer a choice.
The following list is the top causes for using a grant management system.
The Rivalry Is Fierce
There has been increased competition for grant money from federal and non-government sources in recent years. As a result, your organization needs the right technology and technical support staff to correctly pursue grant money and handle programme and financial requirements across the entire grant lifecycle. An effective grants management system provides these resources.
A Single, Central Area
You may manage your grants during the lifespan of the full grant with the help of Grant management software, which offers a consolidated, unified system. To reduce financial risk, eliminate audit findings, and manage your grant-related activities effectively, it is essential to keep accurate records of your actions. Additionally, a grant management system will keep all your data, removing the hassle of looking them up when needed.
Keep The Payment You Receive
To appropriately spend down your entire grant award, you will need to assess the costs involved. A grants management system will assist you in identifying indirect costs. With the grant money, it’s “use it or lose it.” A Grant management system or solution removes the financial risk of missing any project, reporting, or reimbursement deadlines, which is as crucial as getting the grant.
Save Cash And Time
You no longer need to search the internet for funding opportunities, locate files, wait for reports, or figure out where you and your team are when you have a complete grants management system. Instead, you may use the system to manage and automate your duties, find funding, and send reminders when it’s time to finish your work.
Investigate A Vast Grant Warehouse
You can access thousands of federal, state, and foundation funds through a comprehensive grants database. The most effective systems will standardize and arrange grant opportunities following your most crucial search criteria, saving you the time needed to read through an NOA/NOFA.
Align Grant Activities With The Objectives Of Your Organization.
When you lack visibility and the ability to monitor who is doing what in your business, it isn’t easy to achieve your strategic goals. An effective monitoring system for grant and project finances, objectives, and performance measures enables accountability and alignment of grant operations with organizational priorities.
The processes for gathering data and reporting will be standardized throughout your business thanks to a grants management system. This would promote openness, resulting in more accurate and timely reporting, and aid in compliance with federal grant requirements such as the DATA Act, GREAT Act, GONE Act, and Uniform Guidance (2 CFR 200).
Keep Current With Grant Information Changes.
Grant application deadlines, amounts, eligibility conditions, and other crucial details could all change after a grant notification is published. With customizable real-time email alerts, grants management software ensures early detection and prompt response to pertinent funding opportunities.
Stop Worrying About The Applicants For Each Position
When organizations compete for the same award, knowing which departments submit applications for which funds can be horrifying and challenging. A grants management system is ideal for managing several deliverables and guaranteeing departmental openness.