3 Hidden Benefits of Grant Management Software
By Jason Yu on August 26, 2020
In our latest State of Grant Management Report, 66% of respondents said they could benefit from grant management software.
Grant management software is known to be an effective way to streamline processes and automate reporting, but there are lesser-known benefits as well.
Let’s look at three hidden grant management software benefits based on report findings.
1. Effectively Draw Down Awarded Dollars
Of the respondents who cited they could benefit from grant management software, 58% didn’t draw down all the grant revenue they were awarded the previous year. Twenty-two percent lost more than 10% of revenue.
Grant management software can help streamline grant management processes to receive every dollar awarded. Specific functionality includes:
- Automate deadline and calendar reminders for grant activities and expenses.
- Access status and performance reports to ensure you are on task and maintaining compliance.
- Monitor funding fiscal activity.
- Store critical accounting information, such as budgets, receipts and timesheets, in a central location.
- Track all funds coming and going to better manage and allocate money.
Ensure you aren’t leaving your money on the table by effectively drawing down on grant dollars. For tips on how to maximize your grant management drawdown, download our fact sheet.
2. Improve Sub-Recipient Management
If you’re a prime recipient, grant management software can ensure proper sub-recipient monitoring, reporting and auditing. In our report, 73% of organizations that could benefit from grant management software were lead recipients.
- Automate sub-recipient data collection and report creation.
- Approve and gain oversight into sub-recipient performance and budget items.
- Generate reports to track overall sub-recipient activity.
- Record expected outcomes, outputs, milestones, activities, timelines and deliverables for all parties involved in a project.
Have better insight into your sub-recipients so when it comes time for reporting, information is easily accessible and ready for report creation.
3. Easily Manage Grant Writing and Submissions
There are many moving pieces when it comes to managing the entire grant lifecycle. From pre-award planning to post-award reporting, no detail can go left unattended.
Of those who cited they could benefit from grant management software, 20% felt grant writing and submission was their biggest frustration. Grant management software simplifies the granting writing and submission process by helping you:
- Research and apply for the most appropriate grants for your organizations.
- Centralize anticipated budgets and performance plans for easy inclusion in proposals.
- Gather historical data to showcase past success in grant proposals.
- Set automated reminders to each individual associated with the grant submission process.
For more on the current state of grant management, download our 2016 State of Grant Management Report.
Image Source: geralt