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3 Ways Grant Management Software Supports Compliance

In wrapping up our latest webinar series, I shared insights into how a grant management system, specifically, AmpliFund, plays a vital role in supporting compliance. In doing so, I gave an exclusive look into how our product supports data centralization, audit prep and reporting, and how it can enhance transparency. After seeing the positive feedback we received in response to this webinar, it seemed only right that I share some of the highlights I covered. I also highly recommend you view the recording where I take you into our software and explain each section in further detail.

Here are 3 ways grant management software supports compliance:

1. Improves Data Centralization

Many grant managers are still having to manage their programs with spreadsheets, email, calendars, document storage, and other disparate systems (or even printed materials). While it might seem easier to maintain the status quo, I’ve seen firsthand that this can make managing grants a nightmare. Imagine this: You’re trying to find an important form for one of your awards. You check your email, sort through spreadsheets, rifle through Word documents, but no luck. Sounds pretty scary (and way too familiar), right? That’s the moment where grant management software will save the day by allowing you to house all award-related documents and data in one location.

2. Provides Insight into Performance Metrics & Grant Activities

Budgets can be tight, and one of the common reasons I hear from organizations that they delay or avoid the purchase of a GMS is that they plan to use the GMS module within their ERP system. While that can work as a stopgap solution, the issue I’ve seen arise is that there is then a disconnect created between tracking financial data and the programmatic/outcome data of the award. Through a GMS you’ll be capable of connecting both types of data.

In AmpliFund, you’ll have the ability to:

  • Set and measure key performance indicators (KPIs)
  • Automate reporting on grant progress and outcomes
  • Gain a comprehensive analysis of program performance

3. Streamlines Reporting & Audit Preparation

Reflect back a moment to the scenario I referenced where you can’t find an important form you need within your spreadsheets, emails, or Word documents. Now, imagine the Single Audit is approaching and you’re having that same issue. As you know, how you perform in audits will directly affect the funding you receive. Failing an audit, in fact, can keep you from receiving future awards and may result in you having to pay back previously awarded funds. The good news is there’s a way to automate your reporting processes and gain oversight into your program’s compliance, so that nightmare won’t become your reality.

A good grant management system will enable you to:

  • Automate notifications for upcoming deadlines
  • Streamline tracking and monitoring of grant expenditures and budgets
  • Generate key reports and dashboards for both internal and external reporting

These are just a few of the ways grant management software can enhance and support your compliance, resulting in increased accountability, and higher confidence when it comes to audit performance. In the webinar you’ll learn more about managing tasks through AmpliFund and walk through a review of our built-in standard reports including the SF425, other external reports, as well as internal reports and dashboards.

Access the Recording

Even though I shared examples directly from our software in the webinar, the best way to truly understand how AmpliFund can support your programs and your compliance is through a customized demo. Spending 30 minutes with us will empower you with the knowledge to build the business case for implementing a grant management system. I hope you will book a demo with us today.

*Photo by Mazirama on Canva