Solver, a cloud-based xFP&A (extended financial planning and analysis) software company, has launched a new solution designed to improve planning, reporting, consolidation, and analysis in nonprofit organizations, including charitable, religious, educational, association, civic, social, and foundation-related entities.
Solver integrates with virtually any data source, including but not limited to, ERP-level accounting software such as Acumatica, Sage, NetSuite, and Microsoft, among others, which include the best-of-breed solutions in the nonprofit industry. This data centralization helps nonprofits make more informed, quicker fact-based decisions, and measure efficiency and effectiveness of performance to mission through KPIs.
“Solver’s solution for nonprofit is a game changer, enabling nonprofit organizations to transform and become data-driven, thereby defining and measuring their success,” said Loretta Keyes, Point Solutions director with RSM US LLP. “As a leading advisor in the nonprofit space, RSM brings deep industry knowledge and experience to the table. RSM is proud to work with Solver, leveraging our joint experience to empower our clients in realizing and measuring the impact of their mission. Our commitment to providing tailored solutions and strategic insights ensures that nonprofit organizations can achieve their goals and drive meaningful change.”
Solver helps optimize nonprofit financial and operational performance in these four primary areas:
- Planning/Forecasting: Using Solver’s Planning module, organizations can create forecasting and budgeting models that allow for varying funding sources, including grants, donations, contributions, and fees. Detailed Cost Allocation models can be created allowing for financial, operational, and personnel allocations to be made at any level, such as program, service, grant, cost center, and activity.
- Reporting:The Solver Reporting module features a spreadsheet-like report experience with an easy-to-use interface that provides self-service report viewing and drill-down on the data, making it easy for end users and executives to access variance reports to measure actual to expected performance. Common financial reports, including statement of activities, statement of financial position, and cash flow, and any number of regulatory reports such as 990 and LM-2 can be supported in Solver.
- KPI and Benchmarking: Custom dashboards can be created based on a direct integration to Power BI and Tableau visualization tools. Users can create unlimited KPIs and set up benchmarking models to measure against similar organizations or against themselves. Users can easily view data on inputs and outcomes for funding sources, operational expenses, statistical data, and personnel expenses, making It easy to measure the efficiency and effectiveness of goods and services delivery, and alignment to an organization’s mission.
- Data Warehouse:Data is combined from multiple sources, both on-premise and the cloud in the Solver Data Warehouse. Full import/export functionality allows for centralized views into data without the need to log into multiple data sources and use different reporting tools. The ability to enter and store any type of data provides the flexibility needed to accurately ensure nonprofits are able to measure the efficiency, effectiveness, and impact of program delivery—and adjust as needed.
“Choosing the right xFP&A solution is a critical decision, especially for nonprofit organizations where financial transparency and resource optimization are paramount,” said Michael Buehner, vice president of Nonprofit Industry at Solver. “Nonprofits need a solution that not only offers scalability and flexibility, but also seamlessly integrates with existing systems and is user-friendly for finance, operations, and stakeholders. It must provide a strong return on investment—and Solver does. Most importantly, the right xFP&A software should empower nonprofit leaders with real-time insights and transparency to enhance financial stewardship, optimize resource allocation, and drive mission-driven impact. By leveraging a robust xFP&A solution, nonprofits can confidently navigate financial and operational complexities in an ever changing world and focus on what matters most: advancing their mission and serving their communities.”
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Tags: Accounting
