A Bit on Grants Management Software Types
What is Grants Management Software? Why do we need it, and what value does it offer? When first learning about the grants management space, these are common questions you might have.
To better understand Grants Management Software, it’s important to distinguish between its two main categories. The first category is designed for grant seekers or applicants who are looking for or seeking funding, while the second is intended for grantmakers and administrators who are managing grant funds.
In this article, we’ll focus specifically on the second category: Grant Management Software for grants providers or administrators, like Tahua.
The Importance of the Grant Management Process
Grant funding plays a vital role in the operations of many organizations, including non-profits, foundations, and local and central government agencies. However, managing the grant process can be a challenging and time-consuming task, especially when it comes to communicating funding opportunities, compliance management, agreements, milestones and reporting. To help organizations streamline their grant management process and ensure compliance with funding regulations, Grant Management Software can prove to be highly beneficial. In this article, we will explore the key reasons why organizations may need a Grants Management System and examine some of the essential features that make up the top grant management software systems.
Centralised and Secure Storage of Grant Information
The Grants Process Without a System
Using Grant Management Software can streamline the grants process and avoid the pitfalls of relying on PDFs, Excel spreadsheets, digital forms, and email communications. Without a central repository, grant administration can become unmanageable as information is scattered across multiple sources, in different formats, and not easily retrievable. This can become a compliance nightmare and result in a lack of transparency can lead to errors, double handling, and compliance issues, especially when the grant process extends over multiple years.
The Digital Transformation Process of Your Grants Process
Grant management software provides a centralised and accessible location for storing all grant-related information, making it easy for organisations to manage, access and report on. This software links information throughout the entire grant process, well beyond the application process, including data such as grant applications, assessments, contracts, milestones, reports, payments, and other important documents.
In addition, grant management software offers robust security measures to ensure the safety and integrity of grant information and data, while also protecting it from unauthorised access. With these tight security processes, organisations can have peace of mind that their sensitive data is secure while still having easy access to the information they need to manage their grants effectively.
Yielding the Benefits of Your Grant Management Software
A Grants Management System is a single, centralised platform that streamlines all of the grants processes. Once it is put in place, it is common for organisations to see an improvement in the efficiency of their staff and an increase in the delivery speed of grant outcomes.
Team members can easily access grant applications, contracts, reports, and other important documents from one place. This can greatly reduce the time and effort required to search for and manage grant-related documents, allowing organisations to focus on more strategic and impactful activities instead.
Additionally, a Grant Management System can improve collaboration among team members by providing a shared workspace where they can work together on grant-related tasks both in the administration and the applicant processes. This can include assigning tasks, tracking progress, and communicating with team members in real-time.
By streamlining collaboration and communication, a Grant Management System can help organisations work more efficiently and effectively, ultimately leading to better outcomes for grant-funded projects.
Simplify Grant Applications and Reporting
Grant Management Software simplifies the grant application process by automating many administrative tasks, such as tracking deadlines, managing documents, advertising grant opportunities, and funding programs. Additionally, if the Grant Management Software is designed with a clear and easy experience in mind for the people using the software, traditionally complex grant processes can be simplified into a simple, manageable, and enjoyable processes for all users.Collaboration within the Grants Process
A Grant Management System will enable the ability of organisations to easily collaborate with team members, assign tasks, and monitor progress. Reporting requirements can also be simplified, with many Grant Management Software offering pre-built report templates and data visualisation tools to help organisations analyse and communicate their impact.
Grant seekers or applicants can invite other applicants to collaborate with them on certain applications.They can also create multiple entities to apply for funds from different grants providers without needing multiple logins and visiting other websites.
Grants Accessible on Multiple Devices
The best Grant Management Software will allow grantmakers and grant seekers to access their grants information easily from any device from anywhere. This includes access from web, tablet, and mobile platforms. This opens up the grant process to a wider audience and gives users more flexibility about how and when they interact with the grant process.
Streamline Grant Budgeting and Financial Tracking
One of the key benefits of using grant management software is the ability to create budgets for grants. With these tools, organisations can set budgets for each grant, outlining the expected expenses and income. This information can be used to manage spending and ensure that an organisation’s grant activities stay within the budget.
Monitoring Grants Spending
In addition to its budgeting capabilities, grant management software can offer valuable assistance to organizations by monitoring their spending. With real-time expense tracking tools, organizations can obtain a clear overview of their expenses, as well as how much funding remains within the grant budget. This helps prevent overspending and ensures the effective utilization of grant sources.
Furthermore, grant management software offers financial reporting capabilities that provide insights into the overall financial status of the grant. By generating comprehensive reports that break down income and expenses, organizations can identify potential areas of risk or opportunity, allowing them to make informed decisions and adjust their spending strategies accordingly. This helps organizations maintain financial health and optimize their use of grant resources.
Grant compliance management
Compliance with funding regulations is also critical for organisations that run a grant process. Grant management software can help ensure compliance by providing tools for tracking and reporting on grant-related activities, and ensuring that financial transactions are properly documented and recorded. This can help organisations avoid potential legal or financial penalties arising from non-compliance with grant regulations.
Increase Transparency and Accountability of Your Grants
Grant Management Software can increase transparency and accountability in many ways. First and foremost, Grant Management Software provides real-time access to grant information for all stakeholders, including grant funds, grant proposals, and other critical funding information. This ensures that everyone has access to the most up-to-date information about how funding is being used.
In addition, Grant Management Software allows organisations to track and report on outcomes and impact, which is an essential aspect of grant management. This includes tracking project milestones, deliverables, and goals. This also includes assessing the grant’s overall impact on the organisation and its beneficiaries. This data can then be used to report to funders and other stakeholders, demonstrating the effectiveness of the grant and the organisation’s commitment to transparency and accountability.
Furthermore, Grant Management Software can help organisations comply with grant requirements and regulations, which is critical for maintaining transparency and accountability. Grant Management Software can provide automatic compliance checks and alerts, ensuring that all grant-related tasks are completed on time and in accordance with the requirements of the grant.
Overall, Grant Management Software can provide valuable insights into how funding is used, enabling organisations to make more informed decisions about allocating resources and improving outcomes. By increasing transparency and accountability, Grant Management Software can help organisations build trust with their funders, beneficiaries, and other stakeholders, leading to greater support and success in the long run.
Reduce Administrative Burden
Grants management is a complex and time-consuming process, especially when dealing with multiple grants and various funding sources. However, Grant Management Software can help organisations reduce the administrative burden by automating many of the tasks involved in managing grants, including grant applications and reporting. This can save organisations valuable time and resources, enabling them to focus on their core mission and deliverables.
Furthermore, the most effective grant management software goes beyond automation and implements innovative and efficient ideas to streamline the grants lifecycle and improve grant outcomes. This not only enhances the effectiveness of grant management but also maximizes the savings potential for the organisation.
In conclusion, the value of Grant Management Software cannot be overstated for organisations that rely on external funding to operate. With the best software available, organisations can streamline their grant management process, ensuring compliance with funding regulations, increasing transparency and accountability, and reducing administrative burden. The ability to save time and resources allows organisations to focus on their core mission and deliverables, ultimately increasing the impact of their grant funding.
As grants and funding sources continue to grow, Grant Management Software is becoming an increasingly important tool for organisations looking to maximise their impact. We hope this article has provided valuable insights and guidance for finding the right grant management software for your organisation, so you can continue to achieve your goals and make a difference in the world.