The management process can be daunting for foundations or teams. However, it is possible to run the process effectively with the right tools. Using the right grant management software makes achieving your goals easier while maintaining sanity. But before that, you need to understand what grant management is and how it works.
What is grant management?
Grant management for grantmakers revolves around processes and administrative work in the grant lifecycle. It includes reviewing applications, picking deserving recipients, setting up the grant, giving grant funds, and ensuring funds are put to good use.
The function of a grant management software
Grant management software has several functions that make grant-making easy. They include:
- Smoothens allocations and facilitates interactions involved in the grant management process.
- Allows grant applicants to submit their project proposals online
- It helps ensure tracking processes, reminders, tasks, and feedback in real time.
- Enables fund managers to oversee and monitor business processes. Allows proper monitoring and accounting of fund management performance.
Grant management software is very helpful in an organization. So what are the benefits of having it in place?
Benefits of grant management software
Indirect cost retrieval.
Indirect costs are costs incurred in externally funded research budgets shared across numerous projects. These costs benefit grant-funded programs, with branches recovering costs shared between various groups. In addition, the sponsored and other works in the institution benefit through grant tracking costs. Proper tracking between various departments ensures you get a reimbursement for these costs appropriately.
Helps you stay compliant.
Different grants have various compliance regulations. Understanding and adhering to them is vital to ensure you meet the requirements. Some of the requirements include adherence to procurement requirements, eligibility for reimbursed expenses, and financial management oversight. When using grant tracking software, it is easy to handle all these requirements like an expert and stay compliant.
It makes the generation of data for reporting easy.
Grant funders have reporting requirements such as financial updates and progress checks. For compliance with frequent requests, grant tracking offers the ability to track and report on grant allocation processes. As a result, it becomes easier to generate reports of expenditure and not risk loss of funds.
Grant management software is of great importance in an organization. In grant management, various processes are involved, and doing them can be very tedious and time-consuming. So, to run the processes smoothly without errors and hitches, you require grant software. This will ensure your process runs smoothly and without the risk of losing funding due to poor management of data.