Grant management software is software that helps to manage all aspects of a grant or project. It will track the money flow, calculate the budget, and forecast expenditures. The system also provides a platform to facilitate communication between multiple departments like accounting, finance, and project teams.
Grant management is the process of managing a grant from application to closeout. The main activities involved in this process include the following:
Collecting and analyzing data on the organization’s current finances, goals, programs, and other data needed for the preparation of an application;
Determining the type of funding being requested and why it will be beneficial;
Setting a budget detailing how much money you want to raise, who will be receiving it, what it will be used for, etc.;
Creating a detailed outline of your marketing plan or overall strategy;
Building an appendix containing reference letters from suppliers who have previously worked with you or others who have seen your work firsthand.
Required Grant Reporting
Grant reporting is a requirement for most grants. The funding organization uses grant reports to assess your project’s progress and determine whether you should receive additional funding. They also demonstrate how successful your project has been in achieving its goals and can be used as evidence of your organizational capacity to continue supporting the project beyond the grant term.
Tracking Grant Data
Grant management software is designed to help grant administrators track the data surrounding each grant. This tracking can include information about the application, award, annual reporting, and contact details for third parties involved in the project.
In addition to tracking grants-related information, many solutions also provide tools for managing budgets, invoices, and other financial transactions associated with a given project or program.
Fundamentals of Grant Management Software
Grant management software is a computer program that helps you manage the process of applying for, managing, and reporting on grants. It’s used by organizations that receive and administer grants from government agencies or foundations and other organizations that need to track their spending.
Some types of grant management software include:
Client relationship management (CRM) – A CRM can help you manage your organization’s relationships with donors, volunteers, sponsors, and other partners and track grant-related information such as budgets and forecasts.
Financial accounting – Financial accounting software lets you track expenses against planned budgets to see how much money was spent on each item listed on a budget to prevent overspending or underbudgeting in future years if your organization receives additional grants from the same funders next year.
Human resources – HR solutions let organizations keep track of employee information such as payroll records, benefits enrollment status, and job applications submitted by candidates.
Contact us if you’re looking for a grant management software solution to learn how we can help.