You must closely watch where your money is going and how it is being spent regularly. This entails making sure a grant’s conditions are fulfilled on schedule and within budget. Your organization will save money by utilizing the grant tracking feature included in online grant application software since it will enable better allocation planning, grant fund administration, and advanced reporting capability decision-making.
Here are some of the biggest benefits of using online grant application software.
Keeps You Compliant
As beneficiaries, you must undergo periodic compliance assessments to ensure requirements are fulfilled. Each of your grants probably has a variety of compliance standards that you must comprehend and follow. The eligibility of reimbursed costs, conformity to procurement specifications, financial management monitoring, and more are a few of these criteria.
These standards may be expertly met using grant tracking software by following attentive and good business and accounting procedures. For awards that involve considerable study, grant renewal is strongly contingent on your utilization and appropriate administration of the money given. As a result, it is crucial to track how grants are being used accurately.
Generate Reporting Data
Historically threatening and time-consuming operations, audits are frequently associated with grant management. Grant donors often have reporting requirements, including requests for progress reports and financial updates. Grant monitoring enables the ability to track and report on how grants are distributed for areas on campus to satisfy frequent demands.
With this feature, for instance, you can precisely report where those important research dollars are going and see the precise amount of campus space that a grant consumes without having to live in constant dread of failing an audit and risking losing money.
