SOFA Reporting

Introduction

The statement of financial activities (SOFA) is one of the main financial statements issued by non-profit organisations (NPOs). It is prepared instead of the income statement issued by a for-profit business.

Typical Problems

Older accounting systems do not cater for SOFA reporting, which leads to finance teams spending a great deal of time preparing the data.

When systems do allow for SOFA reporting, they can suffer from insufficient detail which means they need further manipulation.

Solutions

Modern cloud solutions automate SOFA reporting at a dimension level; allowing users to drill down to specific areas as they require consolidation and preparation.

Reports can be delivered automatically to budget holders to help inform decisions.

Benefits/ROI

Real-time detailed reporting at the touch of a button ensures minimal time preparing SOFA reports which are configurable to meet the needs of the business.

Pulling all the information into a dashboard, to view multiple reports in one place will make the process more efficient

Reports can be delivered automatically to budget holders to help inform decisions.