Effective grants management is crucial for grantmaking organizations to help fund projects and other community-support measures. It ensures appropriate use of money, resulting in a positive impact on the community. To get the most out of grant funds, you must have grant management systems and closely monitor them. Using spreadsheets, drop boxes, and manual tracking is no longer needed. Instead, grantmaking organizations are shifting to management systems, which is why you also need to do the same.
Automation Of Time And Effort Tracking
Grant sourcing requires federal and effort certification meetings from the reporting mandates. When the organization chooses to automate the reporting and effort certification, this reduces the time and effort tracking. You can work with researchers and have them automate the process to review and certify the time of their research team or their own time.
Keeps Up To Date Any Grant Information Changes
Grant eligibility requirements, application dates, amounts, and other useful information may change from the initial grant notice. A grants management system lets you gain early warning and thus plan for timely response to the relevant funding opportunities. You can get these through configurable real-time email alerts, which is easier and more convenient than traditional spreadsheets and drop boxes.
Improves Ease Of Information Access
Grant management systems allow users to access information anytime they need to through an easy-to-use website. The website has interfaces that include display screens, dashboards, and reports. This elevates the burden of manually handling the paperwork, document storage, and routing reports to those needing a review.
Automates Permissions And Communications
The grant teams can benefit when the grants management system delivers multi-tiered security controls to ease access and availability. For example, through permissions, users can access an expandable folder system that aids in streamlining the organization for proposals or awards through user-defined filters. This, in turn, reduces the burden or bulk when the system sorts criteria such as funding agency, investigator, or status through automation. Moreover, email reminders and alerts will provide notifications of any pending activities or deadlines. Again, this proves better than relying on manual methods of task accomplishment.
Provides A Centralized Location
Through grant management, there is a single centralized system to help in the administration of all grants all through the grant lifecycle. This allows for proper tracking of all the activities, which is critical in mitigating any financial risks. The grant management process also allows storing all the files to avoid any challenges when keeping track of them or when needed.
This is the time if you haven’t considered investing in grant management software. It will help you effectively manage all grant lifecycles by simplifying complex processes, saving time, and automating repetitive tasks.