Serenic Navigator vs. Grant Management Addon for Nonprofits: Which One to Choose?

#FocusOnBestPractices

Serenic Navigator vs. Grant Management Addon for Nonprofits: Which One to Choose?

#FocusOnBestPractices

Non-profits strongly depend on donations and grants and are accountable when it comes to their funds reporting and spending. The money generated from donations, fundraising, grants, as well as other sources should be thoroughly monitored against an array of programs or projects. Accountability makes accounting an essential requirement for non-profit organizations. Therefore, non-profits without any kind of understanding and budget management in real-time, are prone to over-spending and failing in terms of exact visibility into the organization’s monetary efficiency. All of this and more are what’s keeping the nonprofit C-level executives awake at night.
This is where solutions like Serenic Navigator and KOR’s Grant Management addon can help.

Serenic Navigator for non-profit organizations (NPOs) is an all-encompassing cloud-based ERP software, built on the Microsoft Dynamics 365 (D365) Business Central (BC). The comprehensive solution includes key functionalities aligned with the requirements of your NPO.

Serenic Navigator for non-profits comes with benefits like:
Though Serenic is a comprehensive addon solution built on Dynamics NAV and Business Central for non-profits, it is expensive thereby forcing nonprofits to look for other options.

Grant Management addon from Korcomptenz

The Grant Management addon developed by KORCOMPTENZ built on Microsoft D365 BC and NAV provides competencies to assist Nonprofits such as charities, NGOs, and membership associations and organizations to comply with guidelines, and controls, and simultaneously manages funding and budgets proactively, minimizing paperwork as well as administrative operating costs for business processes. KOR’s Grant Management addon is in-built within Dynamics NAV and Microsoft D365 BC
The Grant Management addon development integrates prospecting, fund management, and implementation, computing indirect costs, income recognition, as well as reports for awards status, key performance indicators (KPIs), and tracking and assessing targets.
Korcomptenz’s Grant Management addon comes with some key benefits including:

Key Highlights of Serenic Navigator

Serenic Navigator integrates some of these small yet remarkable features. These include:

Finance and Accounting

Better employee productivity

Serenic Navigator will help in boosting your employee productivity with an automated system for streamlining all accounting activities.

Create reports in a jiffy

With improved Serenic, you can now generate reports in no time for grant compliance, period-end, as well as audits. All this is due to enhanced accessibility of data and precision.

Better monetary control

Experience improved monetary control with visibility of essential program expenditures and supporting operational data in real-time.

Data security

Now you can secure your confidential data in a safe system that only authorized users can access in your NPO.

Grant Management

Precise, on-time, and compliant grant management, as well as cooperative contracts and encouraging programs are important for NPO operation. Serenic will automate the entire process so that you have more time in securing more donations in the future.

In the pre-award phase, you can:
When you achieved the required funding, you can:

Budgeting

Serenic helps you to streamline your NPO budget and manage its life cycle to make sure your plans are implemented as you thought:

Analytics and Reporting

Key Highlights of Grant Management System

Grants Life Cycle

Prospecting(WIP)

Grant Growth & Development

Grants Management & Implementation

Indirect Cost Rates

Computing an Indirect Cost Rate
Required setups:
The Indirect Rate will be determined and then used to distribute indirect expenditures to projects. In the process, unallowable expenses should be discovered and ignored in the allotment.
The system to have possibilities for organization-wide rates and award-specific rates.
There would be a distinction between the rates projected for the year and the genuine rates experienced. The expected rates are changed to tangible regularly. Necessary modifications are as follows:

Revenue Identification

Completed-Contract method
The finished-contract method lets you identify revenue when the whole agreement is fulfilled; after all performance, commitments have been met. A completed contract is a better technique for shorter agreement periods to make sure income shows on financials in an accurate period.
Occasionally, this approach becomes predefined for circumstances where an organization cannot identify income on the “Percentage of completion” method due to an absence of transparency about performance responsibilities or when the agreement can’t be enforced.

Percentage of completion method

This approach is frequently used with big or long-standing agreements, allowing organizations to identify revenue per goals or other signs of improvement. This approach needs a comprehensive agreement that outlines every goal or deliverable to make it obvious when income recognition might occur.

Cost-plus-fixed-fee contracts

It is a particular kind of agreement in which the contractor is reimbursed for the regular expenditures for a project, and an extra flat fee for the services rendered.

The expenditures in a cost-plus flat fee are computed as per market values. Then, the “fixed or flat fee” part of the agreement might be depending on a discussion between the parties and can change as per the requirements of every project. Cost-plus fixed fee agreements are often described as CPFF “contracts, cost-plus contracts, cost-reimbursement contracts, and cost-plus fixed fee contracts.”

Time & Materials Contracts

It defines how a client will compensate a contractor for the time spent on a project as well as the resources they utilize in implementing the job. Contractors are paid for materials bought and offered a day or hourly rate for their work

For the revenue identification, the system to have functionalities for:

Other setups include:

Report Generation Requirements

Microsoft D365 BC & Korcomptenz Grant Management addon for Nonprofits

Non-profits can now supercharge themselves with D365 Business Central and KOR’s addon. A webinar was conducted on the same.

Conclusion

Whether you are a new non-profit organization or a leading one, Korcomptenz is a Microsoft gold-certified partner that combines technical skills and industry experience to offer robust ERP solutions to worldwide organizations. We provide customized, all-inclusive grant management solutions to boost your productivity, streamline complex business processes, and simplify experiences.
Whether you are a new non-profit organization or a leading one, Korcomptenz is a Microsoft gold-certified partner that combines technical skills and industry experience to offer robust ERP solutions to worldwide organizations. We provide customized, all-inclusive grant management solutions to boost your productivity, streamline complex business processes, and simplify experiences.

Based on your non-profit’s needs, choose the ERP solution that best suits your NPO’s needs. We’ve assisted non-profits to manage their grant applications seamlessly. Contact us for a free consultation today.

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