Enhancing Accuracy and Timeliness with Grant Tracking
Grant tracking allows for accurate and timely insights into project progress. By utilising efficient reporting tools, grant managers can receive real-time data, enabling them to make informed decisions and take necessary actions promptly. This reduces delays, improves communication, and ensures that project milestones are met within the specified timelines.
Enquire provides a platform for grant recipients, grant managers, and other stakeholders to access and update project information in real-time. This eliminates delays and ensures that project progress is accurately reflected in the system. Real-time updates enable faster decision-making, as project managers have access to the most current information to track and evaluate progress.
Compliance and Transparency
To implement grant tracking practices, you need to have structured processes in place allowing your team to monitor data, progress and outcomes. This inherently ensures accountability and compliance with the terms and conditions set. By accurately tracking and documenting grant-related activities, organisations can demonstrate responsible use of grant funds and meet reporting requirements. It helps maintain transparency, minimises the risk of financial mismanagement, and ensures adherence to regulatory guidelines.
In Enquire, measures such as role-based permissions and step-by-step workflows underpin the value of grant tracking to compliance and transparency.
➔ Try Enquire’s workflows here for free [interactive product tour]
Financial Management under Control
Grant tracking plays a vital role in effective financial management. It enables organisations to monitor and manage the inflow and outflow of grant funds, providing visibility into budget utilisation, expenditures, and fund allocation. Tracking expenses and income associated with grants helps prevent overspending, identify cost-saving opportunities, and make informed financial decisions. It provides the opportunity to identify concerns at an early stage and address these in a timely matter.
Enquire allows you to configure payments milestones unique to your organisation, link expenses to certain milestones and track them against your budget. Additionally, a range of financial features makes managing your financial obligations during the grant management process hassle-free. Integrations to your other financial systems are available to make the entire process streamlined, easy to manage and effective.
➔ Download Enquire’s Financial Management and Integrations Factsheet [free]
Alignment with Key Performance Indicators (KPIs)
Streamlined grant tracking facilitates better alignment with KPIs. By establishing clear connections between project milestones and KPIs, organisations can track progress more effectively and evaluate the achievement of desired outcomes. Regular and accurate reporting on project tasks allows for continuous monitoring and adjustment of activities to ensure KPIs are met or exceeded. This evaluation helps identify areas of success, areas for improvement, and facilitates evidence-based decision-making to optimise outcomes.
In Enquire organisations can configure KPIs according to organisational requirements and needs. Project data and progress reports are tracked against these KPIs. When the submitted information approved, the grant manager accepts the report, and the tasks are automatically updated with the submitted data against the relevant records. Grant managers can easily update task statuses to complete, thereby finalising the task and any linked KPIs. Throughout the grant lifecycle, both grant managers and grant recipients can access and manage the same record, ensuring consistent reporting and alignment of data. This provides transparently to all parties involved for reliable decision-making and better grant outcomes.
Grant Renewal and Future Funding
Grant tracking supports organisations in their pursuit of future funding opportunities. By maintaining detailed records of grant activities, outcomes, and financials, organisations can build a strong case for grant renewal or demonstrate their track record to potential funders. Accurate tracking enables organisations to showcase their capacity to effectively manage grants, increasing their chances of securing future funding for ongoing or new projects.
Demonstrating outcomes to stakeholders in an engaging way can increase the chance to secure future funding or grant renewals. Enquire allows you to report on your data across programs, projects and individual grants to ensure you are able to tell your story backed up by your data. Learn more about the best way to report on your impact here.
How to get Enquire to set up for your organisation
Enquire offers a comprehensive, configurable grant management system enabling easy grant tracking using notifications and alerts, financial management capabilities and reporting tools. Talk to us today to learn more or explore to system using a free demonstration.
