In the last article, we defined grant management, discussed the various stages of the process, and outlined the various potential consequences of poor grant management. To sum it up, grant management is the process of organizing all aspects of applying for, accessing funds from, and fulfilling the requirements of a grant. This process is incredibly important when it comes to organizing your records and making the grant-seeking process more efficient.
The Grant Management solution within Oracle Project Management can be a helpful tool to ease the stress of funding your next project with grants. This fully integrated solution simplifies a complicated system, keeping you on track and allowing for better, more frequent grant opportunities.
Whether you are an institution of higher education, a government agency, or a non-profit organization, proper and efficient grant management is imperative for the longevity of this important revenue stream. One wrong move could result in severe consequences, including but not limited to discontinued funding which can be disastrous for some organizations.
View of typical grant management screen in Oracle Grant Management Cloud.
Streamline the Post-award Phase of Grant Funding
Oracle’s Grant Management provides a single solution for managing all financial aspects of grant funding, from initial funding to close out. This will streamline the post-award phase, making it easier for you to focus on finding and applying for additional funding opportunities without having to worry about compliance issues. This user-friendly program can be accessed from any device anywhere in the world, so you can easily view a snapshot of your awards at any time.
By using pre-existing templates or standard web services and open interfaces, you can easily add awards to your organization’s account in no time. Once you’ve added an award, the system utilizes a comprehensive reporting platform to track funding and expenses for the award about one or multiple projects at a time.
Grant Management is equipped with automatic budgeting features to ensure your funds are being allocated to the appropriate categories and not being overspent. Plus, you can use the program to invoice your sponsors in their requested format.
Finally, this solution seamlessly incorporates payroll, scheduling, and task delegation into this already comprehensive financial monitoring system. You can delegate with ease by using the watch lists to alert other users of tasks requiring their attention. Plus, you will not have to worry about exceeding labour costs by using the integrated labour schedule and payroll systems to easily monitor staff time and pay.
Benefits of Oracle Grant Management Cloud
That being said, Oracle’s Grant Management program has many benefits for the organization as a whole and program administrators alike. From improved efficiency and compliance to simplified delegation and analytics, Oracle Grants Management has something useful for every grant-based organization.
Compliance
Prevent compliance issues that could eventually lead to the discontinuation of grant funding or worse: a lawsuit. By tracking exactly where and when your grant funds are being spent, you can prevent overspending, non-compliant spending, and poor award performance.
Likewise, the scheduling and payroll features can immensely improve visibility into human capital and workforce management. That way, there are no surprises at the end of the month when checks are being cut for staff.
Save Time and Improve Efficiency
Grant administrators and project managers spend countless hours stressing over how grant funds are being spent. By streamlining and automating these tasks, you and your employees will have more time to spend completing more important duties.
This additional time can be spent seeking out more grant opportunities and finding ways to improve overall organizational efficiency and performance. Your staff, and your organization, will appreciate this newfound cost-effective productivity.
Keep Track of Deadlines
With simplified task delegation, you and your employees can easily be reminded of important duties and deadlines. Plus, when reminders are sent, staff can easily access any and all relevant information about the award, costs, revenue, and invoices, making completion of the task itself even easier.
This will help program administrators stay on track, while also preventing them from missing important deadlines and due dates, all of which will further improve compliance and reduce risk.
Analyze Your Grant Performance
With Oracle’s Grant Management, administrators can easily access real-time analytics reports about each award that is of interest to them. This allows for quick analysis of an award’s performance and fund efficiency, as well as the publishing of compliance reports required by stakeholders.
Conclusion
We understand how important it is to streamline and simplify the financial aspect of grant management. From start to finish, this process can be incredibly challenging and multi-faceted, making compliance and efficiency issues a reality for many organizations. Just one misstep in the post-award process can result in serious consequences, such as discontinued funding or even a lawsuit.
Luckily, you can easily reduce the risk with one all-encompassing financial management solution. Plus, you can spend your time on other, more important duties – like seeking out more grant funding opportunities.
Oracle’s fully integrated Grant Management solution provides a comprehensive tool for grant funding and financial management. It will significantly improve the way grant-funded organizations and professionals work as it provides a single source for all your post-award needs.
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