Best Grant Management Software

What Is Grant Management Software?

Grant management software enables organizations to manage applying, receiving, and administering grants from funding sources. Organizations can easily track grant applications, budgets, compliance, and performance metrics with grant accounting software. 

Moreover, it also helps create reports for better decision-making. Companies can collaborate with partners, manage communications, and analyze data to improve future grant applications.

What Is Grant Management Software for Nonprofits?

Nonprofit organizations can benefit from grant management software because it makes it easier for them to produce professional-looking documentation and streamline the grant application process.

The software assists with writing and submitting grant proposals, monitoring their progress, and keeping track of deadlines. The team in charge of grant discovery can concentrate on developing strong submissions and improving the likelihood of receiving funding if they have access to a quality grant administration software package.

It also enables several users to collaborate on a grant proposal or project and offers data and analytics to ensure adherence to grant criteria and laws. All of these elements aid in time savings and raise the likelihood of funding for organizations.

When To Invest In Grants Management Software?

There are several signs that indicate it may be time for an organization to invest in grant management software:

1. Difficulty tracking grant applications

   Grant management software can assist in streamlining the process and guarantee that applications are filed on time if your organization has trouble keeping track of grant applications and deadlines.

2. Grant application process inefficiency

   Grant management software can automate numerous procedures and make the process more efficient if it is consuming too much time and money.

3. Lack of collaboration

   Grant management software can offer options for collaboration and communication if team members are finding it difficult to work together on grant applications.

4. Difficulty in maintaining accurate and up-to-date records

   Grant management solutions can help automate record-keeping and make it simpler to obtain crucial information if your organization is having trouble keeping accurate and current records of grant applications.

5. Limited insight into funding prospects

   Grant management software can assist your organization in uncovering new funding opportunities and monitor the status of ongoing applications if it is having trouble locating funding opportunities.

Benefits Of Grant Management Software

Grant management software is highly crucial for companies that want to create better processes for managing grants. Below are the main benefits of using grant software.

1. Streamlines the grant application process: Grant management software streamlines the process of applying for grants by providing a centralized location for storing and organizing all relevant documents and information.

2. Improves collaboration: The software allows multiple users to access, review, and edit documents, making it easy for teams to collaborate on grant applications and reports.

3. Enhances budget tracking and reporting: The software can help organizations track and manage grant budgets and expenses, providing real-time visibility into financial performance.

4. Increases compliance: The software can help companies comply with grant regulations by providing automated reminders for important deadlines, tracking progress and compliance, and generating reports.

5. Facilitates communication: The software can help organizations stay in touch with funding sources and other grant partners, providing a platform for sending and receiving messages and alerts.

6. Increases data security: The software can help you secure grant-related data by providing role-based access control, data encryption, and backup and recovery.

7. Improves decision-making: You can analyze data and make better decisions with real-time insights into grant performance and outcomes.

Main Features Of Grant Management Software

Various features intended to assist companies in managing the grant application and award process are often included in grant management software. 

Below are the main features you need to look out for -

1. Performance Tracking and Reporting

   Performance tracking and reporting is a feature of grant management software that allows organizations to monitor and measure the progress and impact of their grant-funded programs and projects. This feature typically includes tools for tracking key performance indicators (KPIs) such as program attendance, participant satisfaction, or outcomes achieved.

2. Compliance Management

   Compliance management is a feature of grant management software that helps organizations ensure that they are meeting the requirements set by funding sources and government regulations. This feature typically includes tools for tracking and managing compliance-related tasks, such as submitting reports and documenting program activities.

3. Document Management

   Document management allows you to store, organize, and share important grant-related documents easily. So, you can upload and store a variety of document types, such as grant proposals, reports, and receipts, in a centralized location. Moreover, you can also track and manage different versions of documents, as well as view the revision history of a document.

4. Collaboration

   The potential for several users to collaborate on a grant submission or project makes collaboration an essential aspect of grant management software. This tool enables team members to exchange information, interact, and collaborate on various project- or grant-related activities..

What Are The Types of Grant Management Software?

Software for managing grants comes in a variety of forms, each with a special set of features and functionalities. The following are some prevalent forms of grant management software:

1. Cloud-based grant management software:: These programs are accessed online and housed on distant servers. They are frequently subscription-based and accessible by numerous users in various regions.

2. On-premises grant management software: These programs are deployed on a local server or network and are frequently employed by businesses with a large user base or stringent security needs.

3. Free grant management software: There are many free open-source or freemium grant management software available for non-profits and small businesses. This is ideal for companies that don't have the budget to purchase grant management software.

4. Integrated grant management software: It integrates with other programs, such as project management, financial management, and customer relationship management programs to help create better processes.

5. Standalone grant management software: These systems are designed to focus solely on grant management and do not integrate with other software.

6. Specialized grant management software: Government grants, research grants, grants for education, and other forms of awards are only a few of the types of grants that can be managed by specialized grant management software.

Depending on the demands and requirements of the company, the best grant management system will be determined.

What To Look For In Grant Management Software?

When evaluating grant management software, it is important to look for the following features:

1. Product Capability

   When purchasing grant management software, it is important for grant providers to evaluate the capabilities of the various systems available thoroughly. One way to do this is to view demonstrations of different products, such as IntelliGrants® IGX, before issuing a Request for Proposal (RFP). This can also be done as part of a Request for Information (RFI) process.

   By viewing demonstrations, grant providers can get a better understanding of the capabilities of each system and make more informed decisions when composing an RFP that addresses their specific needs. By taking this approach, grant providers can avoid issuing vague RFPs that don't effectively address their needs and instead receive more tailored responses from vendors that match their specific requirements.

2. User Access Management

   When choosing grant management software, user access management is a crucial component to take into account because it regulates who has access to the system and what actions they may perform.

   The software should enable administrators to provide users with certain responsibilities and rights, such as authoring, reviewing, and approving grant applications, among others. Moreover, it should also enable users to log into the system using their current login information, such as their email address and password.

3. Adaptability

   When evaluating a new grant management platform, flexibility is a crucial component to consider. Some vendors offer off-the-shelf systems with limited customization options, meaning the system your organization purchases will be similar to those used by other organizations. 

   You need to look for software with a core platform that can be configured to your specific needs, including forms, documents, reports, dashboards, and business processes tailored to your agency's branding and requirements. This can help in determining the grant win percentage for your organization.

   Moreover, a library of pre-built grant systems used by other organizations can copy the application that best meets the client's needs. It's important to consider the level of flexibility you need in a grant management system, whether it's a quick installation and adapting your processes to fit the software or a more tailored approach with a vendor configuring the system to your precise needs.

How Much Does Grant Management Software Cost?

Generally, grant management software is sold on a subscription basis, with costs ranging from a few hundred to several thousand dollars per year. Some providers also offer a one-time purchase option.

The cost of owning grant management software can vary widely, with prices ranging from less than $1,000 per year to $200,000 or more, depending on the functionalities and intended audience of the system. 

Factors that can affect the cost include the number of users, the level of customization and integration required, and the support and training needed. It's important to note that while the cost of the software should be considered, the value it can provide to the organization in streamlining the grant application process, saving time and increasing the chances of securing funding should also be taken into account when making a decision.

5 Best Grant Management Software And Solutions

Before you select software for your organization, you need to compare different options based on its features, pros and cons, and pricing. Below is the list of top grant management software that you can consider.

1. Submittable

With Submittable, organizations may quickly prepare, distribute, and manage grant applications and submissions with the grant administration software. The program includes functions that streamline and expedite the application process, such as electronic forms, online payments, and helps identify grant opportunities.

Users may easily stay informed about the status of their applications thanks to the ability to follow the development of their submissions and engage with reviewers. Additionally, Submittable provides analytics and reporting tools that enable businesses to monitor the effectiveness of their grant-making initiatives over time.

Features 

• Electronic forms and online payments 
• Document uploads and tracking of submission progress
• Communication with reviewers
• Analytics and reporting tools 
• Customizable fields and forms 
• Advanced reporting and data visualization tools

Pros

• Electronic forms help make the process more efficient
• Easy documentation and exchange
• Better communication opportunity
• Customizable fields and forms

Cons 

• Some users may find the software complex to navigate
• Lack of features limit its usefulness
• It’s heavy on budget

Pricing

• Provides custom pricing quotes.

2. CyberGrants

An organization's grant-making process can be streamlined and automated with the help of CyberGrants, a grant management solution. Numerous functions are available, including online application and review, tracking and reporting of grants, budget management, and donor management. 

The software enables businesses to handle numerous grants and programs on a single platform and facilitates simple employee cooperation and reviewer communication.

It can also interact with other systems, such as accounting software, and provide data analytics and reporting so that businesses can make decisions based on data. Since it is cloud-based, anyone with an internet-connected device can access it.

Features

• Online grant application and review process
• Grant tracking and reporting
• Budget management
• Donor management
• Multi-program and grant management
• Collaboration and communication tools
• Integration with other systems

Pros 

• Streamlines and automates the grant making process
• Integration with other systems like accounting software
• Data analytics and reporting for data-driven decision making
• Accessibility from any device with internet access

Cons 

• The software can be complex to navigate
• The tool is expensive 
• It lacks advanced features
• The implementation may require additional resources

Pricing

• Offers custom pricing

3. EveryAction

EveryAction is a cloud-based grant management system that simplifies and automates the grant-making process for organizations. Numerous functions are available, including online application and review, tracking and reporting of grants, budget management, and donor management. 

Organizations are able to handle numerous grants and programs on one platform thanks to the software, which also makes it simple for staff and reviewers to collaborate and communicate.

It also provides a donor management system that enables organizations to monitor and control donations and relationships with donors. Integration with other systems, including accounting software, is also possible with the software. 

Additionally, EveryAction provides reporting and data analytics tools to assist businesses in making data-driven decisions. It is an accessible solution that works with any internet-connected device.

Features 

• CRM (constituent relationship management)
• Email marketing
• Online fundraising
• Social media management
• Advocacy campaigns
• Event management
• Membership management
• Online forms
• Integration with other systems like payment processors

Pros 

• Comprehensive fundraising platform
• Provides a wide range of features
• Helps in improved payment processes 
• Assists in making data-driven decisions

Cons 

• The platform can be difficult to understand
• Some users have faced technical issues 
• Implementations may require technical expertise

Pricing

• ?Provides customized pricing plans as per requirement.

4. WizeHive

An organization's grant-making process can be streamlined and automated with one of the best cloud-based grant management tools, WizeHive. Various are available, including online grant applications and reviews, grant tracking and reporting, budget management, and donor management. 

Organizations can handle numerous grants and programs on one platform with WizeHive, which also makes it simple for staff and reviewers to collaborate and communicate. It also provides a donor management system that enables organizations to monitor and control donations and relationships with donors. Integration with other systems, including accounting software, is also possible with WizeHive.

Features 

• Automated workflows and notifications
• Customizable forms and templates
• Centralized documentation
• Advanced security features
• Reporting and analytics to measure program success
• Mobile optimization
• Multi-language support

Pros

• User-friendly interface
• Easy to customize and adapt
• Advanced security features
• Accessible from any device

Cons 

• The pricing can be expensive for many growing businesses 

Pricing 

• Offers customized pricing.

5. MIP Fund Accounting

MIP Fund Accounting is a software for managing grants that was created especially for governmental and nonprofit organizations. It provides extensive accounting and financial management tools specially designed to fulfill the demands of grant-funded organizations. 

The software facilitates the grant application process while assisting businesses in managing and tracking funds, budgets, and costs.

Features

• Grant management and tracking
• Financial and budget management
• Automated workflows and notifications
• Advanced security features

Pros 

• It’s user-friendly and accessible
• Additional features help in scalability
• It doesn’t require any technical expertise

Cons

• The set-up cost can be high

Pricing

The software has a custom pricing.

Grant Management Software Trends

There are several trends in grant management software that organizations should be aware of:

1. Cloud-based software: Grant management software is increasingly going to the cloud, enabling simple access and collaboration from any device.

2. Mobile optimization: Grant management software is being customized for mobile use as more individuals access the internet via mobile devices, making it simpler for users to view and update information while on the go.

3. Automation: To assist organizations in streamlining the grant application process and reducing administrative work, automation is becoming increasingly common in grant management software. Automated capabilities include automatic reminders, notifications, and document tracking.

4. Data analytics: Data analytics capabilities are now widely available in grant management software, enabling companies to track important indicators like funding patterns and make fact-based decisions.

5. Collaboration: To facilitate better teamwork, many grant management programs now include collaboration tools like shared task lists, calendars, and document sharing.

6. Integrations: To give the organization an all-in-one solution, a lot of grant administration software now integrates with other systems, such as accounting and CRM software.

7. Compliance: Increasingly, more grant management software now has compliance tools that assist businesses in adhering to legal requirements, accounting and reporting standards, and meeting the requirements of donors.

Conclusion 

In conclusion, grant management software can be valuable for non-profit organizations and government entities that rely on grant funding to support their operations and programs. This software allows organizations to streamline and automate their grant-making process by providing features such as online application and review, grant tracking and reporting, budget management, and donor management.