There is a common misconception that board portals are unnecessary for nonprofits. With long to-do lists, implementing board portal software can fall to the bottom of the priority list.
Due to the nature of creating public value and promoting social causes, nonprofits face unique challenges, particularly around restricted budgets as well as coordinating with a diverse group of stakeholders and managing regulations.
Although there are notable differences between nonprofits and for-profits, these boards rely on the same pillars of success. And, utilising technology such as board portal software can be a great way to streamline operations and improve governance.
What is board portal software?
Board portal software, also known as board management software is a cloud-based digital platform for board members and executives. It is a secure platform for accessing documents, communicating and collaborating.
Board portals can come with a range of different features such as document sharing, voting and annotation tools. Essentially, creating a secure digital space enabling efficient and effective communication between board members, executives and administrators.
Here are 4 benefits of using board portal software for nonprofits.
1. Increased efficiency
Board management software greatly saves time for administrators and board members.
For administrators, creating agendas and board packs becomes a quick job rather than days of work. It also reduces the time spent creating documents like meeting minutes and makes distributing a simple few clicks in comparison to traditional paper processes.
For directors, having the right and latest information is key to improving efficiency. Board portals are a centralised space where directors know they can find the latest board materials as well as being able to annotate documents.
2. Reduced costs
Whether small or large, nonprofits can benefit from using a board portal. By digitising board processes, you reduce the costs of:
- Paper
- Printing
- Distribution
- Administration and labour to create board packs
With board software, information and documents are shared instantly and securely with members, significantly reducing costs so they can make better use of valuable resources.
3. Supports improved governance
Good corporate governance is essential for any organisation, including for-profits and non-profits as it helps to ensure that decisions are made in the stakeholders best interests.
Board management software allows boards to uphold the pillars of good corporate governance – accountability, transparency, efficiency, compliance and security. It essentially lays the groundwork for effective governance and ultimately provides infrastructure for a business with limited resources.
4. Cyber security
Every nonprofit has a lengthy to-do list and limited resources to get it done. With nonprofits handling sensitive information including employee and donor’s personal and financial records, financial reports and strategic plans – protecting this sensitive information is key.
Having paper-based board processes is not secure. There is no visibility over who accesses documents and sensitive information can easily fall into the wrong hands. Cloud-based board management software offers robust security features to keep organisational data safe.
Board portal software provides a secure environment for storing and sharing confidential documents, reducing the risk of data breaches or unauthorised access. The key security features we recommend nonprofits to look for are:
- Two-factor authentication
- User permissions
- Audit trails
- Watermarks
Using board portal software, nonprofits can protect their sensitive information and maintain the trust of shareholders so they can continue to do good in the world.
Overall, board management software improves efficiencies, reduces costs, supports improved governance and cyber security for nonprofits.
StellarBoard is the best board portal for nonprofits. Empowering your organisation, simplifying processes so you can keep your mission at the forefront.
Get in touch for a FREE demo or quote here: www.thestellarboard.com/contact-us/