Financial
The objective is to efficiently track expenditure related to particular grants and their respective projects. This is for reporting to management and the committee or board as to how expenditure is tracking compared to the budget for the grant project.
Also ensuring that expenditure is for the purposes for which the grant was made.
Various accounting platforms and payroll systems have tools to assist in tracking including tagging items.
This also allows you to report and account to the relevant government department or philanthropic organisation.
Project Management
The objective is to efficiently monitor and manage the progress of the work being performed to achieve the goals and purposes for the project for which the grant was made.
There are a number of free tools available for project management that are relatively easy to use and securely accessible by team members. For instance, a combination of Google Sheets, Google Drive, Google Docs and Google Calendar is a good example. I can set these up for you and provide your team with training. You can then use the system as a template for future projects. Here is an example of using Google Sheets for as an advanced project management tool “How to Create a Gantt Chart in Google Sheets“.
Grant Reporting
The reporting requirements are usually set out in the grant agreement. Timely, accurate and for purpose reporting generates confidence in the relevant government authorities and philanthropic organisations so as to impfrove your chances of being successful with future grant applications.