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Open Source Collective uses the Open Collective Platform to manage our finances
The Open Collective platform gives every open source community we host a profile online where they can:
- Raise money
- Manage and pay expenses
- Display their transparent budget
- Host Events, Projects
- Post Updates
- and more!!
One of the greatest strengths of our platform is the full transparency of both where money comes from and where it goes. When expenses are approved or contributions come through, the balance is updated in real time!
The ability to see your initiative’s financial position and goals gives credibility to your organization, especially in the early stages, and helps to build an environment of collaboration and trust.
With a transparent process, team members and contributors can feel confident that the funds are being put to good use, while private details like emails, names, and addresses are only visible to administrators. Financial transparency creates stronger collaboration. Plus, when it’s time to report back to funders, you can just send them a link to your Open Collective profile.
The platform’s financial features also encourage best practices:
- No more messy spreadsheets
- Clear system of approvals and oversight
- Financial processes are accessible to your team, funders, and community