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Fund accounting is used by government organizations and non-profits to separate funding amounts and spending by individual project or grant provider. Leveraging a nonprofit accounting software system built specifically for fund accounting, government organizations and non-profits can create reports that prove how each funding amount is used responsibly and in accordance with its original purpose.
Here’s what we’ll cover:
Not for profit accounting software keeps track of funds, expenses, and transactions with accountability and stewardship as chief concerns. This attitude contrasts with the profit-maximizing motives of many commercial industries. A fund accounting system provides a self-contained, self-balancing ledger designated for a specific project, grant, or donation. The bottom line is transparency, accountability and responsible spending. The most desirable accounting software for nonprofits reflect this priority with rich reporting capabilities, such as customization and automatic transmission. Other capabilities include donor management, grant management, multiple expense ledgers, and Governmental Accounting Standards Board (GASB) compliance.
Before you can evaluate software, you’ll need to assess what kind of buyer you are. We believe 90% of software buyers fall into one of the following categories:
|This type of buyer...||Should evaluate these systems|
|Non-profit organizations||FastFund Nonprofit, Sage MIP, Lawson S3 Financial Management|
|Government organizations||Sage MIP, Sage Accpac, CODA Financials, Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics SL|
You should consider these market trends as you select a product.
A fund accounting solution should help the non-profit or government organization ensure that funds are spent responsibly, and that adequate funds remain for future plans. These systems should also benefit grant providers with satisfactory reports.
As with most business technology, there are also potential issues and risks involved with fund accounting software. One major risk in any business system is the loss of critical data. There are several ways in which data loss can occur; an obvious example is physical damage to the database. Since this can occur with both an on-premises system and a cloud-based one, it’s important to keep backup files in diversified arrangements. For example, a non-profit organization using a cloud-based system can download their data to as a backup file to be stored on-premises; that way, in the event of damage, the data is much more likely to be salvaged. Consequently, buyers should look for applications that allow them to easily download and store backup files.