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Sage Intacct

Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read More
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Oracle JD Edwards

JD Edwards Financial Management is the accounting component of Oracle's JD Edwards EnterpriseOne (JDE e1) product line. This component can serve businesses of any size. The system is horizontal; it is designed to serve the needs of... Read More
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Microsoft Dynamics SL

Microsoft Dynamics SL is an enterprise resource planning (ERP) system designed for project-based small and medium-sized businesses. The solution offers industry-specific capabilities for professional services, government contractors,... Read More
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Microsoft Dynamics AX

Microsoft Dynamics AX 2012 is an ERP system suitable for midsize to large enterprises. The solution has particular strengths in manufacturing and distribution but is also capable of serving buyers across multiple industry verticals.... Read More
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Cougar Mountain DENALI

Cougar Mountain Software offers a business accounting software for manufacturing, nonprofits and public services organizations. Their flagship product Denali is a core accounting solution with applications for general ledger, accounts... Read More
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UNIT4 Financials

Unit4 Financials (formerly Coda Financials) is a suite of global accounting and broader financial management applications. These include general ledger, accounts payable and receivable, fixed assets, budgeting, project accounting and... Read More
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Abila MIP Fund Accounting

Abila MIP Fund Accounting from ProSoft Solutions is a finance management and fund accounting solution designed to serve nonprofits and government agencies. The solution can be deployed on-premise, in the cloud or be self-hosted. Abila... Read More
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AccuFund Accounting Suite

AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report funding... Read More
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Microsoft Dynamics GP

Microsoft Dynamics GP is a financial accounting system designed to meet the requirements of small to midsize businesses. Microsoft Dynamics GP was originally developed by North Dakota-based Great Plains Software and was acquired by... Read More
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Financial Edge by Blackbaud

Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a general... Read More
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Multiview

For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read More
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CCH Tagetik

CCH Tagetik is a unified BI and accounting software that helps to optimize financial and operational planning. The solution also shortens the consolidation and closing process and allows users to analyze results, model, as well as... Read More
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FUND E-Z Fund Accounting

FUND E-Z is a fundraising software for nonprofits that gives visibility into every facet of their organization. The software helps users to create and track budgets across fiscal years, detailing actual vs. budget for multiple projects,... Read More
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Unit4 Business World

Unit4 Business World is a scalable ERP solution designed to address the unique demands service organizations face. It offers multi-lingual and multi-currency capabilities, and is a fit for higher education, nonprofits and NGOs, professional... Read More
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FinancialForce Financial Management

FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More
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Exact Globe Next

Exact Globe Next is an end-to-end business management solution. It offers accounting, inventory management, billing and invoicing, financial reporting, and more. This ERP system can be deployed either on-premise on a local server,... Read More
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Xledger

Xledger is an automated and scalable cloud-based accounting/ERP solution for medium- to large sized companies and is designed to provide insight and analytics for decision-makers. The system is an out-of-box solution that is configurable... Read More
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Abila MIP Advance™

Abila MIP Advance™ is cloud-based fund accounting software for non-profit organizations and municipalities and has close to 20,000 users across many sectors. The software suite offers a variety of functionalities including general... Read More
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AXIO Core Financials

AXIO Core Financials from SBS Group is an Enterprise Resource Planning system that is powered by Microsoft Dynamics. The software is designed for global use and offers multi-language, multi-currency support and is compatible with companies... Read More
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Acumatica ERP

Acumatica ERP delivers an adaptable cloud and mobile-based enterprise resource planning solution with a user licensing model which enables a real-time view of business operations at any time from anywhere. Through a worldwide network... Read More
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Sage Live

Sage Live is a cloud-based and mobile-ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More
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Sparkrock

Sparkrock is an all-in-one solution for large and midsize Nonprofit organizations. It offers Finance & Accounting, Workforce Management, Payroll, Employee Scheduling, Case Management and Donor Management. Each module can be purchased... Read More
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Restaurant365

Restaurant365 is a cloud-based accounting solution for restaurants of all sizes. Key features include accounting, inventory, banking, budgeting and analytics. Restaurant365 offers general ledger features such as retail fiscal periods,... Read More
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Microsoft Dynamics NAV

The fund accounting functionality in Microsoft Dynamics NAV can help non profits track their expenses across multiple ledgers, manage current grants and monitor donor contributions. It also helps with GASB compliance.
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Financial Suite by IntelliTek

Financial Suite by IntelliTek is the financial component of IntelliTek Systems’ broader ERP offering. Financial Suite by IntelliTek is an ideal accounting systems for small and mid-market companies. The platform is comprises of Accounts... Read More
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SAP ERP Core Finance

Over 30,000 companies, spanning 120 different countries, are using SAP ERP Financials to conduct their financial management.  Noteworthy names include General Mills and Office Max. SAP ERP Financials is a part of SAP’s Business... Read More
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FastFund Nonprofit Fund Accounting

FastFund Nonprofit is aimed at nonprofit organizations that need an affordable fund accounting solution. It offers integration with a fundraising module and a nonprofit payroll module and is available in a web-based version.
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Denali FUND

Denali FUND is a system that offers accounting options for nonprofits with multiple funds. The product is suitable for small to midsize nonprofit organizations that need to manage accounting. The system is offered both as a web-based... Read More
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Sage 50 Accounting (Formerly Peachtree)

Due to its affordable price point and ease of use, Sage Peacthree is a popular option for nonprofit organizations. The system offers basic functionality that many small organizations will find suitable to their needs and budgets.
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Serenic Navigator

Nonprofit organizations, educational institutions and government agencies rely on Serenic Software for a reliable fund accounting solution. Their fully integrated suite is accessible in real-time, via their secure web-based system
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Blue Skies Accounting

Especially for organizations with an agricultural bent that could utilize Blue Skies Accounting's unique modules for that industry, this software is a good choice.
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Xero

Established in 2006, Xero is a web-based accounting system designed for small and growing businesses. Xero connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial... Read More
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GCE Financial Accounting Service

GCE Financial Accounting Solution is a feature-rich solution for mid-sized to large companies to maintain financial stability, with a general ledger, accounts management, and budgeting, reporting and analysis features.
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TRAVERSE

For almost forty years, Open Systems, Inc. has been creating economical and modular solutions for Business Accounting and Enterprise Resource Planning. They have created TRAVERSE to give businesses the perspective needed to make intelligent... Read More
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Aplos Accounting

Aplos fund accounting is a web-based system designed specifically to serve the needs of churches and nonprofit organizations. Aplos fund accounting is available on a standalone basis or within an integrated suite with online donation... Read More
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QuickBooks Enterprise

QuickBooks Enterprise is an intuitive accounting solution suitable for small to mid-size businesses. The software offers complete accounting flexibility. The solution can be scaled to meet the company's requirements of managing multiple... Read More
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OASIS

OASIS is a customizable ERP system for small to midsize companies. This system is customized to the company’s precise specifications and is used primarily in the retail, manufacturing, and professional services verticals. OASIS’... Read More
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Multiledger

First introduced in 1986, MultiLedger by CheckMark Inc provides a fully integrated, comprehensive suite of accounting software for small to mid-size businesses. It merges billing & invoicing, inventory management, job tracking, expense... Read More
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Prophix

Prophix is a multi-user financial software application, used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet type interface familiarity along with additional... Read More
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CosmoLex

CosmoLex is a cloud-based legal management software that offers advanced features and fully-integrated applications for an all-in-one solution. Named TechnoLawyer Newswire’s Top 25 Product of 2014, it includes time tracking, billing,... Read More
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Accounting Xpert

Accounting Xpert is an on-premise accounting solution that serves businesses of all sizes. Primary features of the software include a general ledger, accounts receivables and payables, payroll, W2 and 1099 laser processing, bank reconciliation... Read More
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Infor SunSystems

Infor SunSystems is an integrated financial management, purchasing, inventory and sales management solution. It is used by more than than 9,000 customers in over 190 countries worldwide. Offered in multiple languages and currencies,... Read More
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TrackerSuite.Net

TrackerSuite.Net created by Automation Centre provides integrated accounting and expense tracking tool. Users can manage projects, programs, resources, schedules, status reports, budgets and documents in a centralized repository. Companies... Read More
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AccountMate for SQL

AccountMate is a customizable and scalable accounting platform designed for small and midsize businesses with multiple users. The software provides over 20 different modules to choose from and users can install the necessary modules... Read More
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Rerun

Rerun is a standalone billing and invoicing solution designed for small to midsize businesses in the United States and Canada. With Rerun, users can customize payment streams and set up recurring billing, track account activity and... Read More
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Oracle Financials ERP Cloud

Oracle Financials ERP Cloud is a cloud-based, end-to-end business management solution designed for midsized to enterprise-level customers. It offers a suite of applications including material planning, financial accounting, analytics,... Read More
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QuickBooks Pro

QuickBooks Pro is a comprehensive accounting solution designed to cater small and midsize customers. The solution offers robust functionalities of a core accounting software application, including account payable & receivable, project... Read More
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Quicken

Quicken is an on-premise personal finance management tool that allows users to manage their financial accounts and investments in one place. The platform is available only for Windows and Mac users. The Portfolio X-Ray feature provides... Read More
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Shoeboxed

Shoeboxed is a cloud-based expense management solution that captures information from physical documents and converts it to digital data and integrates with popular accounting platforms. Shoeboxed is used by small businesses, freelancers... Read More
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CheckMark 1099

CheckMark 1099 is accounting software that enables users to collect, store and submit 1099 forms for multiple businesses and recipients. Designed for the needs of small and midsize businesses, CheckMark 1099 offers billing and invoicing... Read More
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Buyer's Guide

Fund accounting is used by government organizations and nonprofits 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 nonprofits 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:

Reviewers' Choice
What Is Fund Accounting Software?
What Type of Buyer Are You?
Benefits and Potential Issues
Market Trends to Understand
The Vendor Landscape

Reviewers' Choice

fund accounting reviewers choice

 

Reviewers' Choice Products

Aplos Fund Accounting Cougar Mountain DENALI
FastFund Financial Edge NXT
QuickBooks  

Our Reviewers’ Choice list shows the five highest user-rated software solutions for Fund Accounting when adjusted for total number of reviews and recency of reviews.

If a software solution has more reviews, and more recent reviews, we value those ratings more highly than a product with fewer, older reviews. This is because is it much harder to get 100 five-star reviews than it is to get 10.

We also know that software vendors continually tweak and update their product, so we believe that more recent reviews tend to be more accurate.

To determine which products made the final cut, we looked at how users rated each solution's:

  • Overall performance,
  • Ease of use, and
  • Customer support

A solution can make the Reviewers' Choice top five in all three categories, or just one or two. All software solutions in the Reviewers' Choice have at least 10 reviews from real software users. The final products are listed in alphabetical order from left to right.

For more details on how we selected our Reviewers' Choice, read the full methodology.

What Is Fund Accounting Software?

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. (For example, churches may use a church management suite with a fund accounting module to track member contributions.) The bottom line is transparency, accountability and responsible spending.

Various nonprofit organizations use fund accounting software, including:

  • Faith-based groups
  • Healthcare providers
  • Social services and charitable organizations
  • Federal, state and local government entities

Critical capabilities to look for include:

Financial reporting Create financial statements tracking all funds from donations, pledges and grants. Measure fundraising performance and donor retention. Look for features such as customization and automatic records transmission.
Fundraising and donor management Securely solicit, collect and manage donations through multiple fundraising channels and campaigns. Manage existing donor sources and recruit prospective supporters.
Grant management Keep track of awards and proposals, process funds and properly allocate to recipients (referred to as “allocation management”).
Multiple expense ledgers Provides a self-contained, self-balancing ledger designated for a specific project, grant or donation. For example, churches may use a church management suite with a fund accounting module to track member contributions.

What Type of Software Buyer Are You?

Before you can evaluate software, you’ll need to assess what kind of buyer you are. We believe 90 percent of buyers fall into one of the following categories:

Small organizations with limited budgets. Some nonprofit organizations, who are smaller and have limited budgets, sometimes opt for a “low-end” solution. This doesn’t necessarily imply inferior quality; these products simply don’t support functionality as broad as the more robust systems. These systems often cannot handle monetary figures as large as those processed in other software; nor can they consolidate checks for multiple invoices. This may be well worth the price trade-off when size and budget are considered.

Nonprofit organizations. Nonprofits need software to track donor-provided funds—separately from other funding sources—in order to report to providers on how each sum was spent. It can link spending information to individual projects, tracking project completion rate as well. Grant management support keeps records of past and future grant activities, tracking relationship and funding information to eliminate confusion.

Government organizations. Government organizations need government software to meet the demands of citizens who inquire about the use of public funds—this is where the individual ledger system comes in. Nonprofit financial software provides the precise fund tracking capabilities to make transparency possible through informed government reporting methods.

Benefits and Potential Issues

A fund accounting solution should help the nonprofit 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.

Keep individual funds separate. The top priority of fund accounting is to establish each funding source as a self-contained amount; this way, the spending of grants or donations can always be traced back to the source. Funding providers must know how each donation or grant is spent.

Increase accountability of the organization. If a nonprofit agency can’t prove to funding providers that grants and donations are being used responsibly and constructively, there’s no reason to expect continued funding in the future. Keeping track of these funds with software, and providing reports, is therefore essential for the success of a nonprofit organization. Similarly, government offices must keep strict track of spending in order to keep citizens informed.

Deliver clear, informative reports. In order to establish the accountability mentioned in the point above, a software system must be able to deliver reports. Reporting is critical for evidence of responsible spending. Therefore, a system has an advantage if it includes numerous customization capabilities and sophisticated reporting options.

Association with relevant projects. In addition to keeping funds separate from one another, fund accounting systems should allow expenses to be easily viewed in the context of specific projects. This is directly related to the system’s ability to report how each fund has led to effective action, thus increasing accountability and the likelihood of further funding.

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 nonprofit organization using a cloud-based system can download their data to 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.

Market Trends to Understand

You should consider these market trends as you select a product.

Software as a Service (SaaS). SaaS tools have become very popular. Lower upfront costs, fewer or no hardware requirements, greater accessibility and easier implementation are all reasons to consider SaaS.

Business intelligence. Reporting is one of the most important capabilities; as such, companies are constantly releasing new customization options to allow improved business intelligence. You should make sure to check the reporting options of each system.

Increased reseller specialization. Value-added resellers (VARs) and consultants, in general, are increasingly specializing in specific products for specific industries. The nonprofit sector specifically has attracted much of this specialization. As a result, nonprofits are likely to benefit as more independent software developers (ISVs) produce more third-party add-on and consulting firms offer better support services.

The Vendor Landscape

This type of buyer... Should evaluate these systems
Nonprofit 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