Financial Edge NXT

4.18 / 5 (102)

Our advisors have recommended this product 8 times in the last 30 days

About 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 ledger, projects, grants, endowments, accounts payable and receivable, fixed assets, banking, and more.

With a personalized dashboard and customizable views, Financial Edge NXT enables users to closely monitor income statements, program-to-expense ratios, cash balances, and other key metrics. Financial Edge NXT offers real-time reporting, with one-click drill-down functionality and export capability, to enable data-driven decisions in real time.

As a Blackbaud product, Financial Edge NXT is backed by a company with three decades of experience in the nonprofit market. The system allows users access to grant and project accounting that allows for streamlined management of budget, as well as a way to effectively monitor accounts and generate reports. By using Financial Edge NXT, nonprofits can reduce dependency on manual processes, improving data entry accuracy.



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Supported Operating System(s):

Windows 7, Windows Vista, Windows XP, Mac OS, Web browser (OS agnostic), Windows 2000

102 Reviews of Financial Edge by Blackbaud

Average User Ratings

Overall

4.18 / 5 stars

Ease-of-use

4.0

Value for money

4.0

Customer support

4.5

Functionality

4.0

Ratings Snapshot

5 stars

(31)

4 stars

(56)

3 stars

(11)

2 stars

(1)

1 stars

(3)

Likelihood to Recommend

Not likely

Very likely

Showing 1-5 of 102 reviews

October 2016

Robert from UOF

Company Size: 11-50 employees


Ease-of-use

3.0

Value for money

3.0

Customer support

3.0

Functionality

4.0

October 2016

Blackbaud Financial Edge (BBFE)

BBFE has both strengths and weaknesses, as might be expected. It is a true fund accounting software with the ability to handle thousands of funds. Being able to push data in and exporting data out are 2 features that are usually very important, and BBFE mostly does that well. BBFE allows for attaching various homegrown codes to the data at the fund, account, and transaction level. This is not a panacea but can be helpful. The software can be used in a fairly high volume a/p environment and the g/l functionality is also pretty good.

Pros

Exporting data is easy, so long as the export you are looking for is available. Importing fund codes is do-able but may require some significant preparation of the upload. BBFE allows for a seemingly unlimited amount of codes to be attached to funds, accounts, and transaction lines. This is very helpful. BBFE has some built in custom reporting facilities that can be helpful. BBFE has a detailed security model that can help with internal controls.

Cons

Reports: many of the builtin reports do not contain running totals and grand totals as well as header information page-to-page as one would like. Exports: the data exports are not true sql type, but are a simplified version, which is sometimes adequate. You might need another sql facility to adequately access the data and control the data joins. BBFE imposes credit memos and disallows negative invoices--depending on what you are doing, that could be a big problem that will need to be addressed. BBFE automatically computes and shows balance forwards and each year does not stand on its own, so for some data analysis you might have to compute balance forwards in order to avoid having to download all historical data. BBFE doesn't enforce cash balancing for JEs (if 2 funds are exchanging cash, the JE can give more cash to the recipient than was removed from the payer). BBFE doesn't seem to understand control funds (a fund that holds detail information that belongs to a pool of other funds)--this will require booking JEs that would be unnecessary in some other fund accounting software. BBFE enforces using an outside service for production of 1099s.

March 2018

Cain from Center for Arms Control and Non-Proliferation

Company Size: 2-10 employees

Review Source


Ease-of-use

5.0

Value for money

5.0

Customer support

5.0

Functionality

5.0

March 2018

Financial Edge - Hands Down the Best Nonprofit Accounting Package

Listen, price is always a concern, but so is the time you'll spend manipulating reports in Excel when you work with lesser software packages. I guarantee you, pit me on Financial Edge against an accountant on any other software, and I can get the job done at least twice as fast, and if it's QuickBooks, five times as fast, and without ever having to go into Excel to do anything.

Pros

I've worked with Blackbaud's Financial Edge for over 2 decades now (even back when it was called Accounting for Nonprofits), and it's the best for nonprofit accounting. Its chart of accounts can be changed at any point to accommodate as many segments as you need (I have worked with as many as 4 segments), and reporting of any kind is easily accomplished with the variety of accessible reports and queries. A lot of journal entries that you'd need to create in other software packages are easily handled through invoice entry in accounts payable, at the time of invoice entry, through miscellaneous distributions. Customer service is excellent as well.

Cons

The annual support for customer service is a bit pricey, and designed to keep you on the hook forever (if you don't pay for a year, because you don't think you will need support - and after the first year or two you may not - as soon as you need support, you've got to pay a large percentage of all the years you missed). Not a con, but Blackbaud's products get a bad rep from bookkeepers who are more used to the silliness of QuickBooks than the accountant's dream that Financial Edge really is.

July 2016

Cain from Center for Arms Control and Non-Proliferation


Ease-of-use

4.0

Value for money

5.0

Customer support

5.0

Functionality

5.0

July 2016

The best nonprofit accounting software, period.

Pros

FE is quite flexible, especially its chart of accounts and the number of segments you can report on. Setup is easy, and unlike other packages, you're not glued to what you set up originally. If down the road you find you need to add a segment to your chart of accounts for reporting purposes, you can do that on the fly. And you don't need to be concerned at set-up with adding future account segments. But make no mistake: you've got to have a basic understanding of accounting in order to appreciate this product for all it can do. Customer support, through annual maintenance contracts, is excellent.

Cons

I too would like to be able to export financial reports into Excel without having to re-format when I get to Excel. That's a mild inconvenience, but there are times when you want to put stuff, data onto financial reports that can't get there any other way than through manipulation in Excel.

June 2018

Sharon from Historical Society of Central Florida Inc

Company Size: 11-50 employees

Review Source


Ease-of-use

5.0

Value for money

5.0

Customer support

5.0

Functionality

5.0

June 2018

Maximizing Time and Effort - Minimizing Paper

If you are having issues, contact support staff. Work with them. If you need to refine your initial setup do so earlier than later, you will appreciate it the long run.

Pros

The integration between Altru (our sub-ledger), BB Merchant Services and FE/NXT is superb in my opinion. You have the ability to track a transaction backwards and forwards. We use the visual chart feature to create our budget in five different views - relating to the grants we are using, thereby eliminating errors in data collection by excel spreadsheet creations not getting updated.
Someone mentioned that thinking about the creation of your organization and GL was a big con for them. I disagree. We came on board with expert advice from BB and created a cohesive database that allows us to close the month within two-three days. I think the effort that is put into creating a tool should be as important as the information that you hope to receive from its use.

Cons

A few spotty delays when I an running an exceptionally detailed report as you watch the Jeopardy button go around in circles.

September 2016

Emily from Beacon Orthopaedics & Sports Medicine


Ease-of-use

3.5

Value for money

4.0

Customer support

3.5

Functionality

5.0

September 2016

Great product for Non Profits

Pros

The versatility of the product was great. You are able to track data on several levels using account numbers, and several transaction codes that you are able to define yourself. Despite all of that information that was housed individually, the software also would allow you to consolidate information across multiple entities. Report writing was fairly simple as were day to day processes of entering journal entries, AP invoices and AR invoices. A nice feature of the reporting was that you were able to create one report and filter it by the transaction codes before running the report. This meant you did not have to have 100s of reports for different scenarios. Instead you could create one report and filter it each time by the transaction codes or entities you were interested in viewing. We also integrated the software with PaperSave which allowed us to go paperless.

Cons

The support was not always the best. If you had an issue, sometimes the support had a difficult time understanding your issue and resolving it in a timely manner.