Fund Accounting Software: Get the best non profit solution
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organizations or by law. It emphasizes accountability rather than profitability, and is used by Nonprofit Organizations and by governments.
As opposed to businesses, nonprofits do not sell products or services for profit. That is why nonprofits need specific accounting software. This type of software focuses on funding in its various forms (grants, donations, gifts, or members' contributions). Nonprofit accounting helps organizations manage their finances in a transparent manner that allows donors to understand how their contributions are used. Special accounting reporting is also necessary to comply with regulations for grant submissions.
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Key Features of Fund Accounting Software
Comply with not-for-profit accounting standards
Track payments for donations, gifts, or grants and allocate funds to various programs
Help accountants show financial accountability to the board of directors
Generate not-for-profit accounting documents such as end-of-year donations statements or donor contribution reports
Benefits of Fund Accounting Software
Fund accounting has evolved over the years into the ideal solution for nonprofits. Keep these benefits in mind as you research and select your fund accounting solution. The right fund accounting software will enable you to meet financial reporting standards, transform your organization and keep better track of your funds.
Increased Visibility. Nonprofit organizations often have to prioritize activities and programs in regards to their finances and resources. Leadership often plans new programs only to find out that the resources or funds are not available to support them. Fund accounting gives nonprofits better visibility into their finances and allows users to know the status of their funds in real-time. This enables organizations to make the proper decisions regarding the funding and development of new programs, as well as helps them plan better for the future.
Foolproof Auditing. The auditing process can be extensive, and organizations that rely on record books to keep track of their finances will find it challenging to retrieve data quickly. With fund accounting, nonprofits can generate the required report by simply entering the time period of a particular transaction. Rather than dig through receipts and verify them in the software program, organizations with fund accounting can access to their data in one place, making audits quick and easy.
Meeting Tax Compliance. While most non-profit organizations do not have to worry about filing income or property taxation, organizations which exceed a certain threshold in gross receipts must file with the IRS. Fund accounting helps organizations keep track of their receipts within the system and produces the correct forms rom within the software rather than just providing the information nonprofits will need.
Substantial Reports. Fund accounting’s substantial reporting features give organization stakeholders and board members the ability to access important information anytime, anywhere. This enables those in charge to make key decisions about programs and events as they are needed. A solid fund accounting solution will provide comprehensive reports for anyone interested, including the board of directors, program managers, executive director and various funders. Fund accounting also contains a wide variety of report enhancements, such as charting and graphs, so organizations can create unique and meaningful reports.
Online Donations. Fund accounting can be integrated into your organization’s website so donations can be given (and accepted) online. By linking your website to other reputable websites, visitors can learn more about your organization and possibly make a donation via the internet. Fund accounting includes complete payment processing, ensuring that all online donations are secure and hassle-free.
Easy Fundraiser Planning. Fund accounting makes planning for fundraising events a breeze. With the emergence of online registration and automatic email invitations, planning a fundraising event has never been easier. Fund accounting makes event planning easy by giving users the capability to map out seating arrangements, menus and much more.
Increased Efficiency and Productivity. Fund accounting performs accounting procedures in the most efficient way possible. Data entry tasks can be done in half the time, and the software alerts you every time a duplicate is entered. Organizations can rely on fund accounting to increase their efficiency and improve their employee productivity rates.
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