If you’re in the market (or will be soon) for a new fund accounting software solution, here are the top five features you absolutely need to look for.
5 Must-Have Fund Accounting Software Features
Creating financial reports and statements by hand (or by Excel) are days of the past. Your fund accounting solution should include built-in reporting, with access to various templates to help you get started.
Not only will reporting features save you time and money, but they’ll also impress your Board of Directors and other key managerial staff. The ability to add charts, graphs, and other graphics makes reporting easy-to-read and digest.
While your accounting solution needs to complement your current processes, it also needs to be able to work for you 5 years from now. Thinking about the future when reviewing fund accounting solutions can help your organization stay organized and on track as you meet and surpass financial goals. Key things to keep in mind:
- Can you easily upgrade your system to allow more users?
- Can the solution contain a growing amount of financial data?
Manually updating your accounting software to reflect accounting regulations and guidelines is tedious. And the time it takes you to do this could be spent on other important responsibilities.
Find a solution that will automatically update – keeping you on top of the latest FASB and other nonprofit accounting laws and regulations.
Your nonprofit is unique – there isn’t any other organization exactly like yours. Which is why the software you choose should also be unique, tailored to fit your exact needs and organizational process.
There is no one size fits all approach to fund accounting software, so the software you implement should allow for customization and third-party integration. This allows the solution to work for you, not the other way around.
Today’s day and age is all about convenience – and your fund accounting software is no different. You shouldn’t have to wait to update or review your accounting ledgers until you get back to the office.
Being able to access and edit your reporting, ledgers, and other key items anytime, anywhere is a must. This on-the-go accessibility can save you time and effort, improving your efficiency.
At the end of the day, your fund accounting software should make your job easier, not harder. By choosing a platform with these must-have features, you’ll be able to spend less time on reporting and budgeting, and more time spreading your mission to millions.
Your Fund Accounting Software is Here
Are you ready to see these must-have features in action? Whether you’re looking for a cloud solution or something on-premise, Capital Business Solutions can help. We have customized and implemented nonprofit accounting solutions for organizations just like yours, helping them to achieve their goals using tailored fund accounting solutions.