Picking an accounting solution is tough. There are so many different variations of software on the market today that looking through all the features can be mind-numbing.
To help make it easier, we’ve listed the 3 most important features of fund accounting software.
Key Fund Accounting Software Features
Third Party Integrations
The ability to connect your fund accounting software to your other systems is a huge plus. By integrating some of your programs together, you can easily streamline your processes and make it easier to collaborate within your team.
When working with an implementation specialist, you’ll be able to review the different integrations that are possible as well as discuss the possibility of having some custom developed to fit your exact needs.
Reporting may be one of the most important features of your entire software. Your stakeholders and board of directors rely on these reports for responsible financial management. If your software isn’t able to produce effective reports, or create reports that are easy to read, than you’ll have a hard time getting key people to invest their time and money into your mission.
Good fund accounting software solutions have reporting templates built-in, allowing you to populate with your data and customize to your readers.
Budgeting and Forecasting
Nonprofit organizations need a written budget. And while your budget may need to be adjusted from time to time, it’s important to you have one and follow it. When your accounting solution includes budgeting, you can see directly how your funds, expenses, grants, etc. fall impact your plan.
Forecasting is also handy because you can project the future based on your current rate of donations, grants, expenses, etc. Having a good idea of where you’re headed can help you plan when to hire new employees, volunteer appreciation days, and marketing campaigns to further spread your mission.
You can read more must-have accounting features here.
Capital Business Solutions is a financial and fundraising solution provider for nonprofit organizations. Learn more about fund accounting solutions, training, and more by emailing firstname.lastname@example.org, (888) 249-6008, or contacting us here