It’s that time of year again! Ghosts, goblins, and other ghoulous creatures are all making an appearance in search of treats. And, while this is a fun and spooky time of year for people of all ages, it’s also the perfect time to take a step back and think about the real horror. You know, those accounting nightmares that you and others in your organization face every day? Recurring transaction terrors, payroll poltergeists, buried skeletons in your books, and worst of all . . . audit boogeymen.
Well, fear not! As the experts, we’re here to help with tips and best practices for using a true fund accounting™ system that can help you avoid those accounting frights and give you more time to enjoy the holiday.
Are you struggling with bloodcurdling complexities and can’t keep up? With the right system, you can stop from drowning in spreadsheets and foster complete reporting transparency by:
- Ensuring complete separation of revenue and expenses into funds
- Providing robust reporting to the level of detail needed to present to the IRS, boards, and funding sources
- Maintaining audit trails and accountability
Is the risk of fraud haunting you? Let your accounting system do the worrying! With true fund accounting™, you can set up configurable fraud alerts. Rest easy knowing that your system can prevent fraudulent activity in real time. Plus, you can monitor your budget by setting up configurable alerts to track cash or budget thresholds and alert you before your resources hit zero.
Do you fear the skeletons that are buried deep in your books? Exhume your transaction tomb by employing entry date controls to maintain accuracy. Your system should enable you to:
- Prevent incorrect dates in your transaction entries
- Warn or prevent from posting to a period where books have been finalized and reported
- Block accidental entry into an incorrect year
- Provide notifications during data entry as needed
We’ve all heard these accounting tales of terror – and more – told around the campfire. With true fund accounting™, you can rest at ease knowing you’re following best practices and don’t have anything to fear from under the bed.