“True fund accounting” software claims seem to be everywhere. Which begs the question…what exactly is “true fund accounting” software? As the pioneers of true fund accounting software, we believe there are some necessary requirements for software to truly earn that moniker.
Purpose-built specifically for nonprofits
As nonprofits grow and gain multiple funding sources, off-the-shelf accounting software doesn’t meet an organization’s special tracking and reporting needs. True fund accounting software is designed from the ground-up for the reporting and coding complexities of the nonprofit and municipal accounting worlds – it’s not a re-purposed or compromised version of for-profit software.
Multidimensional charts of accounts
True fund accounting software allows nonprofits to adapt to each funding stream’s unique conditions, which is vital when funding sources have diverse requirements. With Abila’s MIP family of products, for example, nonprofits can keep track of the complexities of multiple donation and grant sources spread over numerous projects and with varying fiscal periods, while accommodating new grants and funding sources as they grow.
Instant transparency for stakeholders
True fund accounting software provides sophisticated, audit-level reports for seasoned professionals and auditors, as well as simple, high-level reports that can be understood by less accounting-savvy audiences. Nonprofits can easily generate reports without custom report writing, whether for a single funding source or for a particular kind of grant.
Interconnects to mission-critical systems
Pulling data easily and more accurately into and out of the system is essential. This is where integration to mission-critical software – including program management, fundraising, and HR software – is essential.
Support from knowledgeable representatives
Abila staff and business partners live and breathe fund accounting, and provide the right amount of support at just the right time.
Would your fund accounting software pass the TRUE Test? Find out more about at www.abila.com/fundaccounting.