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May 2015

Looking for True Fund Accounting? Here are 5 Must Have Characteristics

By | Nonprofit | No Comments

1. The Fund Accounting software is purpose-built for nonprofits.

As your nonprofit grows and gains a variety of funding sources, that entry level software solution probably quit meeting your tracking and reporting requirements long ago. True fund accounting software is designed from the ground-up for the reporting and coding complexities of the nonprofit world and it is not a re-purposed or tweaked version of for-profit software.

2. Multidimensional charts of accounts

True Fund Accounting software allows you to adapt the software to each funding stream’s unique conditions, which is vital when funding sources have diverse requirements. Welter Consulting recommends Abila MIP Fund Accounting which allows you to keep track 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.

3. Instant transparency for all of your stakeholders

True Fund Accounting software makes it easy to generate sophisticated, audit-level reports for seasoned professionals and auditors, as well as simple, high-level reports that meet the needs of non-accounting team members. You can easily generate reports without custom report writing, whether for a single funding source or for a specific grant.

4. Interconnects to other mission-critical systems

Pulling data easily and more accurately into and out of the system is critical to smooth operations. This is where integration to mission-critical software – including program management, fundraising, and HR software – is essential.

5. Support from knowledgeable representatives

Welter Consulting only works with Nonprofits. We’ve worked with over a hundred different Nonprofit organizations. We not only understand the particular needs of Nonprofit organizations, we have deep expertise on best practices and accounting requirements.