Get a real financial picture of your organisation from any place in the world and at any moment. In situations when organisations need to reserve funds to be sure they will meet future obligations, we can help you to record these obligations and protect your organisation from overspending of budgets.
Nonprofit organisations have to meet complex financial and legal requirements. Many organisations have to honour the wishes of donors on how to use donated funds. The Fund Management Module helps to manage received funds whilst avoiding excessive bureaucracy.
Create fully customisable reports to donors about how their donations are being used, automate tracking and income management. Send out to donors receipts and acknowledgement letters scheduled periodically. Use advanced features of Microsoft BI to create visual elements for your reports.
Nonprofit organisations care more for proper accounting rather than profit tracking. The Fund Accounting System helps such organisations to track revenues with purpose restrictions against the expenses.
Nonprofit organisations function within the limits of pre-approved budgets. Users can be notified by Acumatica when budgets are created and when they are overspent. Users can also have full control over financial transactions.
Manage grants even if they last longer than one financial year. Easily track activities, complete tasks associated with the grant, make sure that all data are entered properly, manage budgets and expenses and meet reporting requirements.
Board managers can have access to relevant information like stuffing, restricted funds and budgets. This helps to create transparent processes and increase leadership awareness, to reduce time in meetings and to make all communications with board members more productive.
Manage an unlimited number of volunteers within the same system. Set user roles for volunteers to be able to have access to specific data, track time spent on activities and submit receipts without worries of possible errors.
Create an automated audit trail that will help you to make sure that year-end will be a painless and smooth process.
Accounting for Nonprofit organisations usually differs a lot from commercial organisations and is based on “fund accounting” standards. Accounts are grouped into different funds and track various cash flows – incoming cash from grants, donations and outcoming cash spent for different purposes.
At the same time, they might still need financial functionality the same as commercial companies.
Nonprofit organisations might also need to have different types of reporting – based on a calendar year and fiscal year, which will track all activities and provide proper data to everyone involved in the management processes.
Nonprofit organisations usually need to have more sophisticated reporting tools than commercial companies because they use governmental grants or donated funds, and they have more complex requirements for reporting. Reporting documents typically include a statement of fund balance and a statement of results from operations. And although the concept of these documents is similar to commercial organisations’ income statement and balance sheet, the format differs a lot and is much more complex. Besides, nonprofit organisations have to provide reports to donors, tax agencies and other regulatory agencies regularly.
Very often nonprofit organisations need to have full visibility and transparency of all transactions, including information about source, purpose and many more. This includes the requirement of “drill down” capabilities which allow a full audit of project transactions and spendings.