Why charities need fund accounting software.
Charities are held to a high standard of accountability and transparency—and are required to comply with industry accounting and reporting standards to maintain nonprofit status. Commercial accounting systems are ill-equipped to meet these needs, resulting in inefficient processes, error-prone data, and lack of internal controls. Effective management of diverse revenue streams requires accounting software for charities tailored to the unique needs of your organization.
Blackbaud’s purpose-built fund accounting software enables your organization to:
- Track and report on transactions by net asset class to maintain FASB compliance
- Maintain a clean account structure with the ability to capture program, grant, and department information unique to your organization
- Govern your financials—from user-specific access rights to powerful approval controls—so you can rest assured that your data is secure
- Easily manage unique financial reporting requirements and demonstrate stewardship of contributed funds
- Give managers and users access to actionable data to drive strategic decision making
With an emphasis on transparency and stewardship, Blackbaud's fund accounting solutions allow organizations to appropriately allocate, track, and report on funds based on donor-imposed restrictions to maintain compliance and demonstrate accountability.
Helping Organizations Maintain Compliant Fund Accounting Operations
Looking for the best accounting software for your nonprofit, charity, or educational institution? Blackbaud’s comprehensive nonprofit accounting solution gives you the control and flexibility to track unrestricted and restricted net assets—along with corresponding revenue and expenses—to maintain compliance with industry reporting standards.
You can also manage endowments and other long-term investments in accordance with donor wishes while providing accurate financial statements that show how funds are being used.
Additionally, our fund accounting software provides the ability to:
- Restrict access to certain areas of the system so that users can only view or enter data relevant to their job function.
- Set up powerful approval controls to limit who can make changes to transactions.
- Manage multiple entities—including separate legal entities, divisions, or locations—from a single database. Generate custom reports that provide insight into every aspect of your organization’s financials.
Demonstrate accountability and good stewardship with comprehensive reporting
Blackbaud’s fund accounting software gives you the ability to generate both standard and custom reports to show how contributed funds are being used. This is critical for demonstrating accountability to donors and other stakeholders. You can also use our software to track progress toward specific goals, assess program effectiveness, or measure financial performance against budget.
Additionally, our reporting tools allow you to:
- View real-time snapshots of your organization’s financial health with dashboards that can be customized by the user.
- Drill down into transactions to get a more detailed understanding of where money is being spent.
- Export data to Excel for further analysis or to create custom reports.
- Generate non-profit specific financial statements with the click of a button.
Solutions for Fund Accounting
Blackbaud offers world-class fund accounting solutions, such as: