Fund accounting is an integral part of non-profit management. Contrary to popular belief, non-profit financial management is often quite complex. For this reason, non-profit ERP solutions such as Acumatica Non-Profit ERP Solution, are gaining much popularity and rightly so, as they simplify fund accounting complexities to a great extent. However, before choosing an ERP system, non-profits need to make sure that the software is competent enough to handle unique functionalities required by non-profit organizations. Jon Roskill, CEO Acumatica, recommends “function-rich, integrated ERP software” for non-profits.
8 Key Benefits of Acumatica Non-Profit Accounting System
- A good nonprofit accounting software is defined by its fund accounting capabilities. With Acumatica, you can simultaneously track revenues and expenditures for defined purposes. This improves management of funds while demonstrating your accounting integrity.
- Restricted funds are important sources of funding for nonprofits, often involving complicated accounting. Acumatica restricted fund management functionality allows you to define how money is received and spent, segregating funds received from different sources.
- Efficient grant management is yet another integral feature of Acumatica non-profit ERP solution. You can track, report and manage your grants that extend beyond the financial year. Daily grant management activities such as expense tracking, budget management and data entry could be easily accomplished with NonProfitPlus.
- Acumatica non-profit ERP solution is specially designed to record future commitments and reserve funds for the same. This also prevents organizations from spending over program’s budgeted items. This way Acumatica nonprofit solution also enables encumbrance accounting.
- Nonprofits can take full control of their budget with budget verification and validation feature of Acumatica non-profit ERP solutions . The system offers organizations several options that prevent exceeding stipulated budget. For instance, users could be warned or restricted from releasing transactions that potentially could create an over budget situation. Similarly, certain users could be set up as over budget approvers.
- Acumatica Board Management feature allows nonprofits to holistically engage organizational leadership. Relevant data concerning staffing, budgets, program performance could be accessed by board members anytime. This provides means to effectively engage board members in successful operation of the organization.
- Volunteer management is an equally important aspect of nonprofit management, which secures additional funds for the organization. Acumatica nonprofit solution is equipped with Time Card and Time Tracking that enables volunteer time tracking and generation of accurate reports. This feature not only facilitates adherence to GAAP compliance but also allows appreciation of volunteer contribution.
- Acumatica Cloud ERP provides a complete history of transaction audits. A comprehensive report of transactions entered and approved could be gathered easily.
ASC is an Acumatica certified VAR, commanding extensive knowledge of various industries and their ERP needs. We take time to understand your business needs and suggest appropriate ERP solutions. Our experienced and expert cloud ERP team has successfully deployed 100’s of ERP software including the nonprofit market.
Please contact Jim Carroll: @ [email protected]; 310 508 9700; President Advanced Solutions & Consulting; Solana Beach, CA