Why Government Organizations Should Use Fund Accounting Software

Many people think that fund accounting software was created solely for nonprofit organizations; what they don’t know, however, is that government entities can benefit greatly from using fund accounting software. Government organizations, like nonprofit organizations, have specific accounting and financial reporting needs. Fund accounting software, such as Sage 100 Fund Accounting, can help government organizations master critical accounting and administration tasks by including the tools governments need for tracking and reporting on individual funds from multiple sources and on varying budget periods, as well as complying with GASB and other reporting requirements.

Fund accounting software includes the following features designed to meet government accounting needs:

  • Automatic allocation of expenses across several projects or accounting codes.
  • Posting of transactions to the general ledger in real-time or batch mode.
  • Built-in system checks to balance transactions before posting for each accounting segment.
  • Excellent audit trails and transaction reporting to reduce time spent tracking specific transactions.
  • Interactive business intelligence tools provide financial dashboards for fast, effective, and informed decision-making.

If your government organization is looking for a fund accounting solution, consider investing in Sage 100 Fund Accounting (formerly Sage MIP Fund Accounting) for your government accounting needs. Sage 100 Fund Accounting software is a comprehensive solution that puts you in control. Its intuitive design makes the software easy to learn and use, minimizing the impact of staff turnover. Application tasks and reports are grouped by accounting function, including easy-to-understand workflow diagrams and checklists.

Make Smart Decisions with Business Intelligence
The financial dashboards in Sage 100 Fund Accounting software give you immediate access to the data you need to make tactical and strategic decisions. The Visual Analyzer module provides users with interactive graphs for financial analysis. Users can drill up, down, and across accounts to fully analyze cash balances, trends, budgets, and spending ratios in real-time, as well as share visual representations of financial data – making it simple for everyone to understand your finances.

Exercise Control over Your Budgeting Process
Sage 100 Fund Accounting software offers budget management and control for government organizations. Maintaining budgets in the same system in which you are collecting and entering actual transactions enables you to easily monitor financial data in analysis reports. You can drill down to the detailed entries that comprise the balances for a complete audit trail. For more control, you can monitor budgetary reserves through encumbrance tracking. You can evaluate revenue, expenditures, and spending ratios at a glance with graphical representations of budget-to-actual data.

Create the Reports You Need with GASB Built-In Reporting
Sage 100 Fund Accounting software provides a flexible, built-in report writer that helps you easily create reports that meet the varying requirements of funding sources as well as internal management and oversight agencies. The report writer is also designed to enable accountants to easily customize and produce their own reports focused on any grant, program, department or other cost centers. The built-in report writer enables users to:

  • Produce a wide selection of standard reports including GASB-compliant, audit-ready, financial statements.
  • More than 150 standard reports are included, such as the Statement of Activities and the Statement of Cash Flows, or you can format an unlimited number of your own reports.
  • Write dynamic financial statements directly within the application.
  • Create a list of your favorite reports and keep them at your fingertips.

Manage Cash Flow Year-Round
Save valuable time by having complete control over your cash flow, plus maintain consistency with immediate updates to data with each transaction entry. Using fund accounting software, you can project your cash balances and plan to use the funds for future expenses. During budget planning, review past budgets versus actuals to use as a foundation for projecting the future year’s receipts and expenditures. Make decisions using real-time data to view current cash balances and easily drill down to transaction details to answer questions for in-depth analysis. As your fiscal year progresses, you can update your organization’s projections by comparing budgeted amounts to actual cash accounts.

Track and Manage Your Funds
Grant management tools let your organization track the critical details including expenditure detail, applicant data, awards, and associated paperwork. Use Sage 100 Fund Accounting software to maintain comprehensive profiles of all grants, with the ability to attach electronic copies of important documents, and streamline administration processes. You can review allocations of indirect or shared costs or investment-related earnings and costs, report on their impact before posting, and preset complicated allocation parameters to save time and improve consistency.

Management HR with Ease
Sage 100 Fund Accounting now offers a complete Human Resource Management solution, with payroll processing, human resource management, employee web services, and tax preparation. The HR solutions are fully integrated—allowing for seamless efficiency. These solutions were developed specifically for the unique accounting and reporting challenges faced by government organizations.

Fund accounting software is created for government organizations with their specific needs in mind. If you are interested in learning more about what fund accounting software can do for your organization, contact us today.