Taking the True Fund Accounting Final Exam

Let’s take a good look the anatomy of “true fund accounting” software. With so many nonprofit accounting software’s claiming to be True Fund Accounting  you would not want to be fooled by an impostor.  Let’s take a moment to study the characteristics of true fund accounting as defined by its author.

Purpose-built specifically for nonprofits
As nonprofits grow and gain multiple funding sources, off-the-shelf accounting software doesn’t meet an organization’s special tracking and reporting needs. True fund accounting software is designed from the ground-up for the reporting and coding complexities of the nonprofit and municipal accounting worlds – it’s not a re-purposed or compromised version of for-profit software.

Multidimensional charts of accounts
True fund accounting software allows nonprofits to adapt to each funding stream’s unique conditions, which is vital when funding sources have diverse requirements. With Abila’s MIP family of products, for example, nonprofits can keep track of the complexities 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.

Instant transparency for stakeholders
True fund accounting software provides sophisticated, audit-level reports for seasoned professionals and auditors, as well as simple, high-level reports that can be understood by less accounting-savvy audiences. Nonprofits can easily generate reports without custom report writing, whether for a single funding source or for a particular kind of grant.

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

Support from knowledgeable representatives
Because we live and breathe fund accounting, our staff can be counted on to provide perfectly timed support. Would your company pass the True Fund Accounting test? Contact us to find out and learn more.