6 Benefits of Software Made Specifically for Fund Accounting
Fund accounting requires specific industry expertise, knowledge and experience to bridge the gap between tracking the use of funds and generating GAAP financial statements that focus on the changes in net assets.
When choosing a fund accounting software solution, finding one that's was made with fund accounting in mind is key. The following are just a few of the benefits of using software tailored to the needs of fund accounting.
Users enjoy access to real-time information such as expenses, sub-awards, obligations; all presented in easy-to-understand displays. Dashboards show graphs and visualizations of awards and spending.
Productivity goes up compared to maintaining separate information “silos”; everyone has access to the same information, reducing “back and forth” communications that waste time.
Get a comprehensive picture, from start to finish, of your entire process and eliminate redundant and potentially conflicting data issues.
Improve grant management by linking all relevant financial activity to a particular segment. This will ensure your compliance improve and periodic reconciliation is more efficient.
Quickly pull the data you need in Excel, PDF, and other formats.
You may need to view and report grant data in different currencies, depending on your multi-national operational needs. This feature is particularly helpful for multi-national humanitarian organizations conducting operations worldwide.
Serenic Navigator by Sylogist was developed to meet the unique accounting needs of nonprofits, NGOs, K-12 school districts, government organizations, and other public sector organizations. Unlike general accounting software, Serenic Navigator includes all the features needed to streamline your accounting processes and properly track grants and donations ear-marked for specific activities and funds.
Learn more about the benefits of fund accounting software with our infographic, "Fund Accounting Software: Essential Requirements & Tips for Choosing the Right Software."