Why fund accounting software for nonprofits is important
Nonprofits 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 a financial system tailored to the unique needs of nonprofits and charitable foundations.
Blackbaud’s purpose-built fund accounting solutions enable your organisation to:
- Track and report on transactions to comply with ACNC reporting requirements
- Maintain a clean account structure with the ability to capture program, grant, and department information unique to your organisation
- 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 software solutions allow organisations to appropriately allocate, track, and report on funds based on donor-imposed restrictions to maintain compliance and demonstrate accountability.