Welcome to our two-part series examining GASB 103 and its impact on local governments. In this first article, we’ll review GASB 103, and then examine its role in budgetary comparison. In the second article, we will continue to dig into GASB 103 with a focus on proprietary funds.

GASB 103 Overview

Governmental Accounting Standards Board Statement No. 103 (GASB 103) focuses on improving the financial reporting model. Issued in April 2024, it aims to enhance the effectiveness of financial reporting by refining key components that help with decision-making and accountability.

This update includes several major points:

• Management’s Discussion

Municipal accounting software is designed to help local governments manage their financial operations. It streamlines budgeting, payroll, billing, and financial reporting, ensuring accuracy and efficiency.

Unlike small business accounting packages, this software is tailored to meet municipalities, counties, and towns' unique needs, helping them maintain transparency and compliance with regulations. Automating routine tasks allows municipal staff to focus on more strategic activities and better serve their communities.

Why Consider Specialized Municipality Accounting Software?

Specialized Municipal accounting software tailors its features to the unique needs of local governments, including budgeting, fund accounting, and compliance with government regulations. Look for government-specific

Welcome to Part 3 of our three-part series on nonprofit budgeting basics.

In Part 1, we discussed general budgeting basics, including the most common approaches or types of budgets for nonprofit organizations and how to set financial goals. Part 2 continued the discussion of nonprofit budget types and explored several specific types of budgets and when to use them.

Part 3 continues this discussion of best practices, including what-if scenarios, an excellent way to think through various aspects of the budgeting process. Let's dive right into budget forecasting and its impacts on the budgeting process.

Best Practices for Budget

Welcome back to our three-part article series on nonprofit budgeting basics. In Part 1, we shared three basic budgeting types common to nonprofits: operating, program, and grant budgets. In this article, Part 2, we’ll explore four additional budget types. In Part 3 we will discuss budget forecasting.

Four Additional Nonprofit Budget Types to Know

Now that you’ve gained a basic understanding of operating, program, and grant budgets, let’s look at four more commonly used nonprofit budget types. These include:

1. Cash Flow
2. Capital
3. Fundraising
4. Special Events

Cash Flow Budgets

Cash flow budgets track the inflows and

Nonprofit budgeting is a critical activity that involves more than establishing financial spending limits for the new fiscal year. It can be part of an exercise led by accounting that helps department managers think through and prioritize plans for the year.

Analyzing budget history, reviewing what-if scenarios, and estimating revenues and expenses helps everyone consider all aspects of proposed activities and better plan for the new fiscal year.

In this first of a three-part article series, we’ll discuss budgeting basics: types of budgets, with an emphasis on the three most popular types of budgets for nonprofits. In Part 2, we

Accounts Payable (AP) automation leverages technology to simplify and automate the accounts payable process. By eliminating manual data entry and minimizing human errors, this technology enhances efficiency and accuracy. It helps governments become more efficient. It can also be a valuable tool to spot fraud and waste. Adding AP automation to your government accounting system cost-effectively accomplishes several goals simultaneously, making it an intelligent choice for governments on a tight budget.

Five Big Benefits of AP Automation for Government Entities

While AP automation may be found in typical business accounting programs and nonprofit accounting systems, it is being added to

Organizations gain many benefits from working with a reseller. AccuFund’s resellers are an integral part of our customers’ success. Our reseller community helps customers identify the best fund accounting system for their needs. Then, they provide important services including implementation, training, and ongoing support.

“AccuFund works closely with its Resellers and customers to continue enhancing the solutions they rely on,” explains Ian Scotland, General Manager and Vice President of AccuFund. “We continually evolve with technology advancements, expanded integrations, and cutting-edge solutions, and our Value-Added Resellers continue providing superior implementation, training, support, service, and products to enable customers to continue servicing

Accounts Payable (AP) automation refers to the use of technology to streamline and automate the accounts payable process. From start to finish, this technology eliminates the need for manual data entry and reduces the risk of human errors, making the process more efficient and accurate. It adds to organizational efficiency and enables faster, easier accounting.

The Benefits of AP Automation

One of the main benefits of AP automation is efficiency. It saves a great deal of time as invoices are processed faster and with fewer delays. It also enhances visibility and control over financial data, providing real-time insights and comprehensive

In the realm of governmental financial management, specialized accounting software is essential.

Unlike businesses, governmental entities must operate within stringent regulatory frameworks, necessitating meticulous adherence to standards and transparency in financial reporting. Added to these parameters are the unique complexities of government and municipality accounting, such as tracking taxes, utility bills, license fees, and more.

Having the right government accounting software makes these tasks easier and more efficient.

Understanding Governmental Accounting Requirements

Governmental accounting is vastly different from standard business accounting142. Typically, governments adopt Generally Accepted Accounting Principles (GAAP) to maintain consistency and comparability in financial reporting. Additionally, public sector-specific

Preparing accounting and financial records for year-end closing is a big task. Many steps must be taken to ensure an accurate year-end close. Much depends on the accuracy of the final numbers: budgets, forecasting, and public presentations.

For governments and municipalities using a government accounting system, there are a few additional steps to ready the software for the next fiscal year and ensure success in closing out the old. Ready? Let's get started with this step-by-step guide to government year-end fiscal closing.

1. Establish the Closing Period

As part of the fiscal year-end preparation, it is important to close

"Recently I attended #GFOA2024. I was sitting in a large conference breakout room with approximately 200 attendees and the session speaker asked, “How many of you are considering changing ERP systems in the next year?” I was amazed to see the hands raise around me and as I assessed the room, there had to be 80% who planned to make an ERP switch” – Ian Scotland, Vice President and General Manager, AccuFund.

Enterprise resource planning (ERP) systems aren’t new, but they are new to some people. These software platforms integrate multiple systems into one, providing exceptional 360-degree visibility into

Nonprofit ERPs are powerful systems that integrate various business functions into one unified platform.

Accounting software handles the financial side of the organization, but a nonprofit ERP provides a centralized database that facilitates data sharing and communication across different departments, improving efficiency, better decision-making, and enhanced collaboration.

Specifically, a nonprofit ERP streamlines and automates information and tasks related to accounting, human resources, sales, program management, donor relationship management, and grant management.

If you're new to nonprofit ERP software, let’s explore what these popular platforms offer and the benefits they provide. If your organization has outgrown its current system or

What is government accounting software? How can it help you with government accounting basics?

Government accounting software is specifically designed with the financial, accounting, and reporting needs of municipalities, counties, townships, special districts, and other local government entities in mind. Such software differs considerably from general business accounting software. Most government accounting software is set up to handle the unique needs and regulatory requirements of local governments, which often have complex budgeting, accounting, and reporting structures in place.

Think of it like this: many software companies release specialized editions of their basic business packages for various industries. A contractor or

As the year draws to a close, everyone's to-do list grows longer and longer. For the nonprofit accounting team, the to-do list includes year-end close.

It's a labor-intensive and all-encompassing process, but one that is vital for the financial health and success of a nonprofit organization. Ensuring you have the data you need in the correct format will help you deliver critical reports to stakeholders as required.

The following steps have withstood the test of time among many NPOs who have found them to save time and effort. Taking time now to prepare for your nonprofit’s year-end financial close will

Building dashboards for your nonprofit is like baking a cake – you must have the right ingredients. But even the right ingredients can make a terrible cake if they aren’t combined in the right proportions.

A nonprofit dashboard varies according to the users’ needs. Some users need a deeper look into an organization’s finances. For them, the “ingredients” draw more from the accounting and financial side of the software than other data. For others, the final “cake” has to be shared with people outside of the organization, so the presentation is everything. Here’s how to make the ultimate nonprofit dashboard.

Like any good novel, a writer’s ability to integrate multiple storylines helps create an engaging and impactful experience for their audience. A great novel leaves you thinking about its story days, weeks, and months after you’ve finished.

The same holds true for nonprofit financial storytelling – with the weaving together of financial data/results/analysis from all departments, you can show a great story – the effectiveness and reach of your organization and its impact on your community.

The result?
Unite team members. Improve transparency. Secure more donors. Secure more grants. Attract skilled talent. Build Trust. Build Confidence. Build strong sense of

We’ve all sat through meetings with gritted teeth, thinking, “When will they get to the information that I need?”

Each of us views our work through our own unique lens. We go through our workdays with an automatic filter in place that screens information flowing in our environment for the nuggets specific to what we need to better do our jobs. That’s why it can be so frustrating when information comes at us that’s clearly not something we need. We have to spend time thinking, considering, discarding, or sending on that information to those who may need it, and that’s

If you're actively exploring cloud-based options for municipal government software, you’re in good company.

Nationwide, among both for-profit and nonprofit organizations, cloud software adoption has never been stronger. Estimates vary, but the most recent one suggests that 94% of enterprises use cloud-based products. That number is expected to increase, with fewer organizations relying upon site-based systems as the decade progresses.

As more and more local and municipal government software shifts to cloud-based solutions, what’s driving this change? And is cloud-based software the best choice for your local government accounting needs?

Benefits of Cloud Computing for Local Governments

More and

Although the research shows that nonprofits around the nation may still struggle, there’s also hope that nonprofits who can adapt and change, leveraging nonprofit software and unique communication and working methods, will see light at the end of the tunnel.

The Research: Effects on Various Sectors

The global pandemic disproportionately affected multiple sectors within the nonprofit world. Nonprofits that relied upon in-person events, such as tickets to live theater, music performances, and similar events found revenues down as local mandates forced them to close their venues. Other nonprofits, such as animal shelters and humane societies, found themselves welcoming many new

Is it time for local government accounting modernization?

Modernization sounds like a strange word to use when it comes to describing a local government initiative. But just like you may modernize your kitchen or bathroom, governments need to modernize their systems too.

Local government accounting modernization is more than a facelift. It may mean finally getting rid of the outdated wallpaper, but it also means upgrading the structure behind the scenes – perhaps adding additional outlets in the kitchen that can handle more appliances or a water connection to the refrigerator area for a built-in ice maker. Local governments choosing

When choosing public sector software, it’s vital to choose software that offers maximum security for sensitive data and systems.

The Department of Homeland Security requested a $2.6 billion cybersecurity budget for the fiscal year 2020-2021. The Federal Government is taking cybersecurity very seriously, and for good reason. This year alone, we've seen many bad actors. Over the past decade, we've seen systems containing defense contractors' information attacked, denial of service (DOS) attacks, and many other cyber threats against the federal government.

For local governments, the threat is just as real. Although you may think that your town or state

The best business ideas start with solving a problem. Twenty years ago, AccuFund had its beginnings in solving a business issue and grew into a software company focused on helping local governments and nonprofit organizations achieve their mission.

In 2001, AccuFund founder Gordon Holfelder and co-founder Peter Stam sensed a business opportunity printing checks for NASCAR race winners. At that time, businesses that wished to print their own checks needed not just unique software, but specialized printers and magnetic ink, too.

The duo came up with a system that incorporated all elements needed to print checks on the go and

If you are reading this blog article, like many other nonprofits, payroll management options are top of mind. As more and more nonprofits are moving towards managing payroll in-house, we wanted to compile our list of 7 Benefits of Managing Nonprofit Payroll In-House, to help you determine your priorities and next steps.

Before we dive into the day-to-day specific benefits of managing nonprofit payroll in-house, there are two big picture issues you will want to be mindful of:

• Be sure your payroll system understands your specific nonprofit needs, and
• Look for a payroll system that will continue to provide updates

From every corner of the world and including every community member, collectively, we are charged with operating under a new normal. Basic communication, friendly greetings, social interaction, making plans, helping others – everything we were accustomed to, is done differently now. With more caution, taking more precautions.

We are all trying to do our part in minimizing the spread of COVID-19, brought about by the novel coronavirus. Following reported safety measures to keep our friends, family, and community members safe during this challenging time is the least we can do.

The varying impact of this current health crisis has taken

By now you’ve probably heard about the changes coming with FASB ASU 2016-14.  The changes are significant and we’ve assembled a collection of resources to get you up to speed.

We have some concerns about what we’ve been hearing in the field:  responses to the question,  "How will you accomplish the new FASB ASU 2016-14 requirements?" 

There are four typical responses:  two of which are practical approaches, there’s one risky approach, and one troubling response.

Q:  How will you accomplish the new FASB ASU 2016-14 requirements?

Answer #1:  Use Excel Spreadsheets to Report

This is a risky course of action.

The deadlines for ASU 2016-14 are approaching.  Implementation of the standards will be disruptive – whether that disruption is minimal or acute will depend on how prepared you are and the capability of your nonprofit accounting solutions.

FASB ASU 2016-14: Here’s what’s changing for nonprofit organizations

Very simply put, the face or the presentation of your financials will be simplified.  Temporary and permanent restrictions will be combined into one column rather than being represented in two columns.  Enhanced disclosures should be relegated to the notes section of your financial statements.

For a more comprehensive treatment of the FASB ASU 2016-14

If you are currently evaluating nonprofit accounting software, chances are your old system is a legacy, on-premise, accounting solution. We define legacy as software that was developed prior to 2000 (Y2K). “On-premise” refers to where your software physically resides, for example, on a server in your organization’s office.

One of the things you probably have been tasked with, is looking at nonprofit cloud-based accounting solutions. There are many compelling reasons to consider a nonprofit cloud-based accounting solution (anytime, anywhere access; browser-based access; the ability to use PC or Mac or both; budget-friendly subscription pricing; and disruption-free upgrades to name

From fundamental ASU2016-14 FASB updates to company-specific software updates, equipping nonprofit organizations with the tools to improve reporting and financial management is top-of-mind for many, if not all, nonprofit executives and boards.

Personally speaking, when AccuFund makes enhancements to its products, you know 3 things for certain:

1. We are listening to our customers; what they need to help them improve the way they report, organize their data, work through their system, and overall manage their financials.
2. We are committed to the nonprofit and government marketplace we serve.
3. New enhancements set the stage for future enhancements.

With our

Never has there been a greater need for the services and support our nonprofits and local governments provide, in large cities and small towns, across the United States.

And at the same time, these nonprofits and local governments are challenged by the reality that funding is shrinking.

In order to persevere and continue providing for the communities they are charged with supporting, nonprofits and local governments need to maximize their technology, streamline their processes and provide their internal teams and stakeholders with the financial reporting needed to make informed decisions.

AccuFund is helping its customers meet this challenge head on

Many commercial accounting products have 2 elements - a natural account and a department - and this works fine for commercial entities.  In a nonprofit with multiple funding sources this quickly causes reporting issues.

We regularly work with nonprofits (NPOs) who use commercial accounting software and don’t understand why the software products designed specifically for NPOs offer more than 2 elements or dimensions in their account structures.

I was recently at a mid-sized NPO using a commercial product with two elements, a “Reporting Unit” (RU) and an object code or natural account element.  

So I asked them, what is