Welcome to our two-part series on GASB 103: Financial Model Improvements. In our first article, we provided an overview of it with an emphasis on its impact on budgetary comparisons. In this article, we’ll look at the changes to proprietary fund reporting.

But first, if you are new to GASB 103, here’s an overview of the Statement.

What Is GASB 103?

Governmental Accounting Standards Board Statement No. 103 (GASB 103) is a new Statement issued to address financial reporting model improvements. It was issued in April 2024 and takes effect for fiscal years beginning June 15, 2025. Local

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

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

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

Many government and public sector agencies struggle with outdated or siloed systems. Such systems are no longer merely inefficient; they're frustrating for both employees and citizens trying to use them.Everyone interacts with modern systems and expects government systems to behave the same way as their favorite consumer platforms. Unfortunately, many governments lag when it comes to integrated systems, efficiencies, and modern platforms.

Government ERP, also called public sector ERP, offers a solution to this common problem. ERP stands for ‘enterprise resource planning’ system. In this ultimate guide to government and public sector ERPs, you’ll learn what ERPs are and

A Guide for Agencies, Nonprofits, and Governments

Shifting demographic and societal patterns are both contributing to an anticipated increase in the need for representative payee services. According to the Social Security Administration, the number of payee clients is expected to increase significantly. Of course, some of these clients will have family or friends care for them. But some will need a reliable and proficient representative payee service.

Is your organization or agency ready to serve them? We’ve put together the following overview to help you prepare for this anticipated increase. Now is the time to review your procedures, improve efficiencies,

In the realm of government operations, efficiency and transparency are top priorities. This holds true not only for government employees, but also for the constituents they serve. That's where the introduction of a web pay portal comes into play, revolutionizing financial management in the public sector. With this technological advancement, both government employees and constituents can experience a win-win.

By leveraging a fully integrated web pay portal – a key component of your accounting system -– government employees can streamline their financial tasks, easing the burden of administrative work and enabling them to focus on their core responsibilities. Payments are

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

Regarding budgeting basics, government entities have much in common with their corporate counterparts. One thing in common is the struggle for collaboration and communication on budgetary issues. Every organization, big or small, struggles to collaborate on budgetary issues and communicate pertinent information to make the budgeting process go more smoothly.

These techniques can enhance collaboration and communication while developing, refining, and approving budgets. If you're working on a budget for a government entity, these techniques can help you move from draft to approved, enhancing your ability to work with colleagues, ensuring essential budgetary items are included, and creating a productive

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

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

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

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