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ToolboxFASB ThumbnailAdobeStock 59589297By 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

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FASB blog thumbnailThe 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

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UpgradeImageBLOGAdobeStock 177368477SMALLFrom 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

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AccuSUM2017 COLOR VNever 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

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DueDiligenceImage BlogDUE DILIGENCE IN A RAPIDLY CHANGING NONPROFIT SOFTWARE MARKET

When organizations are closing in on the purchase of nonprofit accounting software, they generally take the time to call references.  Talking to other people who use the software is common and smart practice.  

People who are living

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BlogImage ChangeAgent smallWhen mapping the direction and strategy of your nonprofit, the ultimate goal is always mission fulfillment.  But are there habits and processes that need to change in order to see dramatic improvement?  

Are there change agents within the organization that have pointed to areas of deficiency who

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Survey Says! Opportunities Abound for Organizations to Improve Endowment Management

AccuFund recently commissioned publisher Nonprofit PRO to survey its readers (nonprofit finance professionals and top organization management) to benchmark the methods used to manage endowment accounting.  With 272 endowment professionals responding, the vast majority of organizations (83%) manage endowments less than $100 million.

Opportunities Abound!

In spite of endowment management solutions available, only a small percentage of organizations (9.5%) are using one.  Rather, 35.5% are reliant on entry-level solutions requiring manual intervention and 55% are using an exorbitant system. The alarmingly high number of respondents (90.5%) using inefficient systems ultimately prevents their organization from effectively managing their endowments. The opportunity for improvement is enormous!
•    9.5% of respondents use in-house or cloud-based endowment management software
•    35.5% indicate using Excel or QuickBooks
•    55% use the organization’s accounting system or a third party investment advisor
Trending Towards Transparency!  As the trend continues to move towards increased organizational transparency, reporting is a critical component that, when using an endowment-specific management solution, enables organizations to communicate efficiently and efficiently with all appropriate parties.

It’s an exciting time.  Join the Endowment Management Movement!

The 2015-2016 Endowment Accounting Insights & Analysis Survey sought information central to endowment accounting management, including the frequency of fund statement reports, the systems used to manage finances, and specific software features used to manage endowments.  Learn more…view the entire 2015-2016 Endowment Accounting Insights & Analysis Survey Infographic.

Your staff is on edge.  You’re exhausted and stressed.  The only thing you can think about is getting through month-end.  

If that sounds familiar, read on, because while it’s not unusual for us to come across nonprofit accountants who experience the professional equivalent of going under house arrest during period-end closes; it is completely unnecessary.

Painful closings are a symptom of inadequate accounting systems.  Inadequate systems make your life harder, not easier. 

Beyond the monthly pain inflicted by inadequate accounting systems, the time chewed up by closing activities delays critical fund information getting into the hands of your organization’s managers.  Those delays could contribute to less than optimal use of funds.

What if you could cut the time it takes to do you period-end close in half?  What would that mean for staff morale?  What would that mean for your sanity?

What we see when we implement the AccuFund Accounting Suite for nonprofits is enormous relief followed by increased efficiency followed by increased innovation.

Accounting teams are relieved and excited to see the impact of AccuFund Accounting Suite.  Organizations report that it’s easy to use, cuts down of the time necessary for period-end closing and, perhaps best of all, greatly reduces the number of manual activities the team had done in the past.

The benefits of AccuFund Accounting Suite are also felt beyond the Accounting department.  Period-end closing no longer delay getting monthly reports into the hands of management.  Many of the organizations we work with take advantage of query licenses, which give non-accounting staff access to their own reports and budgets – directly from the system.  

There are many challenges that a nonprofit faces, however, long, painful period-end closings does not have to be among them.

Implementing best practices is the gift that keeps on giving.  Best practices incorporated into the workflow of your nonprofit system helps you work smarter and usually faster that makeshift manual activities.

When best practices are combined with automation and offer a significant savings in

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AccuFund has been working for many years with some large non-profits and foundations that require endowment accounting capabilities.  Our Allocation Management module was developed for two specific purposes, allocating indirect costs for grant-funded organizations and nonprofits with endowments that need to allocate income and expenses to named funds.  Our first endowment client started using AccuFund in 2004 and they continue to use it successfully today. 

We have added a number of endowment organizations, both foundations and other nonprofits with endowments.  We decided that this should become a focused market for AccuFund.  We have an excellent solution for Foundations that includes solutions for their special endowment management needs as well as a full accounting suite to run the entire foundation. 

Learn more about AccuFund Endowment Suite.   

Cloud Computing is at the top of the list for almost all organizations looking for their next fund accounting and donor management and fundraising systems – and for good reason. Cloud computing is the most revolutionary technology development since application software (once only available for mainframe computers) became available for personal computers and landed on the desktops of end users.

There are several hugely compelling aspects to cloud computing – in many cases it comes with:

  • a lower cost of ownership
  • significantly faster implementation
  • full feature sets
  • hassle-free upgrades
  • enhanced security, up time, and disaster recovery
  • can be available anytime, anywhere on a variety of devices.

But what is it? In a cloud computing environment, your software solution is hosted 'in the cloud' and access via the web, rather than on a server (owned by you) that is housed at your location (on premise).

Chances are you began using cloud computing before you were aware of it. The first book you ordered from amazon.com was done via the cloud. If you pay your bills through online banking, you're operating in the cloud. Every song on your iPod or iPhone was a download from the cloud.

Now you can run your nonprofit business solutions from the cloud – fund accounting, fundraising, donor database, email, payment processing, etc.

At AccuFund, we provide nonprofits with fund accounting and fundraising solutions that can be hosted on premise or from the cloud. Whichever technology you prefer, we can accommodate.

While making a wise choice with regard to what technology best suits your organization, it's far more important that your choice of solutions is developed with nonprofit organizations in mind. Commercial accounting solutions don't work well for nonprofits, because they're not designed to collect and organize your data and provide the reporting output your organization requires.