Fund Accounting Software

Get the best fund accounting software for your organization. Compare product reviews, pricing below. Read our buyer’s guide for more help.

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Abila MIP Fund Accounting is a configurable fund accounting solution that allows you to report and track information that is most important to you, your board and your supporters. To help you deliver on your mission, our…
Price Range
$ $ $ · ·
Platforms
Windows
Deployment
Hosted or Local
Blackbaud Financial Edge NXT is a total cloud accounting solution designed to meet the unique needs of nonprofits and government entities. Built on Blackbaud’s expertise and experience of over three decades, Blackbaud…
Price Range
$ $ $ · ·
Platforms
Web
Deployment
Hosted (cloud-based)
A modulated nonprofit accounting software solution for small to large organizations, and CPAs who support these organizations. Our nonprofit accounting solutions are used by The American Red Cross, Boys & Girls Club, Girl…
Price Range
$ $ · · ·
Starting Price
$1,999/user (one time)
Platforms
Windows
Deployment
Hosted or Local
Accounting software for non-profits, municipalities and other government agencies is the specialty of AccuFund. The AccuFund Accounting Suite is powerful, flexible and affordable financial reporting and accounting software…
Price Range
$ $ $ · ·
Platforms
Windows
Deployment
Hosted or Local
FastFund Nonprofit Software is a fully integrated fund accounting system designed by Certified Public Accountants. Affordable modules include General Ledger, Accounts Payable, Accounts Receivable, Cost Allocations, Payroll…
Price Range
$ $ · · ·
Starting Price
$85/month/user
Platforms
Web
Deployment
Hosted or Local
Empower your organization with fund accounting software that helps you focus resources on what’s most important. Built upon the stable and scalable foundation of Microsoft Dynamics NAV 2013, Serenic Navigator delivers new…
Price Range
$ $ $ $ ·
Starting Price
$16,000 (one time)
Platforms
Windows
Deployment
Hosted or Local
Your organization is used to making miracles happen. You work long hours and serve multiple constituencies with heroic efforts to be transparent and impactful. Don’t you deserve an accounting software package designed to give…
Price Range
$ $ $ · ·
Platforms
Web
Deployment
Hosted (cloud-based)
Fund accounting for nonprofits with a price tag that won’t break your budget. CenterPoint Fund Accounting Software for Nonprofits is a versatile and affordable fund accounting and payroll software system that gives you the…
Price Range
$ $ $ · ·
Platforms
Web, Windows
Deployment
Hosted (cloud-based)
Banyon Fund Accounting will help your organization become more efficient by enhancing your budget tracking & reporting capabilities. Our full featured base package includes: Payables, Receipts, General Ledger, Check Writing …
Price Range
$ $ $ · ·
Starting Price
$2,500 (one time)
Platforms
Windows
Deployment
Locally Installed
Aplos means “simple” in Greek, and that’s exactly what we’ve designed our software to be. With our Fund Accounting product you will be able to: Access your information from anywhere there is internet access; Set up your…
Price Range
$ $ · · ·
Platforms
Web
Deployment
Hosted (cloud-based)
NonProfit+ is business management software engineered with nonprofits in mind. Delivered on the powerful Acumatica platform, NonProfit+ brings a new level of functionality that empowers organizations to efficiently manage…
Price Range
$ $ $ $ ·
Starting Price
$585/month
Platforms
Web
Deployment
Hosted (cloud-based)
FUND E-Z fund accounting is properly designed and well organized. The system can be setup and activated in just minutes. It tracks funds, general ledger accounts and cost center departments with its 22 character account…
Price Range
$ $ · · ·
Platforms
Windows
Deployment
Locally Installed
CYMA Not-For-Profit (NFP) Not-For-Profit organizations need an accounting software package designed for the specific nature of the nonprofit industry. Since 1980, thousands of nonprofit clients have depended on CYMA…
Price Range
$ $ $ · ·
Platforms
Windows
Does your current consumer fund management solution offer the ease of being cloud-based? Do you need a subscription-based solution that is in line with your budget needs? Consumer Fund Management (CFM) is a cloudbased…
Platforms
Web
Deployment
Hosted (cloud-based)
Orange Leap On Demand is a unique web-based constituent and donation management solution for today’s non-profits. It automates the fundraising, marketing, communication and best practices by discarding traditional passive…
Price Range
$ $ $ · ·
Platforms
Web
Deployment
Hosted (cloud-based)
Sage Intacct is a web-based, SaaS accounting and financial management software system designed for use by small and mid-size organizations. Key benefits include: Automation of manual processes enabling faster delivery of…
Price Range
$ $ · · ·
Starting Price
$400/month/user
Platforms
Web
Deployment
Hosted (cloud-based)
Serenic’s grant management software, enables you to successfully compete for grants and awards to support your mission. AwardVision integrates with the Serenic Navigator financial management system, providing a single…
Platforms
Windows
BMSI Financial Software is designed for municipalities and educational organizations. It gives you the tools you need to take control of your finances. An incredibly affordable fund accounting system that meets all accounting…
Price Range
$ $ $ · ·
Platforms
Windows
Nonprofit Online is the only all-in-one solution for managing financials, grants, online fundraising and CRM in the cloud. With a complete online solution, you can access your applications from anywhere, immediately take…
Price Range
$ $ $ · ·
Platforms
Web
Deployment
Hosted (cloud-based)
Pro Fund Accounting business software is for small townships, medium-sized businesses, or even large county agencies. This easy to use Windows based software gives the ability to process all financial data by department…
Price Range
$ $ $ · ·
Platforms
Windows

We searched and searched, but we couldn’t find any products in our database that match your criteria. Perhaps our team of software experts can help? They’d be happy to provide a list of free fund accounting software recommendations that meet your exact requirements.

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Fund Accounting Software Buyer’s Guide

Is your software optimized for non-profit or government usage? If not, you may be missing an opportunity to lower costs and better meet your organizational goals. For the non-profit or public sector organization, success isn’t defined by generating profits. Accordingly, nonprofits and government entities use different accounting methods. A primary difference is the use of “funds.” A fund accounting software approach allows you the visibility into your financials to understand exactly how each dollar is spent. With improved financial clarity, you’ll be better equipped to lower operational costs and maximize the impact of each dollar.

This guide will help provide information on the following topics:

What Is Fund Accounting Software?

Fund accounting software is designed to enable improved allocation management of resources which have been designated for specific uses. Funds, in particular, are a special type of accounting entity which provides a self-balancing set of accounts allowing the reservation of cash and non-cash assets for specific purposes or activities. Fund accounting is most commonly used by nonprofits and government entities because these organizations need to track expenditures and balances across multiple funds and have them appropriated at certain times.

Key Features

Functionality Definition
Fund class designations Fund class designations allow the identification of different funds by type, such as restricted versus unrestricted, temporary versus permanent, or organizational versus custodial
Hierarchical fund management The ability to divide funds into smaller tracking segments and assign parent-child relationships allowing for more granular control of spending
Encumbrance management Encumbrance management allows for the reservation of funds for future spending commitments

Fund Accounting typically comes as a module in a complete accounting software and will have integrations with other complementary features to provide a full suite of accounting, such as:

Functionality Definition
Accounts payable Accounts payable software provides the ledger and related functionality for managing money owed by an organization
Accounts receivable Accounts receivable software provides the ledger and related functionality for managing money owed to an organization
General ledger General ledger software functionality provides the ledger and related functionality for providing a complete record of the financial activity of an organization, including transactional records and account structures

Benefits

Many claims can be made for the effectiveness of having a quality software. As someone who may be in a position to better their company or organization through the use of technology, it’s up to you to weed out what is generic “sales copy” that promises you the world, and what can be taken as factual, real-world experience from organizations just like you. Below are just a few of the most common benefits you hear about when speaking to companies who use fund accounting software:

  • The ability to demonstrate responsible financial stewardship and application of funds to their intended purpose is often a prerequisite for accessing or continuing to access grants or endowments
  • Using fund accounting to tracking restrictions on the usage of funds saves considerable time and labor costs compared to using for-profit oriented software which may require another layer of reporting to simulate these kinds of accounting controls
  • Time reductions enabled by fund accounting software usage can be turned into either payroll cost reductions or labor resources can be reapplied to tasks related to raising funds or delivering services
The heart of Nonprofits and Governments

A fund is essentially a unit of financial organization with a self-balancing set of accounts designed to record cash and other assets together with related balances and liabilities. Fund accounting software provides the ability to create financial statements and balances sheets for each fund.

The Advantage of Software Designed for the Industry

Just as there are accounting packages designed with the manufacturer or retailer in mind, software developers have created fund accounting software to meet the specific accounting requirements of nonprofit and government organizations. Using software geared for commercial operations can lead to a number of issues for nonprofits and government entities.

Many organizations will attempt to use departmentalization at the general ledger level to accommodate what could be more easily set up as fund accounting. After investing time to set this up, this approach may prove useful in tracking income and expenses, but it rarely provides the necessary controls in tracking assets and liabilities necessary for accurate balance sheets. While the profit motive may not be behind it in the case of nonprofits and government entities, every organization is looking to maximize their efficiency. Fund accounting software provides an accounting approach designed to eliminate time-intensive workarounds necessary to make standard commercial packages work.

Organizations who provide funding often require clear reports detailing how funds have been spent. Fund accounting software provides reports designed for this purpose. By improving your ability to document the impact of previous expenditures, you can help promote your ability to receive future funding.

Tighten Your Financial Management

Fund accounting software modules provide a number of inherent benefits. Donations, grants, and endowments are frequently provided to the non-profit organization with specific instructions on the usage of the funding. Tracking these financial assets in funds allows the non-profit organization to easily see how each dollar was spent. The results of failing to meet specific spending restrictions can have negative consequences, including discontinued funding.

The first step of meeting spending restrictions is knowing where every penny is allocated. For the government entity, GASB standards actually require that accounts are kept on a fund basis. Fund accounting software allows governments to track a variety of different funds including general/operations, special revenues, capital projects, debt services, permanent, fiduciary, and proprietary funds.

What Does Your Business Need?

Which Fund Accounting does your business need? You may just need a solution that can handle the management of funds/grants, or you may need a complete accounting system that includes the functionality, on top of other back-end accounting functionalities like accounts payable and a general ledger. Accounts Receivable is generally not as big of a staple in fund accounting software systems, as companies who use this type of software aren’t generally collecting invoices or recording profits in a way a traditional for-profit company would.

  • New buyers and small businesses: Fund accounting principles can be applied to any business including profit based businesses. However, most end-users of entry-level fund accounting solutions will be start-up nonprofits, churches, and very small municipalities or local government organizations who are just trying to track a particular grant. The organization that provided the grant most likely has strict guidelines for reporting and may audit the organization to ensure funds are being used accurately, and these type of organizations will need to find a solution that can track grants out of necessity.
  • Existing users desiring existing functionality: Users of fund accounting solutions that are looking to expand upon existing functionality will generally come to this conclusion for a number of reasons. It may start with a difficulty to perform audits. You also may lack the level of reporting or business intelligence you desire. As you deal with more and more funds, you’ll want strong IT support and security, which may not be offered with a basic package. These are all great reasons to take a deeper look into your software solution and see if it’s meeting not just today’s needs, but also tomorrows.
  • Large organizations: Larger organizations are already worried about their growing operations, and want to spend less time working with outdated systems. They also may have a handful of legal entities they are recording within their systems, or perhaps have dozens of programs, projects, locations, etc. all that have their own funds for various causes that need to be managed. Simply put, organizations with a lot of funds likely will have even more as continue to operate and will need a scalable solution to handle them.

Once figuring out what you need, you’ll need to explore the vast amount of available products. Again, this could be a nonprofit accounting software that has fund accounting included, or you may be looking for a stand-alone fund accounting solution that will work side by side your existing accounting solution.

Cougar Mountain Denali FUND+Accounting
  • Denali FUND+Accounting (pictured above) is Cougar Mountain’s answer to organizations in need of fund accounting. They allow you to easily create, modify, or remove fund for your organization, and the solution can operate as an all-in-one solution for any other financial needs you may have. They have been used by nonprofits such as the American Red Cross, the Boys & Girls Club, the YMCA, and a handful of government organizations large and small.
Araize FastFund Journal Entry
  • FastFund by Araize (pictured above) is a nonprofit software with strong fund accounting integrated inside, designed by CPAs. It markets itself as being a very affordable solution that provides the full accounting on top of fund accounting, such as a general ledger, accounts payable, payroll, and more.
Most Popular QuickBooks Replacement Products Among Non-Profit Organizations

In a recent study conducted by our company, we found that companies who were looking to replace QuickBooks and find a new nonprofit accounting solution were most likely to review the options listed above than any other nonprofit accounting solution.

Does QuickBooks Handle This?

Given the low cost of entry for QuickBooks, it’s one of the most popular solutions for organizations with tight budgets, which rings true for many nonprofits and government organizations.

QuickBooks advertises itself as being a viable solution for both nonprofits and government organizations who need accounting. They allow for automating of fund and program accounting, and customization to create lists of members/donors and track budget by programs or funds. QuickBooks does have nonprofit versions of their Desktop Enterprise solution, and a large community of QuickBooks users take to the internet to help each other save money with the software by giving tips and tricks on how to make the software work for them.

Some internet chatter feels QuickBooks falls short when it comes to “true” fund accounting, as what QuickBooks consists of is:

  1. Preparing an income statement for each fund
  2. Preparing a balance sheet for each fund

These are usually handled by using classes, which are a custom list you can create in the program. However, it seems to fall short in preparing a balance sheet for each fund. Although this problem can be remedied via a third-party add-on, or by tracking fund balances in a separate program such as Excel.

Fund accounting buyers replacing

QuickBooks does seem to have a smaller market share in fund accounting than other verticals. Our Fund Accounting Software Buyer Trends report found that only 20% of software buyers are replacing QuickBooks. That number is significantly lower than companies looking for general accounting software, where 35% of companies were found to be replacing QuickBooks.

Common Pain Points

  • Managing Multiple Grants and Dealing With Diverse Reporting Requirements. Some finance teams will deal with revenue for programs and services via different public and private grantors, all who have their own stipulations on how the money needs to be spent and recorded. This can make for a very confusing accounting process. A finance team at Carolina Family Health Centers manages this via fund accounting software by creating a structure to allocate and track grant money across multiple programs and fiscal years. This can be accomplished by categorizing programs and funding sources via segments, which allows for easier tracking and reporting in the long run.
  • Providing transparency. Most millennial donors want complete transparency of where their funds are going. A nonprofit that can effectively market its ability to show that your donated funds have been allocated to the appropriate expenditures will surely attract more youthful contributions.
  • No established dashboards to help make decision making easier. An Aberdeen study found that 28% of business managers need data to make decisions in under an hour, and 42% of managers need data to make a decision within a day. In order to provide visibility among the vast amount of reports separate employees may be dealing with, dashboards become the way to shift ad hoc reporting to real-time reporting.
Fund accounting software purchase motivations
  • Replacing outdated systems. Fund accounting software buyers are more likely to replace aged/dated systems. 37% of our sample in our recent buyer trends report reported “replace a dated” system as their search motivation. That’s 16 points higher than the average for all software categories. One could assume that companies using fund accounting systems (primarily nonprofits or government organizations) may often deal with tight budgets, and an attitude of “making do with what you have” can develop.
  • Difference between fund and grant management. Most businesses may use the terms interchangeably, but it may not be as simple as that. A grant is what a business would receive from the government, usually to complete a specific project they’ve received funding for. A fund is money that has been set aside for a specific expenditure. For example, your organization may be raising money to build a house. A donor may contribute money to your organization, but dictate that the money only is used to help build that house. That money would then be put into the appropriate fund, so the organization can only use that money for that purpose (and report it in the accounting as such).