9.0
Editor’s Rating:
Best Overall
Aplos: Reports Page
Aplos
  • All-in-one financial solution
  • Customize and export timely financial reports
  • All-in-one financial solution
8.9
Editor’s Rating:
Best for Nonprofits
Blackbaud Financial Edge NXT: Budget Page
Blackbaud Financial Edge NXT
  • Cloud accounting solution
  • Intuitive, reliable, and secure
  • Cloud accounting solution
8.8
Editor’s Rating:
Best for Governments
MIP Fund Accounting: MIP Cloud Dashboard
MIP Fund Accounting
  • Report and track information you want
  • Scalable solution
  • Collect donations from desktops, tablets, and mobile devices

For the non-profit or public sector organization, success isn’t defined by generating profits. Accordingly, nonprofits and government entities use different accounting methods than for-profit businesses. A fund accounting software offers visibility into your finances to better 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 every dollar.

Using our review methodology, we’ve compiled a list of popular fund accounting systems to help you find the best solution for you:

1 Aplos - Best Overall

Why We Chose It: Aplos is a true fund accounting software that allows you to apply contributions and gifts to specific funds or projects easily. Keep track of how close you are to reaching your goals, and provide better financial stewardship for your organization.

Unlike other accounting software solutions, Aplos is specifically created for the complexities of nonprofits and churches.

Aplos
★★★★★
★★★★★
(2)

Aplos: Reports Page
Aplos: Transactions Management Page
Aplos: Deposit/Payment Adding
Aplos: Funds and Accounts Page
Aplos: Accounts to Tag
Aplos: Reports
Aplos: Dashboard
What We Like
All-in-one financial solution
Customize and export timely financial reports
Easy for newly trained volunteers to learn
What We Don’t Like
Best suited for small to midsize; not enterprise
Limited invoice customization
Overview
Price Range: $$
Starting Price: $59/month
Client OS: Web
Deployment: Cloud Hosted

2 Blackbaud Financial Edge NXT - Most Comprehensive Reporting

Why We Chose It: Blackbaud Financial Edge NXT is a complete cloud-based accounting solution designed to meet the unique needs of nonprofits and government entities. Built on Blackbaud’s expertise and experience of over three decades, this fund accounting platform delivers all the tools your NPO needs to manage financial reporting, monitor and track program success, support fundraising efforts, and ensure overall integrity.

Intuitive, reliable, and secure, Blackbaud Financial Edge NXT can streamline financial processes at your nonprofit organization, so you can spend more time and resources to drive your mission forward. And it comes to you on one cloud platform that’s fast, secure, and always current.

Blackbaud Financial Edge NXT
★★★★★
★★★★★
(14)

Blackbaud Financial Edge NXT: Budget Page
Blackbaud Financial Edge NXT: File Preview
Blackbaud Financial Edge NXT: Analysis Page
Blackbaud Financial Edge NXT: Accounts Filter
Blackbaud Financial Edge NXT: Bank Account
Blackbaud Financial Edge NXT: BS Report
Blackbaud Financial Edge NXT: Project Record
Blackbaud Financial Edge NXT: Vendor Activity
What We Like
Cloud accounting solution
Comprehensive training resources
Modules for accounts payable, receivable, etc
What We Don’t Like
Custom reports are limited
Inability to drill-down on report line items
Overview
Price Range: $$$
Client OS: Web
Deployment: Cloud Hosted

3 MIP Fund Accounting - Most Customizable

Why We Chose It: MIP Fund Accounting exclusively serves the financial management and fund accounting needs for thousands of nonprofits and government agencies. In addition to positive user reviews, MIP has received the Campbell Award for several years in a row. This software is focused strictly on custom designs for your system to enable you to manage effectively, get timely information, streamline processes and provide strong controls.

MIP is a fully integrated system with comprehensive functionality including fund accounting, procurement, budgeting, payroll, human resources, timekeeping, fixed asset management, grant management, dashboards, and more. This flexible structure enables you to manage and report on multiple cost centers at the general ledger level including multiple organizations, funds, projects, grants, programs, departments, locations, etc.

MIP Fund Accounting
★★★★★
★★★★★
(9)

MIP Fund Accounting: MIP Cloud Dashboard
MIP Fund Accounting: Reporting
MIP Fund Accounting: Advanced Audit Features
MIP Fund Accounting: Internal Controls for User Rights
MIP Fund Accounting: Bank Reconciliation
MIP Fund Accounting: Multiple Budget Worksheets
What We Like
Collect donations from desktops, tablets, and mobile devices
Customizable Reports
Integrates well with other software
What We Don’t Like
Clunky design
Not very user-friendly
Weak reporting capabilities
Overview
Price Range: $$$
Client OS: Windows
Deployment: Cloud or On-Premises

4 FastFund - Best for Multi-Funded Organization Reporting

Why We Chose It: 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 and Fundraising.

Handles the complex reporting requirements of multi-funded organizations. Designed to maintain separate financial records for each program. User-definable chart of accounts to define funds, cost center and accounts. Powerful reporting capabilities produce custom reports to meet all your fiscal requirements including multi-year reports, budgets and reports that comply with FASB 116 and 117.

FastFund Accounting
★★★★★
★★★★★
(22)

FastFund Accounting: Overview of Revenue and Expenses
FastFund Accounting: Financial Data
FastFund Accounting: Budget Details
FastFund Accounting: Customizable Records
FastFund Accounting: Control Register
FastFund Accounting: Journal Entry
FastFund Accounting: Accounts Payable
What We Like
Contains general ledger, payroll, and more
Affordable for small organizations
Supports wide range of organizations
What We Don’t Like
Difficult for those without accounting background
Must log-in separately for different organizations
No native mobile app
Overview
Price Range: $$
Starting Price: $45/user/month
Client OS: Web
Deployment: Cloud or On-Premises

5 AccuFund - Most Economical for Nonprofits and Government Agencies

Why We Chose It: AccuFund Accounting Suite is specifically designed to meet the unique financial management and reporting needs of nonprofits, municipalities, and other government agencies. The software features an intuitive Windows interface across all modules, making it easier for new users to learn and use efficiently. Additional modules are available to customize the software for each organization.

Since AccuFund charges a one-time perpetual license fee, the total cost of ownership of AccuFund is typically lower than its competitors. This affordability is achieved through reasonably priced software, lower training costs due to its ease of use, and minimal hardware requirements, which reduce both initial investment and ongoing management costs

AccuFund Accounting Suite
★★★★★
★★★★★
(8)

AccuFund Accounting Suite: Dashboard
AccuFund Accounting Suite: Requisitions
What We Like
Intuitive for new users
Low hardware and training costs
Straightforward payroll module
What We Don’t Like
Exact pricing details unavailable without a consultation
Limited export functionality
Overview
Price Range: $$
Starting Price: $2,995 (perpetual license)
Client OS: Windows
Deployment: Cloud or On-Premises

6 Fund EZ - Best for Detailed Fund and Departmental Accounting

Why We Chose It: Fund EZ features a 22-character account number structure that efficiently tracks funds, general ledger accounts, and cost center departments, with all data flowing smoothly to the general ledger for auto-posting. There are detailed modules for accounts payable and receivable, allocations, client billing, fundraising, general ledger, and purchase orders. Each of these modules comes with a suite of features designed to streamline various accounting tasks, such as managing vendors and clients, tracking donations, recording transactions, and creating detailed financial reports.


Fund EZ: Chart of Accounts
Fund EZ: Mapping
What We Like
Offers a customizable chart of accounts
Cloud-based platform allows remote access
Flexible data filtering and exporting (Excel, tab-delimited)
What We Don’t Like
Exact pricing details not provided by the developer
Limited built-in help options
Customizing reports is challenging
Overview
Price Range: $$
Client OS: Windows
Deployment: On-Premises

7 Sage Intacct - Best for GAAP Compliance

Why We Chose It: Sage Intacct is a GAAP-compliant financial management software system. This highly scalable system can support multi-entity operations, making it a valuable choice for larger nonprofits and government organizations.

Sage Intacct offers a wide array of core accounting applications, including general ledger, accounts payable and receivable, cash management, and order management. Additional functionalities such as built-in dashboards, real-time reporting, and revenue management, make it an ideal choice for organizations needing advanced financial management capabilities.

Sage Intacct
★★★★★
★★★★★
(46)

Sage Intacct: CFO Dashboard
Sage Intacct: Executive Dashboard
Sage Intacct: Contract Journal Balances
Sage Intacct: Project Financial Summary
What We Like
Multidimensional reporting capabilities
Scalability for multi-entity support and user growth
Simple and responsive user interface
What We Don’t Like
Budgeting and interactive reporting cost extra
Limited non-financial functionalities
Volume exports can be difficult
Overview
Price Range: $$$
Starting Price: $8,580/year
Client OS: Web
Deployment: Cloud Hosted

8 VADAR Cloud - Best Tax Collection System

Why We Chose It: We picked VADAR Fund Accounting because it’s a good option for small to mid-sized municipalities managing property, sales, and local taxes or fees. The software provides customizable tax collection tools within its Receivable and Property Tax Suite. It simplifies tax payments and billing online, ensuring a transparent process with full audit trails for every transaction.

VADAR offers an integrated design where tax collection is woven into the fund accounting software. This integration allows for data imports from assessment databases, easy tax bill creation, and management of property assessments and taxable values. The system also handles delinquent taxes, making it a full-fledged solution for tax collection needs.

Best Tax Collection System:
VADAR Cloud
★★★★★
★★★★★
(3)

VADAR Cloud: VADAR Cloud Utility Billing Details
VADAR Cloud: VADAR Cloud Account Search
VADAR Cloud: VADAR Cloud Parcel Dashboard
What We Like
Secure cloud-based infrastructure
Competitively priced
Industry specific government features
What We Don’t Like
Not designed for large cities
Overview
Deployment: Cloud Hosted

9 Fundamentals - Best for Microsoft Dynamics Integration

Why We Chose It Fundamentals is powered by Microsoft Dynamics 365 Business Central and a fund accounting software built for nonprofits and governments. It is cloud-based making it a top choice for users that want to use the software at any time on any device.

Fundamentals offers functionality that is true to what nonprofits and governments need. Key functionalities include real-time fund allocation, comprehensive audit trails, multi-currency and multi-bank account management, and detailed budgetary controls. The software offers capabilities for managing multiple companies, currencies, and consolidation alongside robust reporting features compliant with FASB/GASB standards. Additional features include grant management, general ledger customization, inventory tracking, and project management, with optional advanced and team apps for expanded functionality.

Fundamentals
★★★★★
★★★★★
(1)

Fundamentals: Real-time Analysis and Budget Controls
Fundamentals: Fundamentals Microsoft Integration
Fundamentals: Built-In Excel and Pivot Table Analysis
Fundamentals: Fund Balancing with Allocations
Fundamentals: Electronic Approvals and Budget Checking
Fundamentals: Tablet View
Fundamentals: Mobile View
What We Like
Integrates with payroll solutions
Developer makes regular updates based on user feedback
What We Don’t Like
Requires Microsoft Dynamics 365 Business Central
Overview
Price Range: $$$
Starting Price: $2,040/user/year
Client OS: Web
Deployment: Cloud Hosted

10 QuickBooks Online - Best for All Accounting

Why We Chose It QuickBooks Online is a full accounting software that provides some fund accounting functionality. It includes extra features such as sales and expense tracking, estimate creation, customer management, receipt organization, tax deduction maximization, and invoicing and payment acceptance. The low starting cost makes it affordable even for nonprofit organizations. However, it does lack some of the more industry-specific features of other fund accounting solutions.

QuickBooks Online
★★★★★
★★★★★
(75)

QuickBooks Online: Sales Dashboard
QuickBooks Online: Find an Accountant
QuickBooks Online: Track Mileleage
QuickBooks Online: Mobile Cash Flow
QuickBooks Online: Bank Reconciliation
QuickBooks Online: Dashboard
QuickBooks Online: Mobile Dashboard
QuickBooks Online: Customers
QuickBooks Online: Mobile Shortcuts
QuickBooks Online: Create Invoice
QuickBooks Online: Sales Vendors
QuickBooks Online: Bill Pay
QuickBooks Online: Banking
QuickBooks Online: Expense Dashboard
QuickBooks Online: Payroll Dashboard
What We Like
Customizable invoicing
Extensive pre-built and custom reports
Automatic exchange rates
What We Don’t Like
Comparatively expensive
Few industry-specific features
Limited users per plan
Overview
Price Range: $
Starting Price: $30/month
Client OS: Web
Deployment: Cloud Hosted

What is Fund Accounting Software?

Fund accounting software is designed to enable improved allocation management of resources that have been designated for specific uses. A common application found within nonprofit accounting software, funds are a special type of accounting entity that provides a self-balancing set of accounts allowing the reservation of cash and non-cash assets for specific purposes or activities.

Nonprofits and government entities most commonly use fund accounting because these organizations need to track expenditures and balances across multiple funds. Software automates these processes so these organizations can focus on other work instead of getting bogged down by bookkeeping.

Cougar Mountain Denali FUND+Accounting
Denali Fund Accounting software offers NPOs a way to easily create, modify, and remove funds for an organization.

What are the Features of Fund Accounting Software?

  • Fund management: Gain a complete overview of your organizations financial data, from cash flow to incoming donations and grants
  • Donation tracking and management: Keep tabs of donations and manage how those funds are allocated
  • Financial reporting: Create comprehensive reports on all company spending and analyze patterns on a quarterly or annual basis
  • 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
Araize FastFund Journal Entry
FastFundis a nonprofit software designed by CPAs for strong accounting services.

What are the Benefits of Fund Accounting Software?

A few of the most common benefits companies experience when utilizing fund accounting software include:

Track Expenditures to Fund Sources

To start, a fund is 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 automated ability to create financial statements and balance sheets for each fund.

Organizations providing funds often require clear reports detailing how the money has been spent. Fund accounting software can create detailed 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.

Industry-Specific Applications for NPO Operations

Just as there are accounting packages designed with manufacturers or retailers 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 for-profit operations can lead to a number of issues for nonprofits and government entities.

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.

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 to meeting spending restrictions is knowing where every penny is allocated. For any 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.

Aplos Fund Accounting Software
Aplos reports show details on income statements, balance sheets, and more.

How Much Does Fund Accounting Software Cost?

Since fund accounting software is generally aimed at nonprofit and government organizations, the costs tend to be lower than full accounting solutions. There are even free fund accounting solutions available, though these are primarily for small nonprofits and have limited functionality compared to paid products.

Monthly SaaS plans tend to begin around $10 per month for multiple users and can reach up to $170 per user per month. One-time perpetual license fees start at $2,000 and go up to $16,000.

CenterPoint Fund Accounting
CenterPoint Fund Accounting software is popular with mid-market and small businesses, but can be used by enterprise level organizations as well.

Is QuickBooks a Fund Accounting Software Alternative?

QuickBooks is one of the most popular solutions for organizations with tight budgets, which rings true for many nonprofits and government organizations. QuickBooks does have nonprofit versions of their Desktop Enterprise solution, automating of fund and program accounting, and customization to create lists of members/donors and track budget by programs or funds.

Most Popular QuickBooks Replacement Products Among Non-Profit Organizations

It’s important to note our recent study found many companies looking to replace QuickBooks and find a new nonprofit accounting solution were more likely to review the options listed above than any other nonprofit accounting solution.

The reason? 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
Fund Accounting Buyers Replacing QuickBooks
Many nonprofits and government organizations have opted to replace QuickBooks as their fund accounting software.
  • Adopt cloud-based systems. Many government and nonprofit organizations operate with strict budgets and adopt “make do with what you have” ideologies, resulting in aged/dated systems. Yet 37% of potential buyers wanted to “replace a dated” system with new web-based fund accounting software.
  • Separate fund and grant management. Most for-profit businesses may use the terms “fund” and “grant” interchangeably, but it’s not as simple as that for nonprofits. A grant is what a business would receive from the government while a fund is other money that has been set aside for a specific expenditure. Fund accounting software can keep the two types of funding separate.
  • Provide transparency. Most millennial donors want complete transparency of where their charitable funds are going and how they address specific needs of an organization. A nonprofit with software can effectively show where donated funds have been allocated to attract and retain more contributors.
  • 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
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