Fund Accounting vs. True Fund Accounting™

FUND ACCOUNTING VS.
TRUE FUND ACCOUNTING™

Many accounting software providers claim to meet the needs of nonprofit financial professional with a fund accounting solution, but are they offering TRUE fund accounting™?

Here is a side-by-side comparison that clearly illustrates the vast differences between those other offerings and true fund accounting™ software.
Below are comparisons that clearly illustrate the vast differences between those other offerings and true fund accounting™ software.
FUND ACCOUNTING
SOFTWARE
TRUE FUND ACCOUNTING™ SOFTWARE
FUND ACCOUNTING SOFTWARE: Designed as for-profit accounting software, repurposed for nonprofits.
TRUE FUND ACCOUNTING™ SOFTWARE: Designed and purpose-built from the ground up for the reporting and coding complexities of the nonprofit and municipal accounting worlds.
FUND ACCOUNTING SOFTWARE: Can’t accommodate a nonprofit’s special tracking and reporting needs with fixed fiscal periods and linear chart of accounts.
TRUE FUND ACCOUNTING™ SOFTWARE: Keeps track of the complexities of multiple donation and grant sources spread over numerous projects and with varying fiscal periods and a multidimensional chart of accounts. All of these features allow you to easily accommodate new grants and funding sources, as well as report out the granularity grantors require.
FUND ACCOUNTING SOFTWARE: Post-implementation support is hard to access, and personnel are often unfamiliar with nonprofit and municipal accounting needs.
TRUE FUND ACCOUNTING™ SOFTWARE: Seasoned support, development, and implementation consultants who only work with nonprofit and municipal organizations, day in and day out.
FUND ACCOUNTING SOFTWARE: Creating reports for board members and grantors requires external cross-reference spreadsheets and hours of staff time to meticulously cross-reference various charts.
TRUE FUND ACCOUNTING™ SOFTWARE: Provides sophisticated, audit-level reports for seasoned professionals and auditors, as well as charts and key performance indicators for less accounting-savvy audiences. Can easily generate reports with integrated custom reporting, whether for a single funding source or a particular kind of grant.
FUND ACCOUNTING SOFTWARE: Requires time-consuming manual input of data from other systems, like program management, fundraising, or HR, which means greater opportunity for errors and more costly audits.
TRUE FUND ACCOUNTING™ SOFTWARE: Import and open API capabilities allow uploading of complex spreadsheets from multiple programs directly, reducing chances for error.