2014 Review of Araize FastFund Nonprofit Accounting

Best Fit:  In business since 1985, FastFund Nonprofit Accounting uses SaaS technology to provide small to medium nonprofits with an accessible, affordable, fully integrated nonprofit software product.      

Product Strengths

  • Easy-to-navigate program
  • Excellent help system and free product support
  • Designed by CPAs
  • Excellent budget capability
  • Fundraising and payroll modules available

Potential Weaknesses

  • Product is only available as SaaS
  • Rapidly growing nonprofits could outgrow product (I disagree, since you state in the first paragraph “making it a good fit for smaller nonprofits looking for a product that also offers room to grow.”    While our FastFund Online has attracted more smaller nonprofits because of the low cost of entry, our largest client has an operating budget of over $12,000,000 and our average user’s budget is around $2,000,000.


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Full Review:

BASIC SYSTEM FUNCTIONS - 4.75 Stars

Designed by CPAs, FastFund Nonprofit Accounting is available in both Basic and Premium editions, making it a good fit for smaller nonprofits looking for a product that also offers room to grow.  FastFund Nonprofit Accounting can be used with Windows or Mac Operating systems, and all data is secured and saved on SOC-1 compliant Rackspace servers, eliminating the need for costly hardware.

FastFund Accounting offers users an easily navigatable user interface, with users able to click between the accounting and the fundraising modules.  A menu bar at the top of the screen offers navigation between system functions such as Dashboard, Lists, Transactions, Cost Allocations, Utilities, Reports, Administration, and a User’s Guide.  A series of system icons are located on the main navigation screen, divided into four sections: Cash, Receivables, Payables, and Accounting.  A drop down arrow allows users to choose which module they wish to access: Accounting, Fundraising, or Payroll, with users able to click back and forth between multiple modules. 

Lookup screens are available throughout the system, and the accounting module in the Basic version offers Cash Receipts, Cash Disbursements, Print Checks, Bank Reconciliations, Budgeting, Project Accounting, Customized Reports, and an Audit Trail.  The Premium version contains all basic level functions as well as AR, AP, and Cost Allocations, or users can choose to purchase each of these options separately.  Those with minimal needs can choose the basic edition of FastFund Nonprofit Accounting and transition to the premium version when needed. 

CORE NFP/FUND ACCOUNTING CAPABILITIES - 4.75 Stars

FastFund Nonprofit Accounting offers a user-defined chart of accounts based on a table-driven structure.  Up to six segments can be utilized, making it easy to track program and grant activity.  FastFund Nonprofit Accounting displays all available transaction types available, including cash receipts, cash disbursements, recurring journal entries and automatic reversing entries.  T

he budgeting function allows users to create separate budgets for each department as needed.  Users can also create custom budgets for each program or grant that is currently managed, with the ability to create multiple budgets for each fiscal year.  Budget totals can be imported from third-party software products and exported to spreadsheet programs for further customization.  Completed budgets can also be locked to prevent unauthorized editing. 

The user defined chart of accounts structure gives users the freedom to create a grant reporting structure that is well suited to the organization’s needs.    Each fund created in the system contains a Due to/From function that ensures smooth interfund balancing.  FastFund Nonprofit also allows users to close out year-end by fund, so users can manage multiple funds, grants, and fiscal years.  FastFund Nonprofit Accounting contains thorough audit trail functionality, with a record of every transaction entered, deleted, or edited tracked in the system. 

Users can generate a detailed audit report that contains a record of all system transactions.   Using SaaS technology, users can access the system from anywhere with an Internet connection.  The AR module provides users with the ability to email bills or statements to clients when needed, and it can integrate with third party applications if necessary 

MANAGEMENT FEATURES - 4.25 Stars

The Dashboard feature provides users with the ability to quickly access notifications, upcoming recurring transactions, and unposted transactions, giving users a quick view of upcoming activity.   Users can make accurate budget forecasts by using the budget grid, which allows users to get a comprehensive look at a complete annual budget, with expenses allocated accordingly. 

Users can choose to use prior year totals to enter new budget figures or make a revision to an existing budget as needed.  All prior budgets are saved in the system for future reference.  Budgets can be created for multiple fiscal years.  All system users are assigned a login and password for system access, with users added to a group or given individual user permissions.  The Project tracking feature allows users to track all program or grant data, including project manager details, date project started, and any revenues or expenses attached to that program or grant.  Users can print the Client Balance Due report to access all past due account balances. 

The separate fundraising module easily tracks all donations and receipts, pledges, in-kind donations, and creates both a transaction history and pledge reminders for those with past due pledge amounts.  The system also allows users to attach a donation to a specific activity such as an annual appeal.  FastFund Nonprofit Accounting also tracks detailed donor data such as organizational affiliation, historical giving activity, and provides an area for notes. 

FastFund’s Entity management allows you to create one entity for individuals and organizagtions that is shared across the accounting, fund raising and payroll applications, so only one record exists for every individual and company you do business with.  Third party options for ACH payment processing, Credit Card payment processing, and bulk email integration are also available. 

FINANCIAL STATEMENTS & REPORTS - 4.75 Stars

FastFund Nonprofit Accounting contains built-in report writer capability.  Reports are listed by category, with users able to arrow over to view reports available within each category.  All user defined templates for client billing, balance due statements and donor receipts  can be custom designed with organization logos.  Users can also customize reports based on audience, so Board reports would look different from generally distributed reports.  Nonprofit specific reports available in FastFund Nonprofit Accounting include Statement of Financial Position, Statement of Activities, Statement of Activities and Changes to Net Assets and Fund Balance reports. 

Each fund, program, or grant entered into the system is tracked individually, so each grant will have its own set of income and expense reports available.  Drill down capability exists from all source journals and the general ledger activity report.   All reports can be exported to a CSV file, PDF, HTML, or Excel, and reports can be customized with specific columns added or eliminated when printing reports.    

INTEGRATION/IMPORT/EXPORT - 4.75 Stars

Using the Data Imports or Data Exports functions, users can import budgets, clients, vendors, or other names as needed.  Users can also export that same data when needed.   FastFund is a completely integrated system, with all modules designed to work together.  Accountants can access client data from anywhere using an authorized login and password. 

HELP/SUPPORT - 5 Stars

FastFund Nonprofit Accounting offers users an excellent user guide that provides details on all system functions.  All data downloads are available by logging into the Araize website, and can be downloaded at any time.  All  users receive free system support, with support included in the monthly software access fee.  Araize provides free weekly training webinars for all FastFund applications.  These webinars are being compiled in Araize’s You Tube channel for user training and review. 

SUMMARY & PRICING

An excellent product for small to mid-sized nonprofit organizations, Araize FastFund Nonprofit Accounting provides excellent accounting and fundraising capability at an affordable price.  Only available online, FastFund Nonprofit Accounting starts at $35.00 per  month.  The premium version is available for $75.00 per  month, and the addition of the fundraising software is $35.00.  Users also have the option to purchase accounting modules and a multi-user license separately.    

Best Fit:  In business since 1985, FastFund Nonprofit Accounting uses SaaS technology to provide small to medium nonprofits with an accessible, affordable, fully integrated nonprofit software product.      

Product Strengths

  • Easy-to-navigate program
  • Excellent help system and free product support
  • Designed by CPAs
  • Excellent budget capability
  • Fundraising and payroll modules available

Potential Weaknesses

  • Product is only available as SaaS
  • Rapidly growing nonprofits could outgrow product (I disagree, since you state in the first paragraph “making it a good fit for smaller nonprofits looking for a product that also offers room to grow.”    While our FastFund Online has attracted more smaller nonprofits because of the low cost of entry, our largest client has an operating budget of over $12,000,000 and our average user’s budget is around $2,000,000.

2014 Overall Rating: 4.75 Stars

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