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Accounting & Audit

2020 Review of AccuFund Accounting Suite

AccuFund

AccuFund Accounting Suite 

AccuFund Inc.

877-872-2228

www.accufund.com

From the April 2020 reviews of nonprofit accounting systems.

AccuFund Accounting Suite is a modular accounting suite well suited for mid-sized nonprofit organizations and government agencies. Available as an on-premise application as well as on the cloud, AccuFund Accounting Suite allows nonprofits to purchase the modules they need and add others if necessary. 

AccuFund Accounting Suite includes a customizable G/L structure that supports up to 255 alpha-numeric characters, with up to 99 segments or elements available. Users can determine the structure they wish to use during the application setup process or opt to use the default chart of accounts that is included in the application.

The latest version of AccuFund Accounting Suite includes a variety of system enhancements and additions including the addition of the Automation Workbench, which automates tasks using data stored in modules. Also new is the Employee Portal, which offers access to additional system modules such as Requisitions, Work Orders, and Dashboards. The Dashboard component has also been updated, with key calculations added.

AccuFund supports multiple year-end closing, enabling users to manage a variety of programs and their related budgets. The application supports multiple transactions including standard accounting activity such as bill payment and cash receipts, along with complete budgeting, including budget revisions, access to a complete budget history, and the ability to create budgets at any level. Users can also enter encumbrances, allocate funds, process credits and overpayments, and pay vendors electronically if desired.

Version6Graphics2017[1]AccuFund Accounting Suite offers easy integration with Salesforce for good donor tracking and constituent/supporter management. The optional Grants Management module allows users to track all grant data in detail from initial submission to report due dates. The Allocations Management module allows users to distribute revenues to the appropriate general ledger account, with both amount-based and rate-based allocations available. The application also includes a Due-to/Due-from feature, that helps to ensure that all accounts remain in balance.

AccuFund Accounting Suite offers multi-level security, with access granted based on the employee’s position within the organization, making it easy to ensure that only authorized users have access to confidential details such as credit card numbers and payroll information.

AccuFund Accounting Suite includes excellent reporting options, with a Financial Report Writer available. Report templates are included, with the ability to customize the templates as needed. The application also includes nonprofit specific reports such as the Statement of Cash Flows, along with a combined balance sheet and trial balance.

Users can also opt to use the Report/Forms Designer module which includes additional report templates. All AccuFund Accounting Suite reports can be reviewed on screen, printed, emailed directly to recipients, or exported to Microsoft Excel or as a CSV file for additional customization. In addition, reports can also be saved as a PDF or HTML file.

AccuFund’s core system includes complete general ledger for tracking all financial activity, along with A/P, A/R, Cash Receipts, Bank Reconciliation, and a Dashboard feature that is completely customizable. Add-on modules include A/R with Inventory, Fixed Assets, Requisitions, Client Invoicing, Program Management, Purchasing with Inventory, Travel Management, Budget Development, Client Accounting, Representative Payee, and a complete Payroll Suite, including HR, an employee portal, time sheet entry, and tax management capability. The optional Grants Management module can track all grant-related data including contacts, contracts, and due dates, while the Allocation Management module lets users allocate expenses properly, perform account reconciliations, and create and distribute budgets when necessary. All modules integrate seamlessly, with users able to import data from third-party applications as well.

AccuFund offers a good variety of help and support resources online, with users able to access a searchable knowledgebase and support ticketing system, with both requiring a password to access. Other resources available include white papers, on-demand and live webinars, videos, and case studies. Support is typically handled through resellers, though users can also contact AccuFund during regular business hours with support issues. An annual support contract can also be purchased, with costs based on the annual software cost, with the contract covering product maintenance, system upgrades and enhancements, and toll-free support.

AccuFund is best suited for mid-sized nonprofit organizations and government entities that are in the market for a modular system that can manage multiple funds and programs. Available as an on-premise application, or on the cloud, users can purchase the modules they need, and add others at a later time. Product purchasing and implementation is typically handled by authorized resellers, including product installation, data conversion, and employee training. Pricing for AccuFund depends on the modules purchased, the number of system users, and the deployment method chosen, with complete pricing available directly from AccuFund or area resellers.

2020 Rating – 5 Stars

Strengths:

·        Modular structure

·         Cloud or on-premise deployment offered

·         Includes a complete Payroll Suite

·         Automation Workbench feature

Potential Limitations:

·         Not suitable for smaller organizations

·         Product support must be purchased separately