Fiscal Software

Fiscal software manages and records the day-to-day financial transactions of an organization, including expense management, revenue management, accounts receivable, accounts payable, and reporting and analytics. can perform several accounting and bookkeeping tasks. A complete accounting system keeps track of an organization’s assets, liabilities, revenues, and expenses. These transactions then populate the general ledger in real time, providing management with immediate access to real time, accurate financial data. With all of your financial data stored in one place, you can easily produce quarterly and annual financial statements, create robust reports and dashboards, and easily locate archived financial data. Depending on the software, users may have access to useful tools like invoicing, bill payment, payroll, and financial reporting.

Key features and benefits

• Centralized Storage – Software keeps your information in one place. You can quickly look up past payment information and easily complete bookkeeping.
• Automation – Depending on the fiscal software you choose, the program can add totals, compile statements, and generate invoices. These automated calculations can offer quicker and more accurate data than calculations done by hand.
• General Ledger – Modern accounting software is designed to allow both journal entries and automated subledger entries to automatically populate the general ledger.
• Accounts Payable and Accounts Receivable – A complete fiscal software solution can help organizations reduce redundant records, provide better budgeting and forecasting, and enable robust expense management.
• Integration – Fiscal software provides seamless integration into banking systems, enables more accurate audits, and keeps detailed tracking records of all assets and liabilities.
• Security – Built-in security, risk management, and audit controls protect organizations against fraud and unauthorized user access. These internal controls and separation of duties help organizations stay compliant with regulations.
• Cash Management – The cash management capabilities in fiscal software provide accurate cash positions by automatically reconciling cash transactions to bank statements.
• Reporting and Analytics – Reports and dashboards help finance leaders make sense of their organization’s financial health and allow users to drill down for more detailed information.

The benefits of accounting software include:

• User-Friendly Programming
• Enhanced Internal Controls
• Real-time and accurate data

Examples of Fiscal Software

• Quickbooks – QuickBooks offers multiple plans including QuickBooks Online and QuickBooks Enterprise Nonprofit. Features of these plans include tracking income and expenses, managing bills, running comprehensive reports, and managing cash flow. All plans include access to a QuickBooks support team, app integration, and mobile apps that allow you to work from anywhere.
• Microsoft Dynamics 365 Business Central – Dynamics Business Central is an enterprise resource planning—or ERP—program that helps small and mid-sized organizations manage day to day operations like accounting, project management, and risk management and compliance. Capabilities includes data security and protection, analytics, and automated processes.
• MIP Fund Accounting – MIP Fund Accounting helps nonprofits track and report individual funds from multiple sources. This software can help plan and manage budgets, maximize grants, manage HR, and produce reports and dashboards.
• Sage Intacct – Sage Intacct offers a core fund accounting solution with a general ledger and accounts payable automation, grant tracking and billing, automated nonprofit revenue recognition, and reporting and dashboards.