The purpose of your average accounting software package is to track cash management, and ultimately profit and loss of the organization. Local governments do not specifically have a purpose of generating profit, but need to track the amount of cash assigned to different purposes, and how that cash is/was used.
Small local governments sometimes “cobble” together accounting systems using low-cost software packages that aren’t suitable for fund accounting – on the advice of local business people that aren’t well versed in public accounting rules. The end result, which at first seems easy on the pocketbook, is heavy on the manpower hour costs to keep fund income and expenditures separated.
These packages often don’t offer departmental access for budgeting and generate reams of paper reports for review by department heads, management, council and commissioners.
FundView’s General Ledger is true fund-based accounting that emphasizes accountability rather than profitability. Funds are self-balancing sets of accounts and can be unrestricted, temporarily restricted or permanently restricted based on imposed requirements. Using a consolidated cash fund eliminates the need for multiple bank accounts for each fund, and eases bookkeeping and reconciliation processes on a monthly, quarterly and annual basis.
FundView’s Budget Management allows restricted access to departmental personnel for the creation and management of working budgets, proposed budgets, and finally adopted budgets. Budget Adjustments allow staff to make changes during the fiscal year, and generate reports as needed.
FundView’s Bank Reconciliation spotlights the Matching Feature which searches bank transactions and matches them up with posted General Ledger transactions for fast and easy reconciliation every month.
FundView Cloud ERP provides local governments with affordable, easy to use software with access from anywhere – even during a quarantine or lockdown.
Make the move to a true fund accounting software and call us today at (806) 794-3278 for a demo!