“Being able to follow money through funds and know
where it is, at any given moment, is hugely important.”
Prior to 2018, we used QuickBooks for day-to-day accounting and a multitude of spreadsheets for everything else: fund management, grants, receipts, contact lists, etc.
We used to manage our endowed and flow-through funds on separate spreadsheets across three different investment accounts. It was epic trying to reconcile them when the statements came in from the investment companies. It could take days. Year-end could involve three or four of us trying to get things right.
As we grew, these tools became unwieldy, and the margin for human and system errors was growing. Managing the system was requiring more dedicated time from the staff, the treasurer, the bookkeeper, and even the auditors.
Fund reconciliation that used to take a staff person up to a week, can now be done in an hour. Interfund transfers are easy to track. Year-end journal entries to manage transfers, or allocate gains and losses can now be done in minutes, instead of days.
This is the only product we’re aware of that is really built for community foundations… that says it all. I can’t imagine going with anything that didn’t have that in mind. It’s not just accounting software. It’s not just a CRM. It’s a little bit of everything and it is integrated.