Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/309054
8 May 2014 • www.CPAPracticeAdvisor.com NOT-FOR-PROFIT Reviews GMS or Grants Management Systems is nonprofit accounting and financial management sofware designed for larger nonproft organizations and government entities that require grants or project management capability. Sold as a complete system, GMS Accounting offers a fully integrated accounting system that contains all standard fnancial capabilities including GL, Cash Receipts, Budget Preparation, Cost Allocation, AP, Payroll, Timesheet Accounting, Financial Reporting, and Security features. Additional modules are also available including AR , Purchase Orders, Fixed Assets, and Report Writer. GMS also offers Revolving Loan Ser- vicing Sofware (RLSS) that integrates with the Accounting and Financial system so agencies can easily manage both federal and state funded loans. Designed to track contracts, grants or program activity, GMS users can choose either a Microsof Access or SQL Server package, and the sofware is available in 1-2 user, 3-4 user, and a 5+ user editions. It's important to note that GMS is NOT fund accounting, but is designed specif- cally to account for grants, contracts, and organizational programs. T h e G M S G L o f f e r s a s i m p l e, straightforward chart of accounts struc- ture, using a 5-digit code. Program ele- ments (all grant and program activity) are 6-digit codes and are pre-linked to make posting more efcient. Te pro- gram elements are the true backbone of the GMS reporting structure, tracking data at the cost center level, the project level, and into organization wide reports. Te GMS cash receipts system allows users to code revenue directly into the appropriate grant, project, or program. The Cost Allocation system tracks employee leave and fringe costs, monthly allocation costs such as square footage. Users can also track indirect costs to manage all indirect cost transactions, calculate a year-to-date indirect cost rate, and apply indirect costs directly to pro- grams. Budgets can be created for Programs, Indirect Costs, Fringe Benefits, YTD timesheets, and Agency-wide Budgets. Budgets can cross fiscal years when needed, and all budgets can be exported as needed. Tose processing payroll will appre- ciate the level of detail that GMS can manage, All payroll entries are timesheet generated, and users can set up pay codes for Deductions, Personnel, Sites, Local, Tax, Special Pay, Departments, Positions, Workers Compensation, State Tax, Pay Codes, L eave Ty pe, Garni shment Deductions, and Multiple Pay Rates. For those needing billing capability, GMS ofers an optional AR module that can track customer data, handle customer maintenance, post cash receipts, while offering a customer inquir y screen, invoice and Statement creation, and a complete AR History. The Purchase Orders module provides easy monitoring of all purchase orders. Fixed Assets can be tracked in the optional Fixed Assets module, which provides depreciation and disposition data. And for organizations that require more detailed reporting options, the optional Report Writer module allows users to develop special- ized reports utilizing the data tables found in GMS. The 1-2 user core GMS system is $3,500, with add on modules starting at $1,200. Support is required for the frst year of use, with an additional cost of $210 per month. GMS also requires on-site training at the user's location, with two weeks of training typically required for a 1-2 user system. For more information, or to download a free demo, visit www.gmsactg.com. (800) 933-3501 www.gmsactg.com BEST FIT In business since 1985, FastFund Nonprofit Accounting uses SaaS technolog y to prov ide small to medium nonprofts with an acces- sible, affordable, fully integrated nonproft sofware 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 LIMITATIONS • Product is only available as SaaS • R a p id l y g r o w i n g no n p r o f i t s cou ld outg row product (I dis- agree, since you state in the frst paragraph "making it a good ft for smaller nonprofts looking for a product that also ofers room to grow." W hile our FastFund O n l i n e h a s a t t r a c t e d m o r e smaller nonprofts because of the low cost of ent r y, ou r la rgest client has an operating budget of o v e r $ 1 2 , 0 0 0 , 0 0 0 a n d o u r average user's budget is around $2,000,000. SUMMARY & PRICING An excellent product for small to mid-sized nonproft organizations, A r a i z e F a s t F u n d N o n p r o f i t Accounting prov ides excel lent accounting and fundraising capa- bility at an afordable price. Only available online, FastFund Non- proft Accounting starts at $35.00 per month. Te premium version is available for $75.00 per month, and the addition of the fundraising sofware is $35.00. Users also have the option to purchase accounting modules and a multi-user license separately. www.araize.com BEST FIT FUND E-Z is a solid nonprofit accounting sofware product opti- mally designed for small to mid- sized nonproft organizations and government entities. Newly revised, FUND E-Z is available in both basic and pro-editions for user fexibility. STRENGTHS • Intuitive user interface modeled afer and designed to work with Microsof Ofce products • Two editions available • Excellent optional f undraising module • Limited training time required to be up and running • Strong budgeting capabilities POTENTIAL LIMITATIONS • Lack of a Grants management module • Lack of e-payment and e-banking features SUMMARY & PRICING FUND E-Z Nonproft Accounting from FUND E-Z Development Corporation is a solid, scalable nonproft system that is well suited to small to mid-sized nonprofit organizations. Pricing star ts at $1,995.00 for a basic edition for a single user. Te FUND E-Z Fund Raising module, available for $995, can be used in conjunction with the full accounting suite or as a stand- alone product. www.fundez.com GMS Accounting - Grants Management Systems Araize FastFund Nonproft Accounting FUND E-Z Nonproft Accounting Version 10 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/11429048 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/11429076 4.75 4.5 2014 OVERALL RATING 2014 OVERALL RATING cpa_6-11_NFPReview.indd 8 5/7/14 3:42 PM