Araize Inc. — FastFund Nonprofit Accounting
800-745-4037
www.araize.com
From the Nov. 2012 Review of Nonprofit Accounting Systems.
Best Fit: FastFund is well-suited for smaller nonprofits that are looking for an affordable product that offers flexibility and scalability. FastFund Nonprofit Accounting is designed by CPA’s and is well suited for small to mid-sized nonprofit organizations and is available in both standard and premium versions.
Strengths
- Extremely scalable with 2 versions
- Can be purchased as a desktop or Saas product
- Modules can be purchased as needed
- Easy to use system interface requires little training time
- Excellent reporting and report customization capability
Potential Limitations
- Phasing out desktop version soon
- No document management function available
BASIC SYSTEM FUNCTIONS: 4.5 Stars
FastFund is currently available as both a desktop system as well as an SaaS deliverable. The Araize user interface screen is easily navigated, with users able to flip between an accounting screen and a fundraising screen. The user interface is consistent throughout the product, making it easy to learn. A menu bar at the top contains categories such as Dashboard, Lists, Transactions, and Cost Allocations. FastFund Accounting includes GL, AP, AR, and Cost Allocations modules.
The GL includes Cash Receipts, Cash Disbursements, Fund Accounting, Internal Controls, Bank Reconciliation, and Budgeting. Add-on modules available include both FastFundraising, and FastFund Payroll. FastFund is available in both a standard version as well as a premium version and can be purchased as a desktop product or delivered as an SaaS product for additional flexibility and scalability.
CORE NFP/FUND ACCOUNTING CAPABILITIES: 4.75 Stars
The premium version of FastFund Nonprofit offers a six segment account structure, with each segment up to 6 characters in length. Each segment is predefined, identifying cost center, program, and funding sources. This structure makes it easy to define each account number entered into the system.
FastFund easily handles multiple transaction types, using the transactions tab on the main screen including cash disbursements, cash receipts, client billing, journal entries, and recurring transactions. FastFund allows users to easily import budgets using a .csv file format. Users can revise an uploaded budged at any time, or upload a revision of an existing budget.
Budgets are created for each department in and organization as well as for each grant or program. Users can allocate totals automatically or can adjust budget totals accordingly. The separate fundraising module provides easy donor management and cultivation capability including the ability to track each donor or constituents personal and professional relationship, affiliations, actions, and gifts.
While there is no dedicated grant management feature, the FastFund account structure makes it easy to track grant funds separately. Any interfunds that are created in FastFund Accounting allows users to set up multiple funds with multiple fiscal years, so each fund or program can be closed at the appropriate time.
FastFund Accounting contains excellent audit trail functionality, with the ability to track all system transactions throughout the program, with audit reporting available as well. FastFund allows users to email invoices to vendors and donors. The SaaS version allows users to access the system from any location. FastFund will also interface with 3rd party applications such as credit card processing for both donations and payments.
MANAGEMENT FEATURES: 4.25 Stars
The Dashboard feature allows management to set up dashboards for easy financial reporting. Budgets can be set up for each grant or fund that needs to be tracked. The Cost Allocations function allows users to create ‘what if’ scenarios by looking at budgets before and after the allocation is posted.
Users can create budgets based on prior year budget totals, adjusting amounts up or down by percentage as needed. Budgets can be created on a fiscal year basis or cross-year, a plus when tracking multi-year programs or grants. Users are set up in user groups, with each user given specific rights.
All system users are required to have a user name and password for system access. The expense tracking functions allows users to keep track of all programs and grant expenses. FastFund offers four separate receivables types of tracking multiple sources of funds. Users can quickly access the client history to access payment detail and balance due.
FastFund Raising, mentioned earlier, is an add-on module that tracks donor details and handles account management for all donors, including money raised and pledges and cost of fundraising appeals.
FINANCIAL STATEMENTS & REPORTS: 4.75 Stars
FastFund Nonproft Accounting easily creates custom financial statement with the use of the built-in Report Writer function. Reports can be created for funders, board members and for internal accounting staff by using the Set manager to create the same report for different audiences.
All financial statements are FASB compliant. Available reports include Statement of Activities, Cash Flow Statements, Balance Sheet, and Income and Expense Reports. All FastFund reports can be single or multi-year and can be consolidated for complete organization reporting. FastFund easily manages multiple grants, producing solid grant reports.
Grants can be tracked under Projects, with submitted, approval, and start and end dates tracked. All reports can be printed, displayed on screen, saved as a PDF or HTML file, or exported to Excel.
INTEGRATION/IMPORT/EXPORT: 4.75 Stars
Query options are available for data export. Users can also easily import invoices and all reports can be exported to Excel or saved as a PDF or HTML file. FastFund integrates with all add-on modules and the availability of both standard and premium editions makes the product scalable as well. The availability of an SaaS version of FastFund makes it easy for accountants to access client data with the use of a password.
HELP/SUPPORT: 5 Stars
FastFund has a built-in help feature that answers basic system questions. Users can simply log onto the Ariaze website to access and download any system updates. All new users receive 90 days of free system support, with support pricing based on number of modules purchased.
Telephone support is available during regular business hours and all support subscribers have access to a 24-hour knowledgebase that contains an online support library and frequently asked questions.
SUMMARY & PRICING
Araize FastFund nonprofit Accounting is excellent nonprofit software ideal for small to mid-sized organizations that desire nonprofit-specific accounting and fundraising capability. Affordably priced at $299.00 for the standard version and $599.00 for the premium version, FastFund provides scalability and integration capability for the growing nonprofit. Pricing for the SaaS version starts at $35 per month.
2012 Overall Rating: 4.5 Stars
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Tags: Nonprofit
