From the 2016 Reviews of Nonprofit Accounting Systems.
Best Fit: Available via SaaS technology, FastFund Nonprofit Accounting from Araize is well suited for small to mid-sized nonprofit organizations that desire easy system navigation, along with strong budgeting and reporting capability. FastFund Nonprofit Accounting from Araize, Inc. has been offering nonprofit software for over 30 years. Designed by CPAs, FastFund offers an easily navigated, affordable product.
Product Strengths
- Available as SaaS for easy online access
- Product support included in pricing
- User friendly, with an excellent user guide included
- Offers solid fundraising and payroll modules
Potential Weaknesses
- No on-premise version is available
BASIC SYSTEM FUNCTIONS: 4.75 Stars
FastFund Nonprofit Accounting is available in two versions; Standard and Premium. The system works with both Windows and Mac operating systems, with all data stored on Araize secure servers. A series of tabs across the top of the screen offer quick system access, with the Chart of Accounts and Budget options available under the ‘Lists’ option. The Transactions section is where all cash, receivables, and other accounting tasks are completed. There are also tabs for the default Dashboard, Cost Allocations, Utilities, Reports, Administration, and a User Guide. The interface is logical in design, and is easily navigated, even for new system users. Users can easily toggle between multiple modules, and good lookup options assist with data entry.
The Standard version of FastFund includes FASB Compliant Reports, Automatic Fund Balancing, Cash Receipts, Cash Disbursements, Check Printing, Project Tracking, Budgeting, Bank Reconciliation, Recurring Entries, Reversing Entries, Custom Filters, and a Report Writer option. The Premium version includes all of the features above along with Fund Accounting, Cost Allocations, AP. AR, Recurring Entries, Customized Financial Statements, and Point of Entry Allocations. Payroll, Fundraising, and other add-ons are also available.
CORE NFP/FUND ACCOUNTING CAPABILITIES: 4.75 Stars
FastFund Nonprofit Accounting offers a flexible chart of accounts structure, with users able to utilize up to 36 numerical characters with up to six segments. Each segment allows up to 6 characters. Cost Centers can be used to individually track programs separate costs centers, grants, locations, funding type, and department. The product easily handles multiple transaction types including cash disbursements, vendor processing and payments, cash receipts, general journal entries, fund balancing entries, recurring transactions, and reversing entries.
FastFund allows users to create separate budgets for every revenue and expense account. Multiple budget revisions are easily handled in the system, with users able to refer to the original budget when necessary. Users can choose to create budgets automatically, using last year’s numbers, or create any number of custom budgets as needed. Cross-fiscal year budgets can be created, and budgets can be locked to prevent any unauthorized changes. FastFund contains automatic fund balancing capability, and users can perform year-end tasks organization wide, or by fund fiscal year. FastFund offers excellent audit trail functionality, with all system transactions tracked, including additions, edits, and deletions, with a detailed report available for review.
SaaS technology allows users to access FastFund from any location, and the Premium version of the product offers users the ability to email statement and invoices to recipients. Users can now also import a variety of transaction types from other third-party applications.
MANAGEMENT FEATURES: 4.25 Stars
FastFund Nonprofit Accounting’s Dashboard serves as a notification system, displaying system notifications, upcoming recurring transactions, and any unposted transactions. New budgets can be easily created, with users able to choose the fiscal year and the option to use prior year totals. The budget grid allows users to view all budget revisions by month, with totals displayed for review.
Users can also choose to restore original budgets back into the system, or just let it remain as a reference tool. FastFund Nonprofit Accounting offers multi=level security, with all users provided with a unique system password and login. All system users can be assigned to a specific user group, with each group containing function level and menu level permissions. The Projects option allows users to create a list of events and meetings, along with approvals and start and end dates that can be monitored.
The Premium version of FastFund offers excellent AR management tools, including a series of system reports that can assist with receivables management including the Client Balance Due Report, the Client Detail Report, and the Client Subsidiary Aging Report. The optional Fundraising module offers a complete donor management system, including tracking and recording donations and other receipts, pledges, in-kind donations, and a complete constituent CRM that also tracks detailed information on all donors and potential donors. Users can easily tracked donations received by specific campaigns and appeals, and an optional batch processing feature allows users to quickly post multiple donations. In addition to fundraising and payroll modules, FastFund also integrates with other applications such as credit card processing, ACH processing, and bulk mail.
FINANCIAL STATEMENTS & REPORTS: 4.75 Stars
FastFund Nonprofit Accounting offers excellent reporting in the Accounting, Fundraising, and Payroll modules. Reports are listed by category, with users able to click on the arrows and choose the report desired from the list displayed. Build in Report Writer functionality allows users to easily create custom reports as well. Users can also choose to customize the standard system reports as well; adding custom logos and specific designs according to audience. The product easily produces all required nonprofit specific reports including Statement of Activities, Fund Balance Report, and Statement of Cash Position.
IRS forms can also be completed in the system. Users can choose to create organization level reports or financial statements for each fund or grant being managed in the system. Enhanced Report Writer capabilities also now allow users to create reports using segments. All FastFund reports can be exported to a variety of formats, including PDF, Excel, HTML, and CSV.
INTEGRATION/IMPORT/EXPORT: 4.75 Stars
The latest version of FastFund offers users the ability to import a variety of transactions including cash disbursements, cash receipts, vendor invoices, client bills, and journal entries. The Fundraising module can now import transactions such as cash gifts, pledges, in-kind donations, and users can now also year-end receipts for donors. FastFund transactions can also be exported to third party applications as well as Microsoft Word or Excel. FastFund is a completely integrated system; offering nonprofit accounting, fundraising, and payroll capability. Users can conveniently add additional features to the core product as desired. Users can also provide accountants with a login and password for easy remote system access.
HELP/SUPPORT: 5 Stars
FastFund Nonprofit Accounting’s User Guide is an excellent resource for new users and is easily accessible from the product toolbar. All product upgrades can be downloaded from the Araize website at the user’s convenience. System support is included in the cost of the subscription, and the product knowledgebase provides answers to questions around the clock.
SUMMARY & PRICING
FastFund Accounting from Araize is an excellent, affordable product for small to mid-sized nonprofits that are donor driven and need a product that can easily track donor details. FastFund starts at $35.00 per month for the Standard edition, with fundraising and payroll modules running $75.00 per module per month. Additional modules are available for $15.00 per month.
2016 Overall Rating: 4.75 Stars
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Tags: Accounting, Auditing, Nonprofit, Software
