Accounting
2018 Review of Araize FastFund Nonprofit Accounting
Jul. 23, 2018
800-745-4037
From the 2018 reviews of nonprofit accounting systems.
FastFund Nonprofit Accounting from Araize is well suited for small to mid-sized nonprofit organizations. FastFund is available exclusively on the cloud, offering the convenience of anytime/anywhere convenience along with an affordable price. FastFund is available in two versions; Standard and Premium, with users able to add modules or simply scale up to the Premium version if necessary.
FastFund’s interface is split into categories for easier system navigation, with a series of tabs at the top of the screen to access other system options including a Dashboard, Lists, Utilities and Reports. The product’s chart of accounts structure is table driven, with up to 36 characters and six segments available for users to utilize for tracking funds, programs, funding sources, departments and accounts.
FastFund allows users to process multiple transaction types, including cash receipts and disbursements, recurring and reversing journal entries, bank reconciliation, batch processing capability. An optional cost allocations module is available as well.
FastFund allows users to create a separate budget for each grant, program, fund, or department if desired, and the product offers multiple year-end closing capability as well. Users can create budgets from scratch, build a budget off of an existing budget, or import existing budgets from spreadsheets if desired. There is also an option to create multiple budgets for a single fiscal year, and the budget comparison report allows users to compare totals for the current period, year to date, and even across fiscal years if necessary.
FastFund also offers an optional Fundraising module that can manage all constituents, including family members. Each constituent entered can also be assigned an unlimited number of codes that track roles, classification, and affiliations. The Fundraising module also offers Moves Management, Membership and Volunteer Management, as well as the ability to track donor gifts, in-kind donations, and pledges.
Users can assign unique codes to each grant tracked in FastFund, and mentioned earlier, can create a separate budget for each grant managed, tracking both revenue and expenses related to the grant.
FastFund offers an optional Cost Allocations module that allows users to allocate both direct and indirect costs using a variety of methods, including percentages, default account distribution, revenue and expenses, or project code. Mentioned earlier, FastFund handles multiple funds, with each fund offering its own individual financial statements. Any inter-fund transactions will automatically create a fund balancing entry to ensure that all funds remain in balance.
FastFund offers complete multi-level security, with a password required for system access. Administrators can also set up user groups and assign users to a particular group. In addition, FastFund tracks all transaction activity by both user and IP address. Read only access can also be assigned to system users if desired.
FastFund contains excellent reporting options including standard financial statement reporting. Custom financial statements can also be created, and users can easily create an unlimited number of report sets for current and future access, with all reports accessible only to authorized system users. The product also creates FASB compliant reports including Statement of Activities, Statement of Financial Position, Functional Expenses, and Fund Balance reports. FastFund also generates all the data needed to complete IRS Form 990 N, 990-EZ, and 990. All FastFund reports can be exported to Microsoft Excel, to a CSV file, or saved as an HTML file or PDF.
FastFund modules all work together seamlessly. The Standard version of the product includes more than 10 modules including Cash Receipts, Cash Disbursements, Print Checks, Bank Reconciliation, Budgeting, Project Accounting, Recurring and Reversing Entries, Financial Statement, Customized Reports, Custom Filters, and Audit Trail functionality. The Premium version of FastFund also includes AR, AR, and Cost Allocation modules, though Standard product users can also purchase them separately. FastFund also offers optional Purchase Order, Fundraising, and Payroll modules, which can be purchased separately and used with either version of the product.
FastFund offers a variety of training and support resources including free webinars and YouTube training videos. There is also a Getting Started option available on the website that guides users through initial product setup and navigation. FastFund also offers remote desktop training, and toll-free product support is available during regular business hours.
Araize’s FastFund Online Nonprofit Accounting would be a great addition to the smaller nonprofit. Available exclusively online, the Standard version of FastFund currently runs $38.00 per month for a single user, with AR, AP, and Cost Allocations modules available for an additional $17.00 per module. The Premium version is $85.00 per month and includes the AR, AP, and Cost Allocations modules. The Fundraising module starts at $17.00 per month and Payroll starts at $60.00 per month.