TrustRadius
Financial Edge for Membership Organizations
https://www.trustradius.com/accountingFinancial EdgeUnspecified7.822101
Sunny Reed profile photo
October 25, 2017

Financial Edge for Membership Organizations

Score 10 out of 101
Vetted Review
Verified User
Review Source

Overall Satisfaction with Financial Edge

We use Financial Edge in our business department to serve the accounting and finance needs of our organization. We utilize the General ledger, Accounts Payable, and Fixed Asset Modules. Since our organization has two entities, Financial Edge enables us to manage the finances of both business entities within one system and we are able to house reports and other information in one location. This makes it easy for us to retrieve information requested from our department and enables all users of the system to pull reports in the event someone is out of the office, making our processes more timely and efficient.
  • F-9 Reporting is a great tool. We are able to build custom financials for our Finance Committees and Board of Directors and choose how we want to present information to these parties.
  • The AP Module is easy to use and has a "common sense" format.
  • The ability to reference various dates/periods in one journal entry is awesome!
  • In the list view of Journal Entries, it would be great if we could see the post date in addition to the date added.
  • Fixed Asset module is not set up for some unique scenarios (removing a previously "acquired asset" that was not necessarily disposed of, but place in FA in error).
  • Reporting within the FE application is not so great, so F-9 saves the day with respect to reporting.
  • Financial Edge has enabled us to save time with respect to monthly reporting.
  • Financial Edge has helped us streamline some larger entries that were once a pain to enter in Fundware.
  • The F-9 plug allows us to report information in our desired format as opposed to using the reports within the FE application.
  • Overall, I would say that Financial Edge definitely saves us time on closing each month which frees us up for other projects within our department.
  • fundware
There is no comparison. Fundware was such a dated application and I couldn't believe we were using it as long as we were. Financial Edge allows us to post entries to multiple dates in a single entry and edit the post date as we go. When we used Fundware, we had to edit the business date prior to creating the entry and if we needed to post to multiple periods, we had to repeat these steps and create a new entry for each period. This alone has saved us so much time.
We would like to eventually have an all-in-one solution for billing/AR. We are a membership organization and currently have to host an additional database for billing, then post those transactions to FE. For this reason, we do not feel Financial Edge is best-suited for our accounts receivable needs; as we still have to incur costs associated with hosting another database to do what we need to do. On-the-other-hand, Accounts Payable module works well for our business needs. We primarily process check payments and bank drafts and this module makes it easy to manage payments and correcting errors (i.e. deleting invoices or reprinting a check that did not print properly) is fairly simple.

Financial Edge Feature Ratings

Accounts payable
9
Accounts receivable
Not Rated
Cash management
8
Bank reconciliation
8
Expense management
Not Rated
Time tracking
Not Rated
Fixed asset management
7
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
Not Rated
Electronic tax filing
Not Rated
Self-service portal
Not Rated
Global Financial Support
Not Rated
Primary and Secondary Ledgers
Not Rated
Intercompany Accounting
Not Rated
Localizations
Not Rated
Journals and Reconciliations
Not Rated
Enterprise Accounting
Not Rated
Configurable Accounting
Not Rated
Centralized Rules Framework
Not Rated
Standardized Processes
8
Dashboards
7
Standard reports
6
Custom reports
6
API for custom integration
Not Rated
Plug-ins
Not Rated
Role-based user permissions
10
Single sign-on capability
10