Financial Edge Spoiled Me
Wendy Johnson profile photo
November 29, 2018

Financial Edge Spoiled Me

Score 9 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Financial Edge

Financial Edge is the premier nonprofit software I have worked with. It allows for deep segmenting and analysis of expenses as well as grant management. If an organization has two or more grants, I highly recommend Financial Edge to them. One of the better features is dashboards that allow department or team managers to quickly review their budgets and expenses at a glance without burdening the accounting team.
  • Grant Management - nothing is more harrowing than grant reporting, and FE does it best. It allows for layered budgets and limitless division of expenses among grants, overhead, or other projects/programs.
  • Reporting - Most financial software tries to adapt for-profit accounting into a non-profit mode without addressing the unique needs of a nonprofit for reporting and auditing.
  • Multiple projects and/or cost centers within a budget and system - nothing is more challenging than trying to manage expenses over several cost centers and FE is a champ at allowing that complexity.
  • Not for "out of the box" users - Financial Edge is a great system, but implementation requires support or even an consultant. You want to make sure you have set it up correctly - not duplicating what you have always done, but in a way that makes the robust reporting in FE work for you.
  • Better exported reports - Reports exported to Excel always seem to have too many lines and columns as well as at least one column that is off one cell to the right. Not a huge issue, but it takes a little time to reformat.
  • Like any enterprise software, there are costs/investments ahead of return. It isn't something you would implement without support.
  • During the significant financial downturn, we were able to use FE to forecast trends and make budget adjustments easily. It transformed communication about forecasting and cuts with assurance.
Most FE installations I have participated in were from QuickBooks Pro. QuickBooks, if set up well, is a great alternative for the smaller association or nonprofit, but it has challenges handling some of the unique aspects of nonprofit accounting. Recent editions of QuickBooks Pro have included a new nonprofit component, but it can be difficult to use.
Financial Edge is ideal for the $1m to $10m budget organization. Those who are smaller or larger (or more complex) may want to consider another system.

Financial Edge Feature Ratings

Accounts payable
10
Accounts receivable
10
Cash management
10
Bank reconciliation
10
Expense management
10
Time tracking
Not Rated
Fixed asset management
10
Multi-currency support
10
Multi-division support
10
Regulations compliance
10
Electronic tax filing
Not Rated
Self-service portal
5
Global Financial Support
8
Primary and Secondary Ledgers
10
Intercompany Accounting
10
Localizations
10
Journals and Reconciliations
10
Enterprise Accounting
10
Configurable Accounting
10
Centralized Rules Framework
10
Standardized Processes
10
Pricing
Not Rated
Order entry
Not Rated
Credit card processing
Not Rated
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Pay calculation
10
Benefit plan administration
7
Direct deposit files
Not Rated
Salary revision and increment management
7
Reimbursement management
10
Dashboards
10
Standard reports
10
Custom reports
10
API for custom integration
10
Plug-ins
6
Role-based user permissions
10
Single sign-on capability
Not Rated