October 19, 2017
Score 7 out of 10
Overall Satisfaction with Financial Edge NXT
The whole organization uses FE-NXT and a sister software RE-NXT. Both programs allows us to track 30 different projects, three funds (unrestricted, temporary restricted, and permanent restricted), and 12 sizable grants with matching dollars (local, state, and federal resources). In addition, we can create income/loss statements for each project, fund, and grant for compliance reporting.
- Produce numerous statements for management
- Tracks projects/programs within each fund restriction
- Tracks Budget-to-Actual by general ledger and projects
- Produces visual dashboards for use by our board
- Fixed Asset module reduces time creating monthly depreciation schedules
- A/P keeps us on-time with vendor payments and the new quick flash feature allows all vendors to be entered on one screen
- The dashboards need to be imported onto company website for board review
- The financial reports generated within the program should be as appealing (not so canned) to the ones we have to format in excel
- Implementation costs could be a lot less
- 65% positive return on overall financial reporting to outside constituents
- 85% positive on processing accounts payable in a timely manner... need to watch preservation of YE A/P journal numberts
- 50% negative on preservation of year-end accounts payable journal balance when compared to the trial balance general ledger balance at year end.
- Operational efficiency
- Improved cash flow
- Reduced annual audit cost
- Improved data accuracy
- Improved insight into your organization's performance
- Better ability to report to funders and key stakeholders
- Faster month-end process
- Automation of business processes
- Increased scalability due to cloud deployment
- Reduced IT expenditure due to cloud deployment
The operational efficiency and cash flow items have improved significantly. We have reduced our annual audit costs by 50% which is a large savings. I am still not comfortable with the data accuracy on some reports that are being generated. A particular report that keeps me questioning reliability and accuracy is the Statement of Function expenses.
Our organization has benefited from the addition of Raiser's Edge NXT which tracks critical information on our donors and well as the success of our fundraising activities. Today, we still are not comfortable with Raiser's Edge NXT importing information into Financial Edge NXT. I did notice that the support services are not as good as they were a year ago. This is due to their efforts to go more electronic with chatting.
PeachTree Accounting Software which we discontinued because of the batching and it now having "real time". Red Wing Controller was extremely user friendly and I generally recommend that to constituents. QuickBooks was another option used by our sister company and it was able to preform similar task at a much lower costs.
FE-NXT is well suited for batching processes, but I would prefer doing financial activities in "real time" so the financial reports result in "real time". A good comparison is the accounting software titled Red Wing Controller. The FE-NXT software could be more user friendly, especially when it comes to creating financial statements. It is very tricky to remember which template to use when creating a financial report.