Financial Edge NXT
October 24, 2017
Financial Edge NXT
Score 7 out of 10
Overall Satisfaction with Financial Edge NXT
Financial Edge NXT is only being used by the Finance & Operations team. We use it as our accounts payable system & our general accounting system.
- I love the sidebar feature for accounts payable that allows you to see much of the details of the transaction without requiring you to open the full record.
- Being able to run a report straight to Excel is very useful & easy.
- It is nice to be able to search for vendors more easily than one could in Financial Edge 7.
- The journal entries are cumbersome to use. The view is "backward" from what I'm used to, with the most recent lines entered showing at the top of the entry.
- It is hard to review journal entries in the NXT view because only some of the lines (>5) show in each screen & then you have to click to get to the next set of 5 lines, etc. I often revert to the database view so that I can see the entire entry in one screen.
- There are no journal entry line numbers in the NXT view. This makes it difficult to find a specific line item & if you search for just that line you can't see the other side of the transaction. Again, I revert to the database view for most JE review & revision.
- The most useful & complex reports, such as the Statement of Functional Expenses, are not available in the NXT view.
- It's hard to tell as we just made the switch in July 2017 (review written in Oct 2017). The hope is that we will be able to utilize some of the AP functionality to increase efficiency in the office & that we will be able to implement the cash management module to reduce redundant data processing.
- Operational efficiency
- 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
Too soon to know.