Are you drowning in a sea of spreadsheets to balance your funds and track restrictions? Are you struggling with costly, time-consuming audits? Are you frustrated in trying to allocate expenses across funds, grants, programs or projects? Tangicloud’s Fundamentals software verticalizes Business Central for nonprofits and governments. Together, Business Central and Fundamentals will empower you to manage your organization more effectively with the latest cloud computing technologies. Here are the features you can count on:
The core App is priced by named users and delivers a full suite of industry-specific functionality, built on top of the world’s #1 middle-market ERP software platform – Business Central. Some standard features are:
No nonprofit or government should operate without the ability to allocate across funds, accounts and dimensions like programs, projects, grants and departments. With Fundamentals, you can allocate funds at a detail line level in real-time. This allows you to manage your budgets and approvals. You can also get detailed financial reports instantly.
Fundamentals allows accounting users to easily define electronic approval rules for journal batches, purchase/sales documents as well as document lines.
The process of line approvals within your organization enables designated users or groups of users to approve specific lines of information within documents. This automates workflows by focusing on data accuracy while ensuring the smooth flow of documents and information. Line approvals enable actions to be taken on individual lines within a document or journal line. Once all line approvals have been completed, the entire document can be routed for further approvals.
Fundamentals allows organizations to increase their operating efficiencies and to engage all employees in the approval process, no matter their work location.
Every transaction in Fundamentals is recorded and preserved, even when fixing accounting errors. This makes your annual audits much easier and keeps your organization at the forefront of accounting best practices. You can drill down to any transaction or document on your books from reports and inquiries, so you always know where your organization stands. Never be at a loss to explain who did what and when, ever again.
Manage multiple bank accounts in multiple currencies, with the ability to handle automatic reconciliations, positive pay, electronic payments, direct deposits and check writing. Manage multiple funds within a single or separate bank account to suit your business practices and avoid “comingling” or creating a separate bank account for every fund.
Budgets and the weeks of working on them with each fiscal year can be painful for nonprofits and governments. But not so with Fundamentals. Our flexible and complete budgeting features include the ability to set up unlimited budgets for planning, revisions and final versions. Use Microsoft Excel for more “what if” scenarios, and the ability to import/export either full or partial budgets, depending on your needs.
Budget approvals are based on the amount of money you have and are prepared to spend for specific purposes. They are meant to trigger attention and keep your budget safe from accidental over-spending. Once setup and implemented, budget approvals will issue warnings or activate budget controls that will not allow more spending than is planned. Budget control rules will calculate available amounts based on posted commitments, encumbrances, actuals as well as unposted documents and transactions.
Manage and consolidate multiple companies with different fiscal years and/or currencies that are owned by your primary organization.
Do you work with employees, offices, or clients from different parts of the world? We manage multiple transaction, grant, and reporting currencies to provide maximum flexibility when your mission takes your organization across the globe.
Every organization benefits from a well-run accounts receivable system. When you choose Fundamentals, you’ll have that and more. Whether you want to generate basic invoices or set up automated reminders and recurring invoices, the receivables features are there to meet your needs.
Efficiently manage your organization’s team by grouping and tracking relevant employee information and organizing employee data according to different types of information. Fundamentals stores personal information, tracks job openings in your organization, and extracts a list of candidates for these positions.
Manage your organization’s assets throughout their lifetime, depreciate them according to GAAP guidelines or expense them to grants and projects.
In Fundamentals, you can set up an unlimited number of funds, but you must have at least one. Each fund should have a distinct purpose and will help explain how your organization’s money is being spent to meet your mission and goals. Your funds, if setup properly, will balance automatically within Fundamentals and will post both the Fund Class and Fund Type into posted GL entries for reporting purposes.
All debits and credits are forced to balance by fund number, creating a separate “balance sheet” within the same company. Funds may also be used for multi-entity balancing (e.g., property, store, etc.)
Balancing can be done using automatic inter-fund (i.e., due-to/due-from entries), or by distributing the control entries based on the revenues and expenses entered on transactions. This distributed method eliminates most inter-fund entries and creates multiple fund entries on Balance Sheet Accounts.
Fund Classes are used to map Net Asset Classes based on both internal and external reporting requirements. The list can specify user-defined restriction codes and net asset GL accounts, as well as the external restriction for reporting purposes.
The Fund Class Code is posted to the general ledger for reporting purposes and is also used to post closing entries to the Net Asset G/L Account No. Fund Classes can also be used to post automatic entries for releases from restriction.
For fiscal years beginning after December 15, 2017 organizations following the guidelines of FASB’s ASU 2016-14 only needed to record net assets without donor restrictions and net assets with donor restrictions. Fundamentals can do that. However, if you would like to set your funds in the traditional unrestricted, temporarily restricted, and permanently restricted formats, Fundamentals can help there too.
If you run a government organization, you can set categorize your funds into General, Special Revenue, Capital Project, Debt Service and Permanent fund groupings.
Fundamentals is designed to meet your specific fund accounting needs today, and for years to come. And you can manage and report on these funds with FASB/GASB reporting compliance using pre-packaged Statements of Financial Position, Activities, Cash Flow, and Functional Expenses.
Fundamentals is also used to define sources of funding from granters. Many special fields have been added to track funding sources, as well as specialized functionality to allow for calculating Indirect Cost Recovery amounts. Grants can also be defined with a Currency Code to enable reporting to funders in their currency.
Do you need to keep your existing chart? Want to use an industry-standard definition for your organization? Sure! Create a chart with EIGHT user-defined dimensions and multiple funds and grants for designating exactly where your money is sourced, spent and how it’s reported. Our advanced general ledger also offers allocations, automated due-to/due-from transactions, great budgeting features, and recurring journals. All this with a system designed to handle multiple companies, multiple languages and multiple currencies. This is a CFO’s dream come true.
With Fundamentals, you’ll be able to track your inventory based on any of the three major methods of accounting for your stock: FIFO, LIFO or Average Cost. Plus, your inventory will be as up-to-date as you need, because all staff can access their data entry functions via the web, and on multiple devices. As Fundamentals is based on the world’s most successful ERP platform in Microsoft Dynamics 365 Business Central, you can rest assured that you will always be able to manage specialized needs such as tracking memberships, gift shop items, equipment, supplies and other provisioning and sales needs.
Planning ahead is the sign of a well-run organization, and one of the best ways to plan ahead with the detail necessary to avoid negative financial surprises is to deploy solutions with encumbrance accounting in place. No more accidentally spending portions of your budget twice. You create purchase orders and management can approve or disapprove those orders based on the budget available net of requisitions, existing purchase orders and actual expenses.
Business Central’s Jobs module can be used to manage detailed project phases and tasks, creating a work breakdown structure to manage construction initiatives, events and program details.
Manage your payables and expenses, from requisitions through purchase orders and invoices, then finish with your payment cycles. Fundamentals supplies detailed tracking of commitments through the entire procurement life cycle. Build great vendor relations by tracking contact information, accounts payable terms and payment cycles, and track by invoice, date, or subject, and even plan your payments as your budget allows.
If your organization requires a full-blown enterprise solution, Tangicloud has a complete suite of advanced accounting software features for governments and nonprofits. Once you have Fundamentals, you can add these Apps to bring even more power to your solution.
Calculate pooled allocations as well as labor and fringe distributions on a periodic basis. Labor allocations also calculate payroll encumbrances to support effort certifications.
Manage notes payable and notes receivable with system-generated amortization calculations with full integration to banks, AP and AR.
Purchase requisitions and orders may be connected to storefronts like Amazon Business to directly select products. Shopping carts are approved and routed through the complete procure-to-pay cycle.
Not everyone in your organization will need to enter and post financial transactions, but you may often have employees that need to be empowered to enter and read data that helps you run your organization better. These Team Apps will allow your team to help keep operations running more efficiently than ever before:
Employees and volunteers can enter their expenses directly into Fundamentals, saving valuable accounting department time. Expenses can also be imported from Expensify, thus enabling employees to use their mobile devices to easily “scan” receipts. All expenses can be routed for budget and management approval before being posted for reimbursement via payroll or accounts payable.
With Tangicloud’s requisitions and commitments, your team can request goods and services, and then route planned expenses for approval. Requisitions may be fulfilled via quotes, purchase orders, or from inventory. Requisitions can also be linked to punchout catalogs such as Amazon to complete a shopping experience.
Remove the hassle of paper or Excel time sheets by deploying the Time Sheets function within Fundamentals. Your staff will access Fundamentals anywhere at any time. You’ll spend less time chasing those tardy timesheet submissions and more time enjoying and managing your valuable colleagues. Also, you’ll improve effort tracking against grants, projects, and programs to increase your ability to support audits and funder reporting.
The following features are available to grow your solution to fit your needs end-to-end. Please ask your representative for pricing on these features:
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