NEEDHAM, Mass., Aug. 11, 2016 /PRNewswire/ -- AccuFund, Inc., provider of financial reporting and accounting software for non-profit, municipal and government organizations, today announced that the University at Buffalo Foundation in New York has implemented the cloud version of the AccuFund Accounting Suite. While it plans to utilize the entire system, UB Foundation selected AccuFund for its robust endowment management and reporting capabilities, which are provided by the AccuFund Accounting Suite's Financial Reporting and Allocation Management modules.
Prior to implementing AccuFund, UB Foundation was using a legacy accounting system that was developed in-house and customized to their specific needs. The organization needed to replace it with a system that would better enable them to extract and use data and meet the constantly changing regulatory compliance requirements for non-profits.
"Once we decided we were going to go down the road of getting new software, we developed a laundry list of needs that were met by the old system that we wanted to continue to meet with the new system," said Rick Kustich, senior director of operations at the University at Buffalo Foundation. "From our first look at AccuFund, we saw that it had the ability to meet our list of needs and to meet each one better than the other software systems we reviewed. Out-of-the box, AccuFund could run our complicated allocations on a share basis and tackle other operational items well."
"Another factor for us was Brisbane Consulting Group and their solid understanding of foundations and the talent of their team; they clearly stood out from the competition," added Kustich. "Matt (Brisbane's Director) runs a tight ship and knows how to manage a project. His feedback and direction have been valuable to the Foundation."
Among its list of needs, UB Foundation oversees multiple companies whose funds it must manage separately, but from which it has to pull and integrate reporting information. UB Foundation was also accustomed to sending a certain amount of data to the University that it wanted to continue to deliver. Another important consideration was encumbrances and ensuring that funds are available for the expenditures on an account by account basis.
"The AccuFund Accounting Suite continues to show it can do what the company said it can do," said Rick Kustich. "In some situations, it has performed better than anticipated because of its flexibility, which I didn't expect with a Software-as-a-Service system."
UB Foundation is also using the AccuFund Accounting Suite Payroll module to generate paychecks for 1200 employees of the University on a bi-weekly basis. These employees use the AccuFund Employee Portal to enter their time and view and manage their payroll information.
UB Foundation plans to expand its use of the AccuFund Accounting Suite over time and roll out invoice processing and other accounting activities for the University.
Brisbane Consulting Group, LLC, a New York-based provider of technology solutions to non-profits, managed the UB Foundation AccuFund implementation and provided the software training to the staff.
AccuFund, Inc. is a nonprofit and government financial improvement systems specialist. AccuFund uses award-winning financial software, consulting services and industry best practices to help organizations streamline processes, improve efficiency and lower costs. Their nonprofit and government financial success solutions are available on-premise and cloud-based.
AccuFund's financial solutions are available exclusively through Value Added Resellers (VARs) located throughout the United States. The VARs provide AccuFund's customers with cost-effective onsite training and installation assistance.