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Blackbaud Financial Edge NXT is a new SaaS solution for the financial sector. This intuitive software allows users to view, manage and analyze their transactions in real-time on any device. With this application, you can see your investments accurately and keep track of how they’re doing!
Blackbaud Financial Edge NXT is a cloud-based accounting software that provides users with a variety of features and pricing.
Blackbaud Financial Edge NXT is a cloud-based fund accounting software specifically built for nonprofits and government agencies. It allows you to keep track of and report on grant transactions, manage cash flow and spending, and keep an eye on the financial health of your organization. Advanced multiscenario budgeting, grant and project accounting, and real-time reporting are among its features. You should contact Blackbaud directly for pricing details.
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What Blackbaud Financial Edge NXT Is Good For
Blackbaud Financial Edge NXT is designed for medium-sized nonprofits that need comprehensive financial reporting, budgeting, and monitoring. It’s also utilized by faith-based organizations, healthcare organizations, government bodies, and educational institutions, in addition to NGOs.
Blackbaud Financial Edge NXT Is Particularly Beneficial For
- Nonprofits in the mid-size range that need extensive transaction reporting: To help you dive deeper into your data, Blackbaud Financial Edge NXT includes a customizable Ledger General (GL) that leverages an infinite number of tracking attributes. Read our guide to the best nonprofit accounting software if you want to look at additional possibilities.
- Nonprofits in need of a budget planner: It has an integrated budget planner that allows you to compare current income and spending to your budget as well as plan future budgets.
- Consolidated reporting for organizations: You may use the Management of Consolidation module to combine financial statements from several organizations.
Financial Edge NXT by Blackbaud Isn’t a Good Fit For
- Small nonprofit executives that choose to perform their own accounting: Financial Edge by Blackbaud NXT is a complicated system with a high learning curve before you can feel at ease with it. QuickBooks Online is a good option if you want a straightforward solution. QuickBooks Online is versatile enough to handle basic accounting for nonprofits.
- Small NGOs may find Blackbaud Financial Edge NXT to be prohibitively pricey. If you’re a small charity or a startup looking for accounting software designed specifically for nonprofits, we suggest QuickBooks Premier Nonprofit. This QuickBooks edition is designed specifically for organizations and contains a nonprofit chart of accounts.
- Donor management tools are required for non-profits. Donor management tools are only available when Blackbaud Financial Edge NXT is used in conjunction with Raiser’s Edge, Blackbaud’s fundraising platform. Aplos is a nonprofit accounting system with tools for managing members and donations already built in.
Are you on the lookout for something unique? Check out our guide to the best small company accounting software for general accounting software that may be modified for charities.
Pros and Cons of Blackbaud Financial Edge NXT
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Pricing for Blackbaud Financial Edge NXT
Prices for Blackbaud Financial Edge NXT aren’t listed on the company’s website, but you can request price information or a customized quotation by contacting Blackbaud. Nonprofit accounting software costs are often determined by numerous criteria, including the size of your organization and the modules and features you want.
Features of Blackbaud Financial Edge NXT
The capabilities of Blackbaud Financial Edge NXT are intended to assist charitable organizations increase donor interaction, manage, monitor, and report on finances, handle payments and gifts, and more. The following is a list of its most significant characteristics:
Dashboard for Blackbaud Financial Edge NXT (Source: Blackbaud)
Ledger General
The versatile account and subaccount structure in Blackbaud Financial Edge NXT allows you to generate and slice reports depending on a variety of variables. While the fund account code is the default account segment, you may generate and delve into reports using additional dimensions like program, event, or department. This means you have complete control over your financial reports since you may organize your data as you choose. The GL is also linked to all of the other modules, allowing you to produce reports from many elements of your business:
Adding Entries to a Journal in Bulk (Source: Blackbaud)
Through the Ledger General menu, you can access the journal. Here you’ll find journal entries arranged by batch. Recording a journal entry on Blackbaud Financial Edge NXT is done by batch with an assigned batch ID. This system of recording journal entries allows better efficiency since you can add related or similar journal entries into one batch. Blackbaud Financial Edge NXT’s batch system borrows the concept of special journals to reduce the recording of repetitive journal entries.
Management of Grants
You can monitor and report on both basic and complicated grant requirements with Financial Edge NXT. Additional monitoring levels are included in the software, allowing you to keep track of actions for each award independently. You may produce comprehensive grant reports and manage and estimate budgets for various grant periods. Financial Edge NXT features built-in grant expenditure guidelines that allow you to generate reimbursement calculations automatically if your organization has sophisticated grant reimbursements.
Management of Purchasing and Expenses
Blackbaud Financial Edge NXT includes approval workflows to automate your entire Management of Purchasing and Expenses cycle, from setting up unique business rules to entering purchase orders (POs) and creating invoices. You can also change an invoice status or approve an invoice. The software allows you to perform direct and indirect allocations so that you can attribute revenue and expenses properly to your projects, accounts, or funds:
Screen for Expense Management (Source: Blackbaud)
Management of the Budget
You may assess the performance of your actual income and expenditures against your budget thanks to a built-in budget-checking function. The budget-checking function also offers forecasting and customized fiscal periods if you want to keep track of your future spending. With Blackbaud Financial Edge NXT, you may create an endless number of budget scenarios. Annual budgets, grant budgets, department budgets, program budgets, project budgets, and hypothetical budgets are all possible to establish. You may also roll over some budgets, such as department budgets to operations budgets, into a parent budget.
Accounts Payable (A/R)
Viewing Vendor Data and Making Payments (Photo courtesy of Blackbaud)
The Accounts Payable (A/R) (A/P) module provides an easy way to manage liabilities such as bills, loans, and mortgages. You can customize your A/P process for a wide variety of functions. For instance, you can control whether the program checks for duplicates automatically or should alert you of due invoices. For your bills, you can pay your vendors or providers directly with a credit or debit card, check, or electronic fund transfer.
You may see transaction information with a specific vendor using Financial Edge NXT’s interactive charts. You may use filters to observe certain data points across time by turning them on and off. A list of records for a certain vendor appears underneath the interactive display. Instead of going through the charts, you might look over specific tracks.
Accounts Payable (A/R)
How to Make an Invoice (Source: Blackbaud)
Accounts Payable (A/R) (A/R) allows you to set up default payment terms for your clients, allowing you to bill them for your goods or services. It allows you to track individual organizations, clients, and funding sources. With A/R, you can also import clients, invoices, recurring invoices, product and billing items, payments, and refunds. You can also apply payments manually to invoices, void or reverse a posted payment, and exclude a specific invoice or invoices from your aged A/R report.
Approvals of Expenses
Users with approver credentials may access approval requests in Blackbaud Financial Edge NXT’s cost management module. Financial Edge NXT, as fund management software, assists businesses in effectively managing money by delivering capabilities that supplement normal internal controls. Charges may be reviewed and rejected by approvers. Bills or invoices that have been rejected may be resubmitted for approval.
Management of Consolidation
Blackbaud Financial Edge NXT has an optional Management of Consolidation module for users who manage multiple organizations. This solution allows you to consolidate your data while maintaining separate books for operational and tax purposes. You can consolidate reports without having to export and merge data manually using spreadsheet software. This feature is particularly helpful if your organization deals with different currencies and account structures.
Reporting and the Dashboard
Configurable dashboards and custom reports in Blackbaud Financial Edge NXT enable you to examine vital information about your firm and dive down to determine which transactions are delivering the greatest results. You can dig down to the most critical data and build your dashboards with the items and reports you need most often. Account reports, allocation reports, budget reports, and financial statements such as a balance sheet, income statement, cash flow statement, and statement of activities are just a few of the reports accessible.
In reporting, you may use filters to help you find what you’re looking for (Source: Blackbaud)
Grant reports are also accessible, including grant reimbursements and budget vs. actual data. Blackbaud interacts with SKY Reporting, Blackbaud’s contemporary open interface, for additional insights. The first thing you’ll notice when you enter the Reporting page is a list of reports, with tabs showing all reports, recently ran reports, often run reports, and reports marked as favorites.
Customer Service and Usability
While Blackbaud Financial Edge NXT has a user-friendly interface, it can be overwhelming for new users or nonbookkeepers. If you’re familiar with the Blackbaud Raiser’s Edge application, it has the same look and feel. Designed to be mobile-friendly, the interface includes a series of filters to help you access a specific feature easily. The main tabs on the screen include the Dashboard, Ledger General, Treasury, Payables, Reporting, and Control Panel.
Users may reach out to Blackbaud via phone, chat, or by sending a ticket using the company’s online case site (Case Central). There’s also an online knowledge base with articles and videos, as well as how-to instructions and a community forum. You may also enroll in any of Blackbaud’s training courses if you require ongoing education in the nonprofit sector.
Alternatives to Blackbaud Financial Edge NXT
Conclusion
If you need a nonprofit accounting solution that can generate transaction reports at a very detailed level, you should consider Blackbaud Financial Edge NXT. It’s great at helping nonprofits manage their cash flow, plan and run their budgets, and track their organization’s position with robust reporting tools. On top of its standard features, it offers an extensive selection of integrated modules, such as Management of the Budget and Management of Consolidation, which makes it worth your investment despite the price.
The “financial edge login” is a software that provides users with a dashboard to track their finances in real-time. It also has features such as budgeting, forecasting, and goal tracking. The price for the software ranges from $10-$200 per month depending on the plan you choose.
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