Making sure that grants are not over- or underspent by the time they expire is one of the most important objectives in successful grant accounting. Underspending may reduce the size of future grants, while overspending often leads to a difficult balancing act of borrowing money from other grants to cover the shortfall. Timely and accurate account status and realistic projections are critical in making sure that the ending balance is as close to zero as possible.
In most cases our software pays for itself in just the first few months. It is efficient and accurate and easy to use, and it makes it quite simple for accountants, P.I.sand managers to model and implement indirect and recurring costs, such as overhead, salaries and fringe, using a “set it and forget it” approach. In other words, once the system is configured the automatic calculations do not need to be changed until and unless salary schedules or overhead rates change.
A large department using our software at a major U.S. university recovered over $60,000 that was charged to them in error by their institutional accounting in just one month.
Effective decision support requires factual, real-time financial figures and reliable statistical projections. Recurring expenses, blanket orders, indirect costs and many other similar calculations must be easily accessible and clearly visible so that managers can make fact –based decisions on how to allocate and spend available funds.
The hosted secure cloud version of our software frees users to do their work on any computer (Windows, Mac or Linux) and most mobile devices (iPads, Android and Windows tablets, etc.) from any place with an available internet access. The hosted system is protected by encrypted connections, multi-layer passwords, server firewalls and real-time virus/malware scanners. During the 5+ years that we have been providing this service, the up-time has been over 99% and over 90% of our customers renew their subscriptions every year.
Identify and Correct Errors in Institutional Ledgers
Reconciling departmental and institutional ledgers quickly points out any errors, omissions and mistakes on either side. Changing transaction amounts, moving charges from one account to another, reconciling transactions only partially, and adding and deleting charges directly from within the reconciler is fast, easy and simple. Reviewing and hiding indirect costs, fringe costs and fully reconciled entries, searching for a transaction by description, date, etc. and moving reconciler columns around for a better view is easily done as part of the reconciliation process. Importing already verified data directly from an external source, such as a credit card statement, makes reconciling even faster and easier.
Digital Document Management
Implementing a paperless office with our software is easy and simple. You can scan documents, such as receipts, agreements, statements and mailing labels with your scanner and attach them immediately to any transaction or account in the system. You can also copy and attach existing documents from the workstation, network or the Internet to a transaction or account record simply with one click. Once a document is attached it becomes a permanent digital record, which can be recalled and reviewed directly from the transaction or account to which it was attached – once you find a transaction or an account, you have also found any supporting documentation associated with it.