Allow us to explain Blackbaud’s Financial Edge NXT product in simplest terms. First and foremost, Financial Edge NXT is an accounting solution that will allow you to manage your nonprofit’s financials. Financial Edge was engineered specifically for nonprofits, which set it apart from other accounting software platforms.
Financial Edge NXT meets the standards that you would expect out of a modern software product- security, reliability, and performance. Financial Edge NXT meets FAS 117 reporting requirements, and because FE NXT sits in the cloud, you do not have to install FE NXT on your own server(s). This implies that there is zero hardware procurement, maintenance, software upgrades, or security patches to install – ever. After your implementation is completed, using FE NXT is as simple as logging in and beginning to work.
Now let’s talk about some basic features of financial Edge NXT. The core module behind NXT is the General Ledger. The general ledger allows you to manage all of your nonprofit transactions, accounts debits, credits, etc, etc. FE NXT also has other modules specifically tailored for nonprofit needs. The Project, Grant and Endowment Management Module allows you to simplify your general ledger by creating sub-accounts. This way you can do very specific reporting at this level- in real time. Allocation Management is another add-on. It will allow you to specifically allocate nonprofit resources which can be tracked, managed, and reported on. Financial Edge NXT also has robust real-time reporting, budgeting and budget management features, all of which are essential in the nonprofit world. Other modules worth mentioning are Accounts Receivable, Account Queue, and Web Invoicing and Purchasing. Lastly, Financial Edge has the ability to integrate with other Blackbaud products, and even has integration points (APIs) to allow custom integrations to other non-Blackbaud software platforms. Below is a feature summary:
Financial Edge NXT Module/Feature breakdown:
- General Ledger – accounting transaction management specifically engineered for the non-profit sector
- Project, Grant, and Endowment Management – sub-account transaction management and reporting
- Allocation Management – automated direct and indirect allocations and reallocations
- Reporting – secure reporting gives you access to your NPO’s data in a meaningful way
- Budgeting – robust budget creation
- Accounts Receivable – track AR at the client, org, and funding source level
- Accounting Queue – schedule automated tasks
- WebInvoicing/Purchasing – manage invoices, approve expenses, and configure workflows in real time
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