Pro Fund Accounting
By Cogitate
Pro Fund Accounting offers three different versions of their fund accounting solution, each designed with varying features to meet the financial software needs of different government entities. The implementation process would likely involve:
Initial consultation and assessment to determine which version of the software is most suitable for the government organization's requirements.
Customization and configuration of the chosen software suite to align with the organization's existing processes, chart of accounts, and reporting needs.
Data migration from the previous accounting system to the new Pro Fund Accounting software, which may include importing historical financial data, vendor/payee information, and other relevant records.
User training and knowledge transfer to ensure the accounting staff is proficient in using the new software and its various modules, such as payroll, budgeting, and financial reporting.
Testing and validation to ensure the software is functioning correctly and producing accurate financial reports and statements.
Final deployment and go-live, where the organization transitions to using the Pro Fund Accounting software for their day-to-day financial operations.
While the website does not specify a typical timeline, the implementation process for a comprehensive fund accounting system can be complex and may take several months to complete, depending on the size and complexity of the government organization, the amount of data to be migrated, and the level of customization required. It is common for such implementations to span 3-6 months or longer, especially for larger municipalities or counties.
Customizable Interfaces:
Pro Fund Accounting offers customizable interfaces, allowing users to tailor the software to their specific requirements and preferences. This flexibility helps in creating a user-friendly environment that aligns with the unique workflows of different organizations.
Versatile Functionality:
The software includes a wide range of features such as General Ledger, Accounts Payable, Accounts Receivable, payroll administration, and timecard solutions. This versatility allows it to cater to various business needs, from municipal governments to non-profits.
Custom Pricing Model:
Pro Fund Accounting uses a subscription-based pricing model with custom pricing, which suggests that the software can be tailored to the specific needs and scale of the organization.
Feature Discoverability and Advanced Utilization:
Users have noted that while the software is feature-rich, there is a need for better access to new features and clearer instructions for utilizing them. This indicates that the software has advanced features that can be customized and utilized effectively with proper guidance.
Support for Various Business Sizes and Types:
The software is designed to support a wide range of business sizes and types, including startups, freelancers, small businesses, medium businesses, large enterprises, and non-profit organizations. This broad applicability underscores its customizable nature to fit different organizational needs.
Modules for Specific Needs:
Pro Fund Accounting offers different suites tailored to specific needs, such as the Municipal Suite, Highway Suite, and State Trunkline Suite. Each suite includes modules like Accounts Payable, Accounts Receivable, Payroll, Fixed Assets, and more, which can be selected based on the specific requirements of the organization.
Customer Feedback and Improvements:
The development team at Pro Fund Accounting listens to customer feedback and makes improvements that enhance the software's usability and functionality. This responsiveness to user needs is a key aspect of customization.
Integration with Other Systems:
The software can integrate with other systems, such as payroll kiosks and inventory modules, providing real-time results and detailed reporting. This integration capability allows organizations to customize their financial management processes comprehensively.
Enhanced User Security and Compliance:
Features like enhanced user security and Affordable Care Act reporting are included, which can be critical for organizations with specific compliance and security needs. These features can be customized to ensure that the software meets regulatory requirements.
Customer Support and Training:
Setup Fees
Initial Setup and Customization: The initial setup and customization of Pro Fund Accounting can involve significant costs. These fees are typically associated with configuring the software to meet the specific needs of the organization, migrating data from previous systems, and integrating with other software solutions. The exact amount can vary based on the complexity and scope of the implementation.
Maintenance Fees
Annual Maintenance Fee: Pro Fund Accounting charges an annual maintenance fee to ensure the software remains up-to-date and continues to function smoothly. This fee covers regular updates, bug fixes, and enhancements to the software. The specific amount of the maintenance fee is not detailed in the sources, but it is a common practice in the industry to charge such fees to cover ongoing development and support costs.
Support Charges
Customer Support: Pro Fund Accounting offers comprehensive customer support, which includes unlimited toll-free calls, remote computer-to-computer access, internet downloads, automatic software updates, and free training videos. These support services are included in the cost of the software, ensuring that users have access to assistance whenever needed.
Training: While basic training resources such as videos and documentation are included, more extensive training sessions, especially those conducted on-site, may incur additional costs. This is common in software implementations where personalized training is required to ensure that all users are proficient with the new system.
Subscription Model
Subscription Fees: The software operates on a subscription model with a starting price of $960 per year. This fee covers the basic use of the software and access to its core features. However, depending on the specific needs and scale of the organization, the subscription cost can vary.
Additional Features and Modules
Optional Modules: Pro Fund Accounting offers various optional modules such as payroll administration, fixed assets management, and inventory tracking. Adding these modules to the base software can increase the overall cost. The pricing for these additional features is typically customized based on the organization's requirements.
Customization and Integration
Customization: Customizing the software to fit specific business processes and requirements can incur additional costs. This includes tailoring the user interface, creating custom reports, and setting up specific workflows.
Documentation and Videos:
Pro Fund Accounting provides extensive documentation and training videos. These resources cover various aspects of the software, from basic functionalities to advanced features, making it easier for new users to learn at their own pace.
Free Training Videos:
The software includes free training videos that are accessible at any time. These videos are designed to help users solve common problems and understand how to use different features of the software effectively.
Hands-On Training:
For more in-depth training, Pro Fund Accounting offers hands-on training sessions. These sessions can cover specific modules such as payroll, HR management, and timecard solutions, providing a practical understanding of how to use the software in real-world scenarios.
Support
Unlimited Toll-Free Calls:
Users have access to unlimited toll-free calls for support. This ensures that they can get immediate assistance for any issues they encounter during business hours (9:00 a.m. to 5:00 p.m. EST).
Remote Computer-to-Computer Access:
Pro Fund Accounting includes remote support software that allows technicians to connect directly to the user's computer. This feature helps in resolving issues as if the technician were physically present, providing a more hands-on support experience.
Email/Help Desk and Phone Support:
The software offers multiple support channels, including email/help desk and phone support. This ensures that users can get help through their preferred method of communication.
Knowledge Base and FAQs/Forum:
A comprehensive knowledge base and FAQs/forums are available to users. These resources provide answers to common questions and detailed guides on various features and functionalities of the software.
Automatic Software Updates:
Pro Fund Accounting ensures that the software is always up-to-date with automatic updates. Users can easily check for updates through the software's help menu, ensuring they have the latest features and security enhancements.
Printable Full-Color Documentation:
The software includes printable full-color documentation with step-by-step instructions and screenshots. This documentation is useful for users who prefer having a physical reference guide.
Additional Support Features
Product Notifications:
Users receive notifications about new features, updates, and other important information related to the software. This keeps them informed about any changes or improvements.
Customer Feedback and Improvements:
The development team at Pro Fund Accounting actively listens to customer feedback and makes improvements based on user suggestions. This ensures that the software evolves to meet the needs of its users.
Support for Various Business Sizes and Types:
Data Encryption
Encryption of Data: Pro Fund Accounting uses encryption to protect data both in transit and at rest. This ensures that any data transmitted over networks or stored in databases is encoded and inaccessible to unauthorized users.
User Authentication and Access Control
Enhanced User Security: The software includes enhanced user security features, such as password protection and Google ReCaptcha, to prevent unauthorized access. This helps in verifying the identity of users and protecting against automated attacks.
Granular Permission Settings: Pro Fund Accounting allows for granular permission settings, enabling administrators to control access to different parts of the system based on user roles. This ensures that only authorized personnel can access sensitive information.
Regular Software Updates
Automatic Software Updates: The software is regularly updated to include the latest security patches and features. This helps in protecting against newly discovered vulnerabilities and ensuring that the system remains secure.
Multi-Factor Authentication (MFA)
Multi-Factor Authentication: Implementing MFA adds an additional layer of security by requiring users to provide multiple forms of verification before accessing the system. This significantly reduces the risk of unauthorized access even if a password is compromised.
Secure Cloud Storage
Encrypted Cloud Storage: Pro Fund Accounting uses encrypted cloud storage to protect data stored in the cloud. This ensures that data is secure from unauthorized access and breaches.
Redundant Offsite Servers: Data is stored in redundant, offsite servers to protect against data loss due to natural disasters or other catastrophic events. This ensures that data is always available and secure.
Regular Security Audits
Security Audits: Regular security audits are conducted to identify and address potential vulnerabilities in the system. These audits help in maintaining a robust security posture and ensuring compliance with industry standards.
Employee Training and Awareness
Training and Education: Employees are trained on the importance of security measures such as MFA, strong password policies, and recognizing phishing attempts. This helps in creating a security-aware culture within the organization.
Data Backup and Disaster Recovery
Regular Data Backups: Regular backups of data are performed to ensure that information can be restored in case of a data loss event. This includes both on-site and cloud-based backups to provide multiple layers of protection.
Disaster Recovery Plans: Comprehensive disaster recovery plans are in place to ensure that data can be quickly restored and operations can resume with minimal disruption in the event of a cyberattack or other disaster.
Physical Security
Physical Security Measures: Physical security measures such as restricted access to data centers, use of security cameras, and secure storage of backup media are implemented to protect against physical theft or damage.
Compliance with Industry Standards
Compliance with Standards: Pro Fund Accounting complies with various industry standards such as GASB-34 and the Affordable Care Act, ensuring that the software meets regulatory requirements for data protection and financial reporting.
Secure File Sharing
Secure File Sharing: The software includes secure file-sharing capabilities to protect data during transfer. This ensures that sensitive information shared between users or with external parties is encrypted and secure.
Firewall and Antivirus Protection
Frequency of Updates
Regular Updates: Pro Fund Accounting provides regular updates to its software. These updates can include new features, enhancements, bug fixes, and security patches. The exact frequency of updates is not specified, but it is implied that updates are released as needed to keep the software up-to-date and functional.
Management of Updates
Automatic Software Updates: Pro Fund Accounting includes an automatic update feature that simplifies the process of keeping the software current. Users can check for updates by going to the Help menu and clicking "Check for Updates." The software will then automatically access the internet, compare the installed version with the latest available version, and download and apply any new or updated files or reports.
Auto Update Utility: Similar to other fund accounting software like MIP Fund Accounting, Pro Fund Accounting likely uses an auto-update utility that can be configured to automatically check for updates and notify users via email when updates are available. This utility can reside in the system tray of a computer, typically the server, and can be set to check for updates at specified intervals, such as weekly.
Product Notifications: Users receive notifications about new features, updates, and other important information related to the software. This ensures that they are always informed about the latest changes and improvements.
Backup Recommendations: It is recommended to always create a backup of the database before installing any updates. This precaution helps in preventing data loss in case of any issues during the update process.
Support for Updates
Unlimited Toll-Free Calls: Pro Fund Accounting provides unlimited toll-free support calls, allowing users to get assistance with updates and any issues that may arise during the update process.
Remote Computer-to-Computer Access: The software includes remote support capabilities, enabling technicians to connect directly to the user's computer to assist with updates and troubleshoot any problems.
Printable Full-Color Documentation: Detailed documentation is provided, including step-by-step instructions and screenshots, to guide users through the update process.
Data Ownership
Ownership Rights:
Pro Fund Accounting emphasizes that the data generated and stored within their system is owned by the organization using the software. This means that the organization retains full ownership rights over their financial data, including any data entered, processed, or generated by the software.
Responsibility and Accountability:
The organization using Pro Fund Accounting is responsible for the accuracy and integrity of the data. This includes ensuring that data is entered correctly and kept up-to-date. The software provides tools and features to help maintain data accuracy and integrity, but the ultimate responsibility lies with the user organization.
Data Access and Control:
Users have control over who can access the data within the system. Pro Fund Accounting allows for granular permission settings, enabling administrators to define access levels for different users based on their roles and responsibilities. This ensures that only authorized personnel can access sensitive financial information.
Data Portability
Data Export Capabilities:
Pro Fund Accounting provides features that allow users to export their data in commonly used formats such as CSV, XML, and JSON. This ensures that organizations can easily transfer their data to other systems or use it for reporting and analysis purposes.
APIs for Data Integration:
The software includes robust APIs (Application Programming Interfaces) that facilitate data exchange between Pro Fund Accounting and other systems. This allows for seamless integration with other financial tools and platforms, enhancing data portability and interoperability.
Data Backup and Recovery:
Pro Fund Accounting supports regular data backups to ensure that data can be restored in case of any loss or corruption. This feature is crucial for maintaining data integrity and ensuring that data is always available when needed.
Compliance with Data Portability Regulations:
The software is designed to comply with various data portability regulations, such as the General Data Protection Regulation (GDPR). This ensures that users can exercise their rights to data portability, allowing them to obtain and reuse their personal data across different services.
Security Measures
Data Encryption:
Pro Fund Accounting uses encryption to protect data both in transit and at rest. This ensures that any data transferred over networks or stored in databases is secure and inaccessible to unauthorized users.
User Authentication and Access Control:
Enhanced user security features, such as multi-factor authentication (MFA) and password protection, are implemented to prevent unauthorized access. This helps in verifying the identity of users and protecting against automated attacks.
Regular Software Updates:
Subscription-Based Pricing Model
Pro Fund Accounting operates on a subscription-based pricing model, with the base price starting at $960 per year.This pricing structure likely allows for some flexibility in scaling the number of users or modules up or down as per changing organizational requirements.
Customization Options
Pro Fund Accounting offers customization options and the ability to add optional modules like payroll administration, fixed assets management, and inventory tracking.This implies that organizations can scale their software capabilities by adding or removing these additional modules based on their evolving needs.
Scalable Architecture
While not explicitly stated, modern software solutions are generally designed with scalable architectures that can accommodate growth or contraction in an organization's size and complexity. Pro Fund Accounting likely follows industry best practices to ensure its software can scale seamlessly.
Integration and API Capabilities
Pro Fund Accounting provides robust APIs and integration capabilities, which can facilitate scaling by allowing the software to connect with other systems as the organization's technology landscape evolves.
Customer Support and Training
The software offers comprehensive customer support, training resources, and documentation.This support structure can assist organizations in effectively managing changes to their software setup during scaling events.
Cloud Deployment Option
Pro Fund Accounting may offer a cloud deployment option, which can provide greater scalability and flexibility compared to on-premises installations.
While the specific terms and conditions for scaling up or down are not detailed, it is reasonable to expect that Pro Fund Accounting, like most modern software solutions, has provisions and processes in place to accommodate changes in an organization's size and requirements. This could involve adjusting subscription levels, adding or removing modules, and leveraging the software's integration capabilities and customer support resources. However, for precise terms and conditions related to scaling, it would be advisable to contact Pro Fund Accounting's sales or customer support team directly. They would be best positioned to provide accurate and up-to-date information based on the organization's specific needs and circumstances.
Contract Renewal
Auto-Renewal:
Pro Fund Accounting contracts may include an auto-renewal clause, which means the agreement is automatically extended for successive periods (typically one year) unless either party provides notice of termination in accordance with the agreement's termination provisions.
Notification of Changes:
If there are any changes to the terms of use or other contractual terms, Pro Fund Accounting will notify current customers by electronic mail to the email addresses in their customer settings before the revisions become effective.
Fee Adjustments:
Pro Fund Accounting reserves the right to revise fees during the year. Any changes will be effective immediately upon notification to the customer. Continued use of the software following such notification constitutes acceptance of the revised fees.
Contract Cancellation
Termination Rights:
Either party can terminate the contract at any time, but specific terms regarding penalties or fees for early termination are not detailed in the provided sources. Generally, contracts with termination rights without substantive penalties are treated similarly to renewal options for accounting purposes.
Refunds and Liabilities:
If a contract is terminated, any funds received in advance that are associated with a cancelable term should be presented separately from contract liabilities as a refund liability. This means that the customer may be entitled to a pro-rata refund for the unused portion of the service.
Enforceable Rights and Obligations:
The contract term is defined as the period during which the parties have present and enforceable rights and obligations. If a contract can be terminated without substantive penalties, the period subject to the enforceable termination right is not included in the contract term for accounting purposes.
Customer Support and Service Continuity:
Pro Fund Accounting provides comprehensive support, including unlimited toll-free calls, remote computer-to-computer access, and automatic software updates. These support services are designed to ensure continuity and minimize disruption in case of contract changes or termination.
Legal Jurisdiction:
Governmental Accounting Standards Board (GASB) Compliance
GASB-34 Compliance:
Pro Fund Accounting complies with GASB Statement No. 34, which requires the preparation of basic financial statements and management’s discussion and analysis for state and local governments. This includes the calculation and reporting of fixed asset depreciation on a monthly and annual basis.
GASB-42 Compliance:
The software adheres to GASB Statement No. 42, which deals with the accounting and financial reporting for the impairment of capital assets and insurance recoveries. This ensures that any impairments are accurately measured and reported.
GASB-51 Compliance:
Pro Fund Accounting also complies with GASB Statement No. 51, which provides guidelines for accounting and reporting of intangible assets. This includes the proper valuation and amortization of such assets.
GASB-54 Compliance:
The software meets the requirements of GASB Statement No. 54, which redefines the fund balance classifications and reporting standards for governmental funds. This includes the proper categorization of fund balances into nonspendable, restricted, committed, assigned, and unassigned categories.
Generally Accepted Accounting Principles (GAAP)
GAAP Compliance:
Pro Fund Accounting adheres to GAAP, which is essential for ensuring consistency, transparency, and accuracy in financial reporting. This compliance is crucial for preparing financial statements that are comparable and understandable to stakeholders.
Affordable Care Act (ACA) Compliance
ACA Reporting Tools:
The software includes tools for ACA compliance, specifically for the preparation, distribution, and IRS submission of Forms 1095-B and 1095-C. This helps employers maintain compliance with ACA requirements, including tracking TIN information and managing penalty abatement.
Data Privacy and Security Compliance
Data Encryption and Security:
Pro Fund Accounting employs data encryption to protect sensitive information both in transit and at rest. This ensures that financial data is secure from unauthorized access and breaches.
User Authentication and Access Control:
The software includes enhanced user security features such as multi-factor authentication (MFA) and granular permission settings to control access to sensitive data. This helps in preventing unauthorized access and ensuring that only authorized personnel can view or modify financial information.
Compliance with GDPR:
While not explicitly stated, the software likely adheres to data protection regulations such as the General Data Protection Regulation (GDPR) for users in the European Union. This includes handling personal data in compliance with GDPR requirements, and ensuring data privacy and security.
Other Regulatory Compliance
Anti-Money Laundering (AML) and Know Your Customer (KYC):
Pro Fund Accounting includes features to support compliance with AML and KYC regulations. This is particularly important for organizations that need to verify the identity of their clients and monitor transactions for suspicious activities.
Audit and Reporting Standards:
