Every organization needs accounting. But what about a government agency, what kind of accounting does it require? According to AccountingEdu.org, “The goals of federal, state or municipal government agencies when applying the principals of accounting are different from the private sector’s main business objective of earning profit…government agencies and other recipients of government money are fiscally accountable to tax payers and must demonstrate compliance with the intended uses of…resources.”

We compiled this list of Top 5 Software Features for Government Accounting to help you determine what is most important for your agency.

Fund Accounting

Fund accounting is a method of accounting that allows you to keep the programs within your organization separated by fund numbers. Each fund, labeled as restricted, temporarily restricted, or unrestricted, contains its own chart of accounts. The biggest difference between fund accounting and regular accounting is fund accounting emphasizes accountability rather than profitability.

Let’s dig a little more into how fund accounting works.

How You Can Close the Books and Ring in the New Fiscal Year on Time

It takes 60 seconds for the ball in New York’s Times Square to drop 141 feet and officially ring in the New Year. That’s not a lot of time to consider all the things you want to accomplish in the next 365 days, let alone think about all the things you didn’t quite get to before 11:59 on December 31.

Nonetheless, as you’re contemplating your quarter-one goals, and why you didn’t quite get around to running that marathon, you don’t also want to be confronted by the things you could have done better or devoted more time to, including your year-end financial close.

With the end of the year so near, we’re giving you our top four pro tips for ensuring your books are closed well before the clock strikes 12.

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The Right Software Manages Risks and Keeps You Accountable in the Event of an Audit

When you keep an audit trail, you’re affirming to your town, city, or county that your government accounting practices are legal, legitimate, and transparent. For government agencies and city services, audit trails are invaluable.

Audit trails mean something different to every industry (from local government to nonprofits and health care). But at its core, an audit trail is a chronological record of all the transactions and documents that affect your operations, procedures, and events. And maintaining these records is vital for several reasons.

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