When it comes to financial management in the public sector, there are several on-premise or cloud-based government accounting software solutions that track and report financials and funds efficiently and accurately. Also known as fund accounting software, government accounting software serves as a general ledger as well as a solution for budgeting, accounts payable, payroll management, and billing, among other applications. Below are top state and local government accounting software applications:
- JD Edwards
- Superion, formerly SunGard (Naviline, One Solution, Superion Plus)
- Tyler Technologies (New World, Munis, FundBalance, Infinite Visions, Eden, Incode)
Features of Government Accounting Software
Public sector organizations operate in a unique environment much different from private businesses and corporations. Local, state, and municipal governments use multi-fund accounting practices to track expenditures and monitor respective restrictions.
Another huge difference is that governments are accountable to their citizens and must regularly communicate with constituents about how public resources are to be used. Government institutions must also meet accounting standards set forth by the Governmental Accounting Standards Board (GASB), which emphasizes that governmental accounting and financial reporting are different than that of business enterprises. The impact of this is that accounting software intended for general commercial operations cannot be modified for government accounting purposes.
Local and state government agencies and departments require a financial management solution that eliminates manually-intensive reporting. Core features of government accounting software include automated financial reporting, as well as journal entries, general ledger, and accounts payable.
Streamline Data Processing & Collaboration with Stakeholders
The process of transitioning from an enterprise resource planning (ERP) solutions can be lengthy and expensive (for labor and software). Government accounting software can extend the life of an ERP, provide a crosswalk during transition, and replace or enhance the new integrated ERP system to preserve historic data and augment functionality not offered in the new system.
OpenGov integrates well with accounting software solutions and ERPs in budgeting and planning areas where they fall short. OpenGov’s cloud-based reporting and analytics software can reduce the need to switch or upgrade ERP/accounting systems. OpenGov software for local governments fulfills reporting and analysis and simplifies management reporting for the entire organization.
Why Invest in Accounting Software
From automating tedious tasks to granting partners and stakeholders access to real-time data, government fund accounting software can improve efficiency and accuracy of all accounting processes. Choose a government accounting software that offers full data for analytical tracking, recording operational costs, managing cash flow, and creating budgets.