Financial Edge NXT: The Vision and Solution
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The document discusses Financial Edge NXT, a cloud-based accounting solution from Blackbaud. It provides an agenda that includes a vision section, demo, and roadmap. The vision is for an intuitive, reliable solution integrated on one cloud platform to provide accounting power for nonprofits. Key benefits highlighted are true cloud technology, empowering teams, improving the bottom line, and strengthening technology. A demo shows the simple, beautiful interface and comprehensive accounting. The roadmap section discusses phased releases every 1-2 months with proactive communication. It also provides information on migrations, the preparation process including hosting, data preparation, professional services, and system re-implementation.
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Financial Edge NXT: The Vision and Solution
- 1. Financial Edge NXTTM Vision and Solution Presented by Tom Walker
- 3. VISION
- 4. Intuitive. Reliable. Fully integrated on one cloud platform. Financial Edge NXT gives you the accounting power nonprofits need to empower transparency, stewardship and compliance.
- 5. True Cloud Technology Intuitive design and in- product support Anywhere access Inherent Collaboration 5 Reduce overhead and IT administration burden Leverage our expertise Subscription pricing Data privacy and security Strong integration Continuous innovation Empower Your Teams Improve Your Bottom Line Strengthen Your Technology VISION
- 6. What You’re Used To 6 VISION
- 8. Comprehensive Accounting that you expect from Blackbaud VISION
- 9. VISION
- 10. ALSO INTEGRATES WITH ELIMINATE DUPLICATIVE DATA ENTRY PROCESSES BETWEEN YOUR SYSTEMS VISION
- 11. VISION
- 13. VISION
- 14. BUT ENOUGH TALK…
- 15. Roadmap Release Every 1-2 Months Phased delivery to ensure highest priority functionality Never have to install software to receive updates Proactive communication of upcoming features 15 ROADMAP
- 16. Financial Edge NXTTM Your Path to NXT Presented by Carey A. Carlson
- 17. WHY?
- 18. Migrations Can Be Complex… Resemble a completely new system implementation Mapping Documents Data Conversions System Down Time Training BLACKBAUD CONFIDENTIAL 18
- 20. Comprehensive Accounting that you expect from Blackbaud
- 22. Intuitive. Reliable. Fully integrated on one cloud platform. Financial Edge NXT gives you the accounting power nonprofits need to empower transparency, stewardship and compliance.
- 23. HOW?
- 24. How to Prepare for NXT Hosting • Real-time anywhere access • Always up to date software • Cloud monitoring 24x7 • No IT infrastructure required! 24
- 25. How to Prepare for NXT 25 Prepare your database • Scrub Data • Inactivate out dated records • Close fiscal years • Delete old reports and queries • Review End User Security models
- 26. How to Prepare for NXT Professional Services 26 INFORM Identify training opportunities, & define the best method of delivery. ANALYZE Analyze data health, business processes, security, and reporting. PLAN Build & deliver a comprehensive FE:NXT readiness plan unique to your organization. EXECUTE Execute on priorities, measure success and get results.
- 27. How to Prepare for NXT 27 System Re-implementation • Enhanced system reporting • Retain history • Multiple databases
Editor's Notes
- Financial Edge NXT is part of the industry’s ONLY fully integrated, all inclusive cloud suite for nonprofits. Financial Edge NXT is the most advanced cloud accounting solution designed for and available to the nonprofit community. It is intuitive cloud accounting for nonprofits that’s built on over 30 years of experience and includes flexible reporting, restricted fund tracking, and seamless integration with the industry leading fundraising software, The Raiser’s Edge.
- Intuitive design and anywhere access encourage usage and collaboration across your team Always On Cloud technology ensures NXT is always available wherever you are, computer, tablet or phone Designed for Uptime, the Blackbaud cloud is built with redundancy and fine-tuned for performance Always Up-to-Date Your NXT in the cloud always runs the latest version with the greatest features Never worry about patch and upgrade cycles, we take care of that for you Open and Secure Rest-based API’s for easy ecosystem integration Security architected into every NXT facet, Compliant with industry standards Zero IT Hassle Peace of mind that the IT infrastructure, application and database are optimized and managed 24x7 Never buy a server again. Cloud eliminates hardware purchases and management NXT in the cloud is monitored and managed 24x7 Subscription Pricing Get started quickly with limited upfront investment Maintenance, back-ups, and upgrades are on us
- This total cloud solution includes the Financial Edge database with everything you need to engage with information and financials, monitor and track program success, manage relationships, and support fundraising teams and funders. It is comprehensive fund accounting, powerful real-time reporting and analytics, full program and grant financials and more.
- Taken from talk tracks: Efficiently manage and protect information Financial Edge NXT is true fund accounting at its finest. Based on your needs, you can take advantage of general ledger, projects, grants, endowments, AP/AR, Fixed Assets, Banking and more. Financial Edge NXT gives you highly secure cloud accounting. With the ability to define role-based security, you are in the driver’s seat in determining who has access to—and can interact with—your data, records, reports and processes. But we know all accounting teams want to work in a system that is reliable, easy to use and promotes data accuracy. Based on nonprofit feedback, we’ve worked to eliminate manual processes or duplicative entry wherever possible. <For example, we’ve dramatically reduced the need to store data in offline spreadsheets or ancillary systems, and we have added new quick search tools that allow you to quickly find and cut and paste data between records without re-keying> You can track and manage multiple budget scenarios (NPs typically work from different budgets/scenarios that tells them what the budget will look like if they do or don’t get funding—not all accounting packages allow for this), and it’s flexible enough to allow you to segment information for internal and external use. POWERFUL REAL-TIME REPORTING Rich insight and analytics Speaking of viewing data, Financial Edge NXT has intuitive dashboards and customizable views—so you have real-time access to the information that is most important to you. You can closely monitor income statements, program to expense ratios, cash balances and other key metrics. Now, everything you need is brought to the forefront for proactive review by anyone you choose—which means less time running and distributing reports. And the reporting capabilities in Financial Edge NXT are truly unparalleled. Because this solution was built for nonprofits, it offers accounting teams rich insights and analytical power that will save them time and help them make important, timely decisions and also report to stakeholders (ex. executives, board members, business managers, etc.). There are over 100 built-in reports (fully ready to use with one click!) to Financial Edge NXT, and of course, you can create your own custom reports (without having to ask IT for help!). Also, with just one click you can drill down (one click drill-downs) into any data point, because all information is connected (with The Financial Edge, you had access to it but could not go directly into it right from the report). And getting information out is a breeze with one click exports to Microsoft Excel ®. In most systems it takes many clicks or reports to get information. Now information is proactively served up.
- Inform fundraising strategy Financial Edge NXT allows you to view and analyze data in a way that helps you identify funding opportunities, trends and risks. Also, many statistics show that the new era of donors are more conscious of spend (stewardship) than ever before. Financial Edge NXT makes it possible for those managing those relationships (whether grant program managers, major gift fundraisers or others) to report back to donors/funders. (Upsell) And, because Financial Edge NXT fully integrates with Raiser’s Edge NXT™, our smart cloud fundraising and relationship management solution, your organization can eliminate the time investment and error margin that comes with duplicative data entry processes between your relationship management and financial systems
- Budget, monitor and evaluate Financial Edge NXT gives you full program and grant financials, which means you can budget and monitor in a way that gives both internal and external stakeholders the information and insight they need in real time, while helping you ensure accuracy and compliance. Financial Edge NXT offers efficient grant and project accounting It also allows you to track restricted gifts/funds as you need to, which helps you stay compliant with funder requirements and identify any areas of risk. Essentially, the more transparency and control you have into how budgets are being managed, the better you will be able to monitor and evaluate program effectiveness. And when all of that is being managed well, funders will have confidence that you are stewarding resources well, which increases your chances of future gifts/funding.
- Information when you need it Financial Edge NXT gives users anywhere, any device access to data—mobile phones, tablets, PCS—essentially anywhere with internet access. This means you have reliable, real-time access to all your data—secure in the cloud-whenever you need to analyze information, report to stakeholders and more. Basically, all of the capabilities I am about to show you are always available at your fingertips and in a readable format. Just one example of where we’ve heard great feedback--We’ve found that people in the business office at NPs typically spend a lot of late nights working—either preparing information or responding to unexpected requests from internal teams, board members and others. Customers are excited that now with Financial Edge NXT, they can work from wherever they are (skipping the late nights at the office).
- Blackbaud is your total solution provider With one cloud, for everything, you can unite your organization and connect them to the world they serve, at their desk or in the field. One scalable web-based platform provides continuous improvements and seamlessly powers everything on-the-go. And best in class security means that you and your funders can rest assured that the knowledge and support of thousands of security experts keeps your data centralized, safe, and backed up within a reliable, protected environment. Totally connected and totally driven to customer success, we support you every step of the way: from ongoing training to best practices to technical support, we provide instant help when you need it.
- Welcome to Your Path to FE NXT! Introduce yourself… Blackbaud Role… Tenure and/or experience… Identify your audience: Hands for finance department members (potentially ask about Developers or DBA’s depending on response) How many people currently use the Financial Edge? Participated in the implementation? >5 years as a client? Anybody from AFN? Now that you’ve seen the product and gained incite into the product roadmap, the next logical question is how and why should you’re organization move to FE NXT.
- Data migration and system upgrades can be tricky. Often resembling a new system implementation. They typically require mapping documents, data conversion, system training and testing, and often require you to be done for a week or more prior to deploying the new ‘upgraded’ solution.
- One #1 guiding principle was to make the transition to NXT easy for you No loss of functionality No data conversion No implementation or training services required. Many of you have had unpleasant migration experiences in the past and often, judging the amount of work involved from your end can be a challenge. Upon migrating to NXT, your data becomes available in NXT with no intervention from your organization. We’ve cut a clear path for you so you don’t have to worry about losing hours while navigating your organization onto a new platform. You’ll instantly receive real time access from the cloud. Allowing for access via PC, Tablet, or mobile devices!
- The cloud based solution will continue to bring you all of the features, functionality and integration you are accustom to with The Financial Edge. Everything you need to maintain your financials, monitor and track program success, manage relationships, and support fundraising teams and funders.
- All with a new look and feel. Moving from the old tabbed approach of displaying data to a paneled everything ‘on the glass’ layout.
- FE NXT is designed to be intuitive and end user friendly. Gone are all the tabs of FE as everything will appear ‘on the glass’ in FE NXT. Screens have been designed in such a way that current end users of The Financial Edge will require little or no training to adopt FE NXT.
- What can you do to get ready? First of all we need to get into the Blackbaud cloud, so defining what that requires for your organization will be important.
- What can you do to get ready? Take the opportunity to scrub your database and perform general system and database clean up. Scrub Vendor/Client/Master Records lists Inactivate out dated records, accounts, and projects Close fiscal years Delete old reports and queries Review End User Security models Etc. Additional Software… System Training Opportunity Treat it like getting a new system without a tremendous investment
- What can you do to get ready? Consider engaging with our Professional Services team From small general training on the system and navigation To more engaged services Full end user training (perhaps many at the organization haven’t received any formalized training) Perhaps new features have become available based upon the software band selected. Database review and health screening Generic consulting pass, in which you prepay a block of hours to use over the course of a year at a discounted rate
- What can you do to get ready? Finally, you may have parachuted into your organization and an inherited a poorly configured database with an even worse general ledger structure. This could be the opportunity to invest back into your organization with a re-implementation as part of your migration to FE NXT. Almost treating the move to FE NXT as an implementation of a new accounting solution. Without, the software and services cost associated to an implementation. We can either quickly create a new blank database leveraging your existing master records under a new general ledger structure; or we can develop a mapping document and move your historical information as well, as if you had been processing under the new account structure all along.