Blackbaud’s Cloud Fund Accounting Software Helps Organizations Improve Financial Transparency, Save Time and Effectively Manage Their Programs
New study and nonprofit finance executives commend the value of Financial Edge NXT
for performance, scalability, security and more
Charleston, S.C. (September 25, 2018) — Blackbaud (NASDAQ: BLKB), the world’s leading cloud software company powering social good, today announced that a Nucleus Research ROI Case Study of StarCare Specialty Health System found that by deploying Financial Edge NXT®, Blackbaud’s top-rated cloud fund accounting software, an organization could experience an annual return on investment of 102 percent and average annual benefit of $446,680 within one year.
StarCare, based in Lubbock, Texas, deployed Financial Edge NXT to improve the efficiency of its accounting and finance department and was able to increase employee productivity, improve data quality and eliminate costs associated with its legacy system. The organization’s fiscal team could more easily prepare for audits, reconcile accounts, manage transactions, and produce reports and key information for frontline managers, as well as reduce its reliance on technical staff in the IT department for daily reporting and maintenance.
“No other cloud fund accounting software available to the social good community offers the intelligence, security, scalability, performance and user experience that Financial Edge NXT delivers,” said Mary Beth Westmoreland, chief technology officer at Blackbaud. “We launched Financial Edge NXT with the goal of providing our customers with unparalleled functionality—from detailed, multi-scenario budgeting to fast, flexible reporting that enables timely, data-driven decisions. We’re proud to share today that nonprofit organizations have now used Financial Edge NXT to manage financials for more than one million individual projects.”
The company also reported strong satisfaction rates with Financial Edge NXT among nonprofit finance executives seeking to manage financial reporting, monitor and track program success and support fundraising efforts in a single solution:
- “Ultimately, we decided to partner with Blackbaud because they demonstrated the most detailed consideration of our needs throughout the selection process. They really dove in to understand our operating model and reporting requirements in a way that made us feel they were dedicated to ensuring our success on Blackbaud Financial Edge NXT.” —Jennifer Holleran, Assistant Director of Business Operations, Cornell Cooperative Extension
- “As a Federally Qualified Health Center, the key to our financial staff’s efficiency is effective reporting for a large group of funders and other stakeholders. I’ve always seen this as the strength of Financial Edge, and now Financial Edge NXT simplifies the reporting process and allows us to easily analyze details, so we’re confident about the data.” —Chris Dons, CFO, Lawndale Christian Health Center
- “Blackbaud is dedicated to giving their customers the best software tools in the industry, and this is evident with Financial Edge NXT. I can customize my reports to mirror grant or government reports, which makes my job easier. What used to take me days to gather information, takes me only minutes with Financial Edge NXT reporting. I am confident that my data is secure, software is error free and Blackbaud will provide the best service possible to their customers.” —Jennifer Johnson, CFO, Senior Resource Association
- “Our Board was very passionate about not only having our finger on the pulse of our funds but also being accountable and transparent with the funds that we raise; Financial Edge NXT completely supports us in that. I see Blackbaud as the base of this Foundation—giving us all the tools, structure and transparency that we need to show our donors, so we can continue to grow and support a healthy, active community.” —Krista Linklater Executive Director, St. Mary’s Memorial Hospital Foundation
- “We were driven for a scalable solution that would save time, increase accuracy and improve financial transparency within the organization. Financial Edge NXT’s flexible account setup and tracking options allow us to automate otherwise manual reporting processes while maintaining a simple account structure. This in turn allows managers to more effectively manage their program data, and ultimately helps us deliver more impactful programs.” —Adam Pomerantz, CFO, WINGS for Kids
This year, Financial Edge NXT was a recipient of the 2018 Top Rated Badge for Accounting, Tax and Budgeting Software by TrustRadius, a trusted review site for business technology, and received a Five-Star rating from CPA Practice Advisor, a definitive resource for information to tax and accounting professionals in public practice.
For more information about Financial Edge NXT, go to www.blackbaud.com/nonprofit-accounting-software/financial-edge-nxt. To download the Nucleus Research ROI Case Study of StarCare Specialty Health System, go to https://nonprofitaccounting.blackbaud.com/assets/starcare-roi.
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Blackbaud (NASDAQ: BLKB) is the world’s leading cloud software company powering social good. Serving the entire social good community—nonprofits, foundations, companies, education institutions, healthcare organizations and individual change agents—Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing, and analytics. Serving the industry for more than three decades, Blackbaud is headquartered in Charleston, South Carolina and has operations in the United States, Australia, Canada and the United Kingdom. For more information, visit www.blackbaud.com.
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Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties, including statements regarding expected benefits of products and product features. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; management of integration of acquired companies and other risks associated with acquisitions; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks related to our dividend policy and share repurchase program, including potential limitations on our ability to grow and the possibility that we might discontinue payment of dividends; risks relating to restrictions imposed by the credit facility; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organization; technological changes that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from Blackbaud’s investor relations department. All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.