Features
Accounting Software Features Built Around Your Industry
FinovatePro combines cloud accounting with industry-specific workflows, financial controls, reporting and management intelligence for small and midsized organizations.
Instead of treating every business as financially identical, FinovatePro begins with a strong accounting foundation and adds the information, controls and reports required by the selected industry.
Features vary by industry and subscription plan.
Foundation
Core Accounting
FinovatePro provides the accounting foundation organizations need to maintain reliable financial records.
General ledger
Record and classify financial transactions within an industry-appropriate chart of accounts.
Accounts receivable and invoicing
Manage customers, invoices, receivables and collections.
Accounts payable and purchasing
Track vendors, bills, purchasing and payment obligations.
Banking and reconciliation
Reconcile financial records with banking activity and identify differences.
Customers and vendors
Maintain the parties behind financial transactions.
Multi-currency accounting
Support organizations operating across currencies where applicable.
Audit logs
Maintain visibility into financial activity and changes.
Financial Reporting
Turn accounting records into financial information management can use.
- Balance Sheet
- Income Statement / Statement of Activities, as applicable
- Cash Flow reporting
- Trial Balance
- Budget-to-Actual
- Financial ratios
- Management dashboards
Industry-specific statements and reports are available according to the selected industry and plan.
Budgeting and Financial Control
Accounting should help management understand where the organization is going, not only where it has been.
- Operating budgets
- Department and location budgets
- Budget-to-actual reporting
- Variance analysis
- Cash-flow forecasting
- Scenario analysis where supported
Fixed Assets
Asset records and depreciation-related financial reporting. Industry configurations can distinguish asset classes.
BuildingsVehiclesMedical equipmentAgricultural equipmentMachinery
Loans and Debt
Track loans, debt balances and amortization information where supported.
- Loan balances
- Principal and interest
- Payment schedules
- Debt analysis
Applicable accounting depends on the financial instrument and reporting framework.
Inventory
For industries that hold inventory.
- Purchasing
- Inventory quantities and values
- Cost of goods sold
- Inventory movement and aging
- Product and category analysis
ASC 330IAS 2
Project-driven businesses
Contracts and Projects
Project-driven businesses need more than company-wide accounting. FinovatePro supports financial organization around contracts, projects and other operating dimensions.
- Project budgets
- Contract costs
- Direct and indirect costs
- WIP
- Unbilled receivables
- Contract assets and liabilities
- Project profitability
- Contract profitability
Where FinovatePro differs
Industry-Specific Accounting
This is where FinovatePro differs most from general-purpose accounting software. Each industry can be configured around its own financial model.
Government Contractors
Contracts, direct and indirect costs, Fringe/Overhead/G&A, indirect rates, funding and contract profitability.
Nonprofits
Grants, donor restrictions, net assets, programs and functional expenses.
HOAs & Communities
Assessments, operating funds, reserve funds, special assessments and reserve reporting.
Construction & General Contractors
Job costing, subcontractors, committed costs, change orders, WIP, retainage and project profitability.
Microfinance
Loan portfolios, interest, arrears, delinquency, expected credit losses and portfolio-at-risk.
Healthcare
Patients, payers, providers, facilities, service lines and financial performance.
Retail & Distribution
Inventory, COGS, products, stores, warehouses and gross margins.
Agriculture
Farms, fields, crops, livestock and biological-asset reporting where applicable.
U.S. GAAP and IFRS
FinovatePro is designed to support financial reporting under U.S. GAAP and IFRS, depending on the entity and applicable reporting framework. Examples of accounting relationships addressed across applicable industries:
- ASC 606 / IFRS 15: Revenue recognition
- ASC 842 / IFRS 16: Lease accounting
- ASC 330 / IAS 2: Inventory
- ASC 326 / IFRS 9: Expected credit losses
- ASC 958: U.S. nonprofit accounting
- ASC 972: Common Interest Realty Associations
- ASC 905 / IAS 41: Agriculture-related accounting
Other standards apply depending on the industry and transaction.
Government Contractor Features
FinovatePro GovCon is built to support DCAA accounting-system requirements and SF 1408 criteria.
- Contract and project accounting
- Direct and indirect cost visibility
- Fringe, Overhead and G&A
- Indirect-rate analysis
- Contract / CLIN / task costs
- Funding and ceiling monitoring
- Unbilled receivables
- Contract profitability
- DCAA-oriented reporting
DCAA does not approve or certify accounting software. It evaluates contractor accounting systems against applicable requirements.
Management Intelligence
Use Accounting to Run the Business
The objective is not simply to close the books. FinovatePro helps turn accounting information into questions management can act on.
- Which customer is most profitable?
- Which project is losing money?
- Which location performs best?
- Where is cash getting tied up?
- How are costs changing?
- What happens if current trends continue?
See FinovatePro features for your industry
Start free, or book a demo with our accounting team.