FinovatePro - Support Center
Frequently Asked Questions About FinovatePro
Answers about who FinovatePro is for, U.S. GAAP and IFRS support, DCAA requirements, industries, features, plans and setup.
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About FinovatePro
What is FinovatePro?
FinovatePro is an industry-ready financial operating system and cloud accounting platform built for small and midsized organizations. It combines core accounting with industry-specific workflows, reporting, controls and management intelligence and supports U.S. GAAP and IFRS financial reporting.
Who is FinovatePro designed for?
FinovatePro is designed primarily for small and midsized businesses and organizations, finance teams, accountants and advisors that need more industry-specific financial information than a basic general-purpose accounting system typically provides.
How is FinovatePro different from general accounting software?
General accounting platforms are designed to serve many types of businesses using a common accounting structure.
FinovatePro adds industry-specific charts of accounts, workflows, reports, controls and management information so the financial system can reflect how a particular industry operates.
Is FinovatePro an ERP?
FinovatePro is primarily positioned as an industry-ready financial operating system and cloud accounting platform.
It provides accounting and financial-management capabilities that overlap with some ERP functions, but organizations requiring extensive manufacturing, procurement, supply-chain or other enterprise-wide operational functionality should evaluate whether a broader ERP is appropriate.
Why does FinovatePro call itself a financial operating system?
Because FinovatePro is designed to go beyond transaction processing.
It connects accounting records with budgets, assets, loans, contracts, projects, industry reporting, profitability, forecasting and management information so organizations can use their financial data to operate the business.
Does FinovatePro replace my accountant?
No. FinovatePro is designed to help businesses and accounting professionals maintain better financial information and produce more useful reporting.
Professional judgment is still required for accounting policies, estimates, taxes, audits, regulatory matters and other professional accounting decisions.
Can my accountant use FinovatePro?
Yes. FinovatePro is designed to support collaboration between organizations and accounting professionals.
Accounting Standards and Compliance
Does FinovatePro support U.S. GAAP?
Yes. FinovatePro is designed to support financial reporting under U.S. GAAP where it is the applicable reporting framework.
Specific accounting requirements depend on the entity, industry and transaction.
Does FinovatePro support IFRS?
Yes. FinovatePro supports IFRS-oriented financial reporting for organizations using IFRS as their applicable reporting framework.
Does FinovatePro support IPSAS?
FinovatePro has an IPSAS-oriented Government solution for applicable international public-sector organizations.
The Government (IPSAS) solution is not positioned for U.S. federal, state or local government reporting.
Does FinovatePro support DCAA requirements for government contractors?
FinovatePro is built to support DCAA accounting-system requirements and SF 1408 criteria. Government contractors can use it to:
- separate direct, indirect and unallowable costs as they are recorded
- track costs by contract, CLIN and task
- build Fringe, Overhead and G&A cost pools and analyze indirect rates
- monitor funding and ceilings
- produce contract-level reporting under U.S. GAAP and FAR cost principles
DCAA does not approve or certify accounting software. It reviews a contractor’s accounting system and practices against the applicable requirements, so readiness also depends on your policies, timekeeping and internal controls. Learn more about FinovatePro for government contractors →
What GovCon capabilities does FinovatePro provide?
Depending on the selected configuration and plan, FinovatePro GovCon can support contract and project accounting, direct and indirect costs, Fringe/Overhead/G&A, indirect-rate analysis, contract/CLIN/task costs, funding and ceiling visibility, unbilled receivables, contract profitability and DCAA-oriented reporting.
Does FinovatePro automatically guarantee accounting or regulatory compliance?
No software by itself guarantees compliance.
FinovatePro is designed to help organizations apply appropriate accounting structures, controls and reporting, but management remains responsible for its accounting policies, records and compliance with applicable laws, regulations and standards.
Features and Plans
Which industries does FinovatePro support?
FinovatePro’s industry strategy includes Government Contractors, Retail & Distribution, HOA & Communities, Nonprofit, PTO & PTA, Sports & Clubs, Microfinance, Professional Services, Construction, General Contractors, Transportation & Logistics, Agriculture, Government (IPSAS), Faith Organizations, Associations & Chambers, Cooperatives, Real Estate & Property, Food & Hospitality, Home Healthcare/Care Services, Medical Practices, Hospitals, Schools, General Business, Agribusiness and Insurance.
Availability and feature depth vary by industry.
Are all FinovatePro features available in every plan?
No. Features vary by industry and plan. Certain advanced industry reports, forecasts, consolidation capabilities and management tools may require higher plans or specific configurations.
Does FinovatePro support budgeting?
Yes, budgeting and budget-to-actual reporting are available in applicable plans and industry configurations.
Does FinovatePro support fixed assets?
Yes. Fixed-asset functionality is available in applicable plans and configurations.
Does FinovatePro support loans?
Loan management and amortization functionality are available in applicable plans and industry configurations.
Does FinovatePro support inventory?
Yes, inventory functionality is available for industries and plans where inventory is relevant.
Does FinovatePro support project accounting?
Yes. Project and contract accounting capabilities are available for project-driven industries such as government contracting, professional services, construction and other applicable sectors.
Can FinovatePro show profitability?
Yes. Depending on the industry and configuration, FinovatePro can provide profitability analysis by dimensions such as customer, product, project, contract, service, department, location, branch or property.
Does FinovatePro support multiple entities?
Multi-entity reporting and consolidation are available in applicable plans and configurations.
Does FinovatePro support multiple currencies?
Multiple-currency functionality is available where supported by the selected plan and industry configuration.
Setup and Integrations
Can FinovatePro integrate with other software?
FinovatePro supports third-party integrations where integrations have been developed and made available. Integration availability varies by product and configuration.
Can I migrate from another accounting system?
FinovatePro can support data migration and implementation services depending on the source system and customer requirements.
The migration scope should be confirmed during implementation.