Banyon Fund Accounting
By Banyon Data Systems, Inc
Implementing Banyon Fund Accounting software involves several key steps to ensure a smooth transition. While specific timelines can vary based on organizational needs and resources, the general process includes:
Preparation and Planning: Define implementation goals, assemble a project team, and assess current financial processes to identify areas for improvement.
Data Migration: Cleanse and transfer existing financial data into the new system, ensuring accuracy and completeness.
System Configuration: Customize the software to align with organizational workflows, including setting up accounts, user roles, and permissions.
Training: Provide comprehensive training to staff on system functionalities and best practices to ensure effective utilization.
Testing: Conduct thorough testing of the system with real-world scenarios to identify and resolve any issues before full deployment.
Banyon Fund Accounting software offers a range of customization options to meet specific business needs:
Flexible Chart of Accounts: Users can configure account structures to align with their organization's financial framework, accommodating various fund and department requirements.
Add-On Modules: To extend the software's core functionalities, Banyon provides several optional modules, including:
Purchase Orders: Integrates with the general ledger, allowing for encumbrance tracking and customized purchase order printing with logos and tailored messages.
Billing/Invoicing: Enables creation and printing of invoices, supports recurring invoices, and includes features for adding special instructions and comments.
Asset Tracking: Facilitates management of fixed assets, aiding in depreciation calculations and asset inventory control.
Deposit Slip Printing: Streamlines the creation and printing of bank deposit slips directly from the software.
ACH Payments: Supports electronic vendor payments, enhancing payment processing efficiency.
Purchase Card Import: Allows for importing and managing purchase card transactions within the system.
Workflow Module: Introduces an approval process for invoices, ensuring proper authorization before payments are made.
Custom Report Writing: The software includes a full-featured report writer, enabling users to create and customize reports tailored to their organization's reporting standards.
Banyon Fund Accounting software is available for a one-time purchase price starting at $2000. While this initial cost covers the core software, there are additional expenses to consider:
Add-On Modules: Banyon offers optional modules to extend the software's functionality, such as Purchase Orders, Billing/Invoicing, Asset Tracking, Deposit Slip Printing, ACH Payments, Purchase Card Import, and Workflow. These modules are available for purchase separately, allowing organizations to tailor the system to their specific needs.
Banyon Fund Accounting offers a variety of training and support options to assist new users in effectively utilizing their software:
Training Options:
On-Site Training at Banyon Offices: Users can attend in-person training sessions at Banyon's offices for $300 per day.
Online Training via Glance: Remote training sessions are available online using the Glance platform, priced at $400 for a full-day session (6 hours). These sessions utilize the user's own data for a personalized experience.
Supplemental Focus Training: For targeted assistance, Banyon offers supplemental training at $100 per hour through internet sessions, allowing trainers to view the user's computer or vice versa.
Support Resources:
Documentation and Manuals: Comprehensive instructions and manuals are available for various modules, including Fund Accounting, Workflow, and Fixed Assets, providing detailed guidance on software functionalities.
Video Helps and FAQs: Banyon provides instructional videos and a Frequently Asked Questions section to address common user inquiries and facilitate self-help.
Banyon Fund Accounting incorporates several security measures to protect user data:
Password Protection: Access to the software requires user authentication. Upon launching the application, users are prompted to enter a security password. There are two primary passwords:
MASTER: Used for setting up and modifying user passwords.
BDS: Grants access to the application.Banyon Data Administrators can assign specific rights to users, allowing for controlled access based on roles.
User Access Rights: The system allows administrators to assign different levels of access rights to users. This ensures that sensitive financial data is only accessible to authorized personnel, thereby maintaining data integrity and confidentiality.
Banyon Fund Accounting policy on data ownership and portability ensures that clients retain full control over their financial data and provides mechanisms for secure data transfer. Below are the key aspects of this policy:
Client Ownership: Clients maintain complete ownership of all data entered into the Banyon Fund Accounting system, including financial transactions, budgets, and reports. This guarantees that the organization’s information remains under its control at all times.
Confidentiality: Banyon ensures that client data is treated as confidential and is not accessed or modified without explicit permission, except for necessary technical support or troubleshooting.
Exporting Data: The software supports exporting financial reports and data in commonly used formats such as Excel, Word, and PDF, enabling clients to transfer their information to other systems easily.
Structured Formats: Data can be exported in structured formats that are machine-readable, ensuring compatibility with external platforms or tools.
Integration Capabilities: Banyon Fund Accounting integrates with other modules like payroll and utility billing, allowing seamless data sharing within the ecosystem.
Banyon Fund Accounting offers flexible terms for scaling up or down as organizational needs change, ensuring adaptability for various entities such as municipalities, utilities, and non-profits. Below are the key terms:
Modular Design: The software allows organizations to add or remove modules like payroll, utility billing, fixed asset tracking, or purchase orders based on their evolving requirements. This modular approach ensures that users only pay for the features they need.
Custom Configuration: Banyon provides customizable setups, including flexible chart of accounts and budgeting structures, which can be adjusted as the organization grows or reduces its operations.
Scalable Reporting Tools: The platform supports over 100 customizable reports and allows for multi-year budgeting and project tracking, enabling users to scale their reporting needs without limitations.
Adjustable User Access: As organizations expand or downsize, user permissions and access levels can be modified to accommodate changes in team size or responsibilities.
