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Jay Malik, Founder and CEOThat’s where Tangicloud steps in, offering state-of-the-art accounting software with advanced functionality to fit the needs of these customers.
“Our mission is to deliver best-in-class accounting solutions for nonprofits and governments and help make the world a better place, together,” says Jay Malik, founder and CEO of Tangicloud.
Nonprofits are the third largest employer in the United States, including organizations in the social services, foundations, religious governance and arts/culture micro-markets, to global non-governmental organizations like the Worldwide Web Foundation, Media Development Investment Fund and more.
Government agencies manage public funds and services but often struggle to find the right software with modern technologies. They need modernized software that can handle the complexity and specificity of their accounting and operational management. This technological shortfall can severely hamper their operating efficiencies.
To bridge this gap, Tangicloud offers Fundamentals, an accounting software App built on the robust framework of Microsoft’s Dynamics 365 Business Central ERP platform.
“Fundamentals deliver comparable and often greater functionality by leveraging the world’s top accounting software for mid-to-large organizations–Business Central. Nonprofit and governmental accounting features are standard extensions built into Business Central by the Fundamentals App,” says Steve Potts, President of Tangicloud Technologies.
While nonprofits and government entities share some operational challenges with for-profit enterprises, such as the need for efficiency and outcome measurement, they also face sector-specific hurdles. These include resource scarcity, multistake-holder reporting, and intricate accounting practices like fund/grant management, budgetary control, electronic approvals, and allocations across multiple projects, programs, and grants.
Unlike for-profit organizations who primarily focus on shareholder wealth, nonprofits and governmental bodies have broader accountabilities, including donors, board members, volunteers, staff, and the community. Consequently, a higher degree of transparency in accounting processes is essential.
Customers face challenges such as balancing multiple roles within their organizations while maintaining audit controls. Research organizations, in particular, require advanced security measures to protect data privacy. A significant issue is the absence of software addressing distinct accounting practices like fund/ grant management, electronic approvals, expense management, budgetary controls and expense allocations across grants, projects, and programs. Even popular software packages like Quickbooks, Sage Intacct, and Microsoft Dynamics 365 Business Central can lack these functionalities.
Launched in 2016, Fundamentals provides nonprofits and governments with industry-specific Enterprise Resource Planning (ERP) software that integrates seamlessly with other Microsoft solutions like Office 365, offering a wide range of compatible solutions, and enhancing the user experience without the hassle of integrating disparate software products.
Fundamentals allow the establishment of an unlimited number of funds, each serving a distinct purpose to align an organization’s finances with its mission and objectives.
Fund balancing is made easier through automatic inter-fund processes, reducing the need for multiple fund entries on balance sheet accounts. Fund classes facilitate mapping net asset classes with user-defined restriction codes, net asset GL accounts, and external restrictions for reporting. Grant management is streamlined through fund/grant cards, which feature specialized fields for tracking funding sources and calculating indirect cost recovery.
The software offers budgetary control to prevent overspending by issuing warnings and activating budget controls. Fundamentals further enhances financial reporting to align with Financial Accounting Standards Board (FASB) standards, generates various financial statements automatically, and allows user-driven customization. It also supports paperless electronic approvals, improving workflow efficiency, and offers advanced allocation options for precise cost distribution.
Integrating Microsoft Dynamics 365 Business Central with Tangicloud’s Fundamentals ensures a consistent user experience across devices and platforms, boosting productivity and adaptability. This universal codebase allows for easy customization and extension, empowering organizations to tailor the solution to their needs. The added features become part of its ‘customer-driven innovation’ commitment. Tangicloud and Microsoft continuously update the software at no additional cost, ensuring a ‘future-proofed’ solution.
By reducing development and maintenance costs, Tangicloud offers a cost-effective solution accessible to organizations of all sizes. Business Central also simplifies data sharing, report customization, and collaboration, leveraging clients’ investment in Microsoft tools.
Our mission is to Make the World a Better Place, by Delivering Best-in-Class Accounting Solutions for Nonprofits and Governments
The software licensing for Fundamentals ensures utmost data security and privacy. With the inclusion of all hosting fees and Microsoft’s management of geo-redundant backups, clients can focus on their core operations without the burden of complex technicalities.
Business Central is not just about software capabilities; it’s also about trust and security. Boasting SOC 1 and SOC 2 Type 1 certifications, the platform promises financial integrity and robust data security, an indispensable feature for health services, research organizations, and other customers requiring advanced security measures.
As Microsoft phases out its legacy Dynamics Great Plains software, several nonprofit and government customers have transitioned to Fundamentals, finding numerous advantages. With the software’s foundation built on over two decades of experience enhancing the Business Central (formerly Dynamics NAV) ERP platform, industry-specific customers can access improved Microsoft technology.
The transition to Fundamentals has been a transformative experience for several nonprofits. Couleecap, Inc. and the National Forest Foundation are prime examples, attesting to the software’s exceptional detail, robust reporting, and operational simplification. Their migration has ensured functional accuracy and expanded functionality, courtesy of Tangicloud’s active support and customer feedback systems.
Tangicloud holds integrity and fairness as foundational principles. The company is dedicated to building and preserving a strong reputation while prioritizing customer satisfaction and trust within the industries it serves. It led the way in developing Windows-based solutions for these sectors in 1999, preceding Microsoft’s involvement. Its prescient choice of the Danish product Navision as the foundation eventually led to the evolution of Dynamics NAV, then Dynamics 365 Business Central.
Today, its technical team actively collaborates with Microsoft’s Business Central experts in Denmark, for the ongoing development of Business Central as a leading modern ERP solution.
Tangicloud aims to make the world a little brighter by empowering those who serve it. With partnerships and innovation, they are delivering on that vision, ensuring that nonprofits and governments are never left behind in the digital transformation journey.
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Company
Tangicloud Technologies, Inc.
Management
Jay Malik, Founder and CEO
Description
Tangicloud Technologies is a software provider committed to enhancing the operational efficiency and financial management of nonprofit and government organizations. With Tangicloud Fundamentals, an industry App powered by Microsoft Dynamics 365 Business Central, the company caters to the unique needs of these organizations. Its integrity and sustained partnership with Microsoft guarantee that clients receive sophisticated, forward-looking solutions to support their essential missions.
