Part three of a five blog series on financial management.

GovSense is a true-cloud financial management software solution focused exclusively on the needs of local government jurisdictions. By creating seamless interdepartmental collaboration, GovSense paves the way for greater transparency, fluid communication and in the end, happier citizens because processes are quick and painless.

GovSense is the Perfect Fit for Jurisdictions Requiring Financial Management Software

GovSense Financial Management Features that Help Jurisdictions Build Smart Communities

Fund Management — Because of their sources of revenue, such as taxes, grants, appropriations, SPLOSTS, etc., local jurisdictions use fund accounting principles to track how various funds are used in accordance with restrictions placed on the fund allocations. Your constituents require the transparency you can provide by using GovSense to accurately measure and report on the funds’ expenses, confirming that these dollars are being spent as originally earmarked. GovSense fund accounting functionality enables you to:

• streamline period-end activities and resolve any problems with fund allocations before they occur or escalate.
• ensure accountability by easily identifying the sources of your jurisdiction’s funds and demonstrating how efficiently the funds are being used according to their designated purposes.
• see consolidated results in real-time for any fund at a summary level, and all the way down to the underlying transactional details without relying on IT to produce custom reports.
• alleviate your fund accounting challenges with configurable workflows that support the checks and balances you need to stay on track and accountable.

Asset Management — GovSense helps you precisely manage the wide variety of assets your jurisdiction uses to deliver quality services to your constituents. The software makes it easy for you to meet the strict requirements of your asset management policy, developed to ensure tax dollars spent on assets are fully utilized, maintained and safeguarded. GovSense lets you systematically and consistently account for and inventory all assets by:

• maintaining your established capitalization thresholds to accurately classify property as capital assets or operating costs.
• providing inter-departmental collaboration to report inventory changes in a timely manner, such as asset transfers, dispositions or acquisitions.
• producing preconfigured reports, such as asset registers and depreciation schedules, including reports that help facilitate periodic inventories and assessments of property condition.
• tracking maintenance records and notifications of needed service and repairs to improve asset utilization and extend
  the life and performance of the asset investments.

Want to learn more about GovSense for local government? Contact us at info@govsense.com.

Next week: The First Unified Financial Management Software System for Local Government – GovSense for Utility Billing and HCM/Payroll

GovSense is the first complete cloud solution purpose-built for local governments, empowering over 60 communities and supporting more than 2 million citizens. Govsense built on Oracle NetSuite—the #1 true cloud ERP platform with over 50,000 customers worldwide— GovSense delivers a modern, unified system that streamlines operations, enhances transparency, and drives efficiency. GovSense’s team has been implementing cloud solutions since 2005, bringing over two decades of expertise in delivering scalable and secure technology for local agencies. As a five-time GovTech 100 recipient, we are recognized as an industry leader in transforming government technology. GovSense is one modern platform that has everything you need for your local government, ensuring your community is equipped with the tools to thrive in the digital age.