Top 7 Effective Fraternity Financial Management Platforms
Managing finances is a tricky business for any organization, especially fraternities. Without the same resources and experiences as businesses or nonprofits, many fraternities find it difficult to ensure all the constantly moving parts of a budget are working together in a coherent way.
This is why many companies have created specialized financial management platforms. But which one do you choose? Fraternities often struggle with this very question.
Fraternity financial management requires a very specialized platform because Greek organizations are unique. They require different features than other companies, nonprofits, etc.
That’s why we’ve compiled the best fraternity financial management platforms here. That way, you can choose a platform with all the features that your organization needs to succeed. Our top platforms for fraternity financial management platforms are:
Whether you are trying to organize membership dues, fundraising gifts, or pay bills on time, these fraternity financial management platforms will help your fraternity get more organized than ever.
Check out the platforms below to discover which financial management system will be best for your fraternity.
1. OmegaFi – Top Comprehensive Fraternity Financial Management Platform
Overview of this Fraternity Financial Management Platform
OmegaFi is an all-in-one financial management platform. It provides financial, fundraising, and communication solutions specifically designed for greek life. This means any greek organization, large or small, will find that OmegaFi has the tools to successfully manage finances as well as other everyday tasks.
Our Favorite OmegaFi Fraternity Management Features
Our favorite OmegaFi management features are the combined financial and communication capabilities it offers as an all-in-one platform.
The financial fraternity management features offered by OmegaFi include:
- Due collection capabilities. Through OmegaFi your fraternity can request and collect dues from members and new recruits. You can also contact and collect donations from alumni quickly and easily.
- Centralized bills and bill payments. Keep track of all your bills in one place and pay them through the single platform. You can pay bills for utilities, mortgage, national fees, and even your weekend events.
- Hosting fundraising campaigns. Fundraising campaigns are a great way to raise funds for various projects, such as purchasing your chapter’s house. OmegaFi helps to identify potential donors, recruit volunteers, and conduct market research for your campaign. These features will help make your next fundraiser as successful as possible.
In addition to the financial and fundraising opportunities, OmegaFi also offers recruitment and membership management capabilities. You have the tools to communicate to everyone in your chapter, and even to the pledges!
Design your website, send out mass communications, and create a central database for the entire chapter.
Combined communicative and financial features make OmegaFi a great comprehensive platform. This combination of great features makes OmegaFi our top pick for a comprehensive fraternity financial management platform.
Stand Out Fraternity Financial Management Feature
You have better things to do with your time than fill out confusing and tedious paperwork. However, in order to maintain a tax-exempt status as a fraternity, you are required to fill out your IRS Form 990.
OmegaFi assists in filing your IRS Form 990 so that you are always tax-exempt.
OmegaFi will ensure your paperwork is filled out on time so that you stay in compliance with federal regulations. Forgetting to turn in this paperwork is a headache for everyone. Let OmegaFi help you!
2. Wild Apricot – Financial Management Platform for Recruitment
Overview of this Fraternity Financial Management Platform
Wild Apricot is used for more than just greek life, it is also often used for teams, nonprofits, and other organizations.
This management platform has all the capabilities for financial management, but also specializes in member management. Therefore, through Wild Apricot, you can recruit new members quickly and easily, then manage the finances it takes to retain those members.
Our Favorite Wild Apricot Fraternity Management Features
If you are trying to recruit members and grow your organization, you will love the features offered by Wild Apricot.
Wild Apricot’s features and capabilities focus greatly on the management of people and what it takes to recruit and retain members to an organization.
For instance, you can host an event through the event management capabilities of Wild Apricot. Use this platform to plan aspects of the event such as:
- The location. Come up with the perfect location for your event, then make sure all your members and recruits know where to go in order to attend.
- Event activities. Keep track of all your planned activities and all the materials you will need to entertain your fellow brothers.
- Promotion tactics. Use promotion tactics to remind people of the events and to ensure attendance. Also use these tactics to reach out to your recruits.
Keep track of the contact information for event attendees and reach out to them to join your fraternity!
On top of this, the online payment options allow your attendees to register and pay from their homes prior to the event. They may even choose to pay from their phones with mobile features!
Stand Out Fraternity Financial Management Feature
The feature offered by Wild Apricot which stands out the most is the ability to create a website through their platform. This site can be used to keep current members updated with information in the fraternity as well as to recruit new members to join.
When you create a site using this feature, widgets make it easy to send new pledge recruits to membership application pages, brother directories, and dues payment features.
3. YourMembership – Best Financial Management Platform for Increased Impact
Overview of this Fraternity Financial Management Platform
If you already have a solid foundation for your fraternity, but want to expand the impact you make as an organization YourMembership could be the best financial management platform for you!
YourMembership is used for any organization trying to grow, recognizing that the best organizations are built from the foundation to the summit. To make your organization the best it can be you must first focus on making your members the best they can be.
Our Favorite YourMembership Fraternity Management Features
This software focuses specifically on growing organizations of all types. It is designed to handle the finances and communications in the same place, but also to enhance the educational and professional goals for each individual member.
YourMembership offers education features for individuals within your fraternity. Just imagine, you help a brother improve his education level through the YourMembership education options. He then donates back to the fraternity after following a successful career path.
This management platform is also used to track finances through ecommerce and accounting software.
The ecommerce capabilities allow you to handle:
- Membership dues. Ensure everyone pays their dues in full and on time.
- Event registrations. Keep track of who has paid their registration fees for your amazing events.
- Sell items easily in an online store. Raise funds by selling merchandise in an online store. YourMembership will help you keep track of sales and account data.
Meanwhile, the accounting features keep track of all these transactions to track fiscal history. You can look back at your records any time to see how much your organization has grown!
Stand Out Fraternity Financial Management Feature
YourMembership encourages stronger relationships between individuals within the fraternity. The social community features act as a social media account for your fraternity.
Social networking keeps the brothers all connected to one another and keeps them up to date with big events happening within the fraternity.
For instance, this mobile-friendly feature may inform them of upcoming fundraising events, learning opportunities, and even parties. This is a great feature to keep connected with alumni or inactive brothers as well.
4. Billhighway – Best Fraternity Financial Management Platform for Accounting
Overview of this Fraternity Financial Management Platform
Billhighway is also designed specifically for greek organizations and their accounting needs. This platform uses a streamlined system to keep track of all financial management details and compiles the data to present the organization’s account status.
Therefore, if your fraternity is looking for a financial management system which focuses heavily on their current and future fiscal status, Billhighway is the choice for you.
Our Favorite Billhighway Fraternity Management Features
You don’t need an accounting degree to work with the accounting features of Billhighway. This platform offers options that make collecting, managing, and reporting finances easy for any fraternity.
Billhighway offers payment collection software which simplifies the payment options for brothers of your fraternity by offering multiple payment options. These options include:
- Online payment. Use e-checks or your credit card to quickly and easily pay dues and other fees online.
- Automatic withdrawal. Make sure brothers never have late payments through automatic withdrawal from their bank accounts.
- Pay-by-phone. Call in to make a payment with an e-check or credit card.
- Pay-by-mail. Send in a check or cash to pay through the mail.
The various payment options and capabilities have lead to an average collection rate of 98% for Billhighway clients.
Billhighway focuses on customer care. If you have questions about your configuration of the program or any financial needs, they will be there for you. All you need to do is call.
Stand Out Fraternity Financial Management Feature
The flexibility of Billhighway is the feature that makes it stand out in the crowd. Not only do members have the flexibility of multiple payment types for dues, but you also have flexibility in how you use the system.
When you first sign up with Billhighway, you have the ability to configure the platform to best suit your needs.
5. GroupSpaces – Best Fraternity Financial Management Platform for Planning Events
Overview of this Fraternity Financial Management Platform
There is a lot of planning and networking that goes into planning events for your fraternity. These events can be simplified with platforms such as GroupSpaces.
This platform encourages event ticket purchases, membership payments, and donations in order to make the planning of events simple and successful.
GroupSpaces is great for organizing communications, membership, and financial management plans for your fraternity’s events.
Our Favorite GroupSpaces Fraternity Management Features
GroupSpaces is a perfect platform for hosting events. It offers all the features you need to make your next event a success.
Using GroupSpaces, you have the capibility to:
- Sell tickets for your upcoming events. GroupSpaces does not take commission of ticket sales, so you can sell tickets for your event at any price you want.
- Promote your events through various communication platforms. GroupSpaces allows you to promote your events using the communication features offered within the software. It also makes it easy to post about these events on an external website or to Facebook.
- Collect contact information of your event attendees. Store contact information in a GroupSpace database from people who have signed up to attend your event. This information can then be used to recruit and communicate with members.
Collection and storage of membership and event data gives this platform an edge when it comes to future communications and future planning.
Stand Out Fraternity Financial Management Feature
The communication features of GroupSpace stand out as a feature on this type of platform. These features help you keep everyone in-the-know about upcoming events and encourage registration.
You can create email lists for contacting anyone and everyone in the fraternity.
These lists also give you the ability to create subgroups for each chapter within the organization. This way, you can specify your communications with entire group and subgroup emails
The newsletter feature empowers your organization to send out monthly or weekly updates. Keep everyone in the know about fundraising needs, upcoming events, or any other big happenings within the organization through easy-to-make newsletters.
6. That Greek – Best for Inter-Chapter Communications
Overview of this Fraternity Financial Management Platform
That Greek is a fraternity financial management platform that allows your fraternity to manage their own finances, membership data, and important documents. It is specifically designed for greek life chapters to organize their records.
Not only does it help with internal organization, but That Greek is also designed to promote inter-chapter and inter-fraternity relationships.
Our Favorite That Greek Fraternity Financial Management Features
In order to have solid relationships with other organizations, a fraternity first needs well-managed internal records.
Features offered by That Greek allow for easy management of all these records. They offer features such as:
- Dues management software. This software is used to keep track of the monthly payments of each member within a chapter.
- Chapter and event attendance. The calendar feature tracks members’ regular attendance to all the events organized by your chapter.
- Calendar scheduling. Use this feature to plan out future events, schedule regular chapter meetings, and show locations of each event.
These features help keep a fraternity internally organized for their finances and membership.
Each member can also post to forums specific to their chapter to ask questions about the organization or about greek life in general.
Stand Out Fraternity Management Feature
That Greek offers the unique feature of planning games and tournaments between different chapters. These games strengthen inter-chapter relationships and grow the entire fraternity and greek life community together.
Everyone can get together for healthy competition between chapters, all organized through That Greek. Volunteer officials come to ref the games and determine the winner. Let the games begin!
7. GroupAhead – Best Management Platform for Mobile
Overview of this Fraternity Financial Management Platform
GroupAhead is a platform which empowers members to conduct all their fraternity needs directly from their phone. Whether this means paying dues or keeping up with chapter news, members have access to everything they need in the GroupAhead app.
This platform is perfect for modern fraternities with everyone constantly on-the-go.
The app gives everyone access to the fraternity’s communications no matter where they are. This fraternity financial management platform is perfect for mobile members.
Our Favorite GroupAhead Fraternity Management Features
Through GroupAhead, the members of your fraternity are able to pay their dues directly from their mobile device. All they need is the app. This empowers members to make payments easily for dues, event registrations, and even donations.
Encourage brothers to pay their dues and save their card to the app for easy future payments too!
GroupAhead also allows for easy communication within chapters. It features communication tactics such as:
- A discussion board. This board allows the entire chapter to communicate about upcoming events and tasks.
- Subgroup messaging. Subgroup messaging is great if you have committees or teams set up within the chapter. It allows you to communicate directly within that group.
- Direct messaging. Direct messaging allows you to get in touch with individuals directly and push notifications make it more likely for that member to see the message quickly.
For example, if one of your brothers is late with his payment, you can send him a direct message to remind him. He would get the message directly to his phone, then can make the payment right then and there.
Stand Out Fraternity Financial Management Feature
Make sure your members never miss an event with GroupAhead’s direct synchronization with calendar sources. This app can sync with Google calendars or iCal sources to update each member’s personal calendar with fraternity information.
Members will receive push notifications about events and encouraging them to RSVP to attend. Using this feature, you will have a more accurate idea of how many people will attend and more people will show up.
Fraternity financial management doesn’t need to be a challenge for your organization. With these effective platforms, you will find managing your finances easy and even fun!
Excited to learn more about fraternity financal management? Check out these additional resources:
- OmegaFi’s 14 Fraternity and Sorority Fundraisers Your Members Will Love. Looking for fundraising sources for your fraternity? Check out these top 14 fundraising ideas for your organization.
- Double the Donation’s Top 10 Fraternity and Sorority Management Software. For more information about management, read about Double the Donation’s top 10 picks for fraternity management software.
- The 40 Best Crowdfunding Websites. Is your fraternity looking at crowdfunding to finance an event? Consult Fundly’s top 40 crowdfunding websites before choosing your platform!
