TrustRadius Insights for MIP Fund Accounting are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.
Pros
Comprehensive Features: Users have appreciated the system's extensive features, such as the ability to export reports into PDF or Excel formats for board presentations and emailing reports directly to funding sources, saving time and resources. The option to filter specific items for auditor verification was also valued for enhancing departmental efficiency.
Ease of Use: Reviewers find the system user-friendly and easy to navigate, with functionalities like quick shortcuts and readable font enhancing usability. The development of accurate and easy-to-use reports and templates on the cloud version was noted as a positive aspect by users.
Efficient Financial Tracking: Some users value the system for facilitating financial tracking through functions like bank reconciliations, obtaining check registers for specific periods, processing payroll efficiently, setting dates in organization preferences for preventing incorrect entries, showing financial details effectively, and running detailed financial reports that aid in decision-making processes.
We use MIP Fund Accounting to organize over 100 missionary accounts with multiple sub-accounts under each one. We also use for the Home Office general ledger and accounts payable and budgeting. The reporting features are invaluable to us and our missionary family.
Pros
Multiple levels of the Chart of Accounts
Wide range of editable reports available
Ability to use automation to daily pull and combine multiple reports
Cons
The font is very small on the classic version
Likelihood to Recommend
The ability to have multiple "companies" with their sub-accounts all within our main company is invaluable. Love being able to "name" all of these companies with a project number and then run reports based on project number and cost center code.
We use MIP to manage ticket sales for our Performing Arts Department, fundraising for our Development Department, tuition payments for our Enrollment Department, and general fundraising for our Parent Group. This software allows us to create forms, collect fees, and track donations daily. The Transaction reports allow us to reconcile easily with our Business Office.
Pros
Tracking sales and settlements.
Allowing us the opportunity to save credit card information for future purchases.
Producing detailed receipts for our customers.
Cons
The functionality of the forms could use some work. Although it is easy to use, it is fundamental.
I wish you could customize the Transaction Reports to include (or not) information as needed.
Likelihood to Recommend
MIP Fund Accounting works very well for general fundraising. The form creation process is easy and allows you to set parameters and add fees, quantities, images, etc. This process is smooth on the customer (forward-facing) side as well. Reports are generated once the transactions have gone through, making tracking and reconciliation with accounting easy.
I've used MIP over the past 15-20 plus years to separate our financial activities into different funds, which helps PCCA to manage and report on specific programs or activities. It helps maintain transparency and accountability. Its a user friendly software for myself as well as the monitors that annually review our data to determine our trustworthiness when expensing Federal funds throughout the various programs in our organization.
Pros
Using the Statement of Revenues which are date sensitive to gather pertinent data.
When entering our payroll modules to spot check data entered for accuracy
Entering staff time to calculate the necessary deductions that reflect on their pay receipts
Evaluation of the annual and sick which is date sensitive for accuracy
I enjoy the Community Brands where I can email in a question and get feed back to solve issue I may be experiencing. I also can browse through and see what other questions people have asked and gain new ideas and concepts to help grow our organization.
Cons
The only problem I have ran across lately is when expediting employee pay stubs using our Gmail account, there seems to be a glitch when emailing BULK paystubs all at once. It appears to go through as SPAM mail and no one with a Gmail address in the organization receives their pay stubs. Then I have to go in the MIP system and print them individually and email 80 something pay stubs individually. That can be very time consuming.
I use MIP Fund Accounting to book and track expenses. We also use it to monitor budget to actual in terms of finance. Our company also use MIP Fund Accounting for payroll. I am the Head Start Fiscal Officer so reporting is also important not only to my role but for our Cap Agency as well. MIP Fund Accounting allows us to run most of our financial reports. It allows us to use some report templates but it also allows us to build our own reports which is quite helpful.
Pros
Budget to Actual comparison
Expense tracking
Reporting
Cons
Classic vs Cloud (why are they so different)
I would like the GL Account names to stay on screen (not just hover over visibility)
Would like training to be accessible from within MIP Fund Accounting, not a separate login
Likelihood to Recommend
I am a first time MIP Fund Accounting user and I have been using it since September 2023. It is pretty intuitive when it comes to entering AP invoices for payment. Printing checks in the cloud version is also pretty intuitive. Entering the budget for comparison to actual isn't as intuitive. Running a vendor list by company is not intuitive at all.
VU
Verified User
Administrator in Finance and Accounting (51-200 employees)
We use this for our Fund and Grant Accounting which includes general AP, AR, and GL processing along with recording our assets. We load budgets and perform various reporting functions through MIP. MIP allows us to accurately track and align expenses and revenue with the various Funds and Grants that are we managing along with the general operations of the Tribe.
Pros
Bank Reconciliation and Connections with Your Bank.
Data Entry is Fast, along with Avenues to Memorize transactions and Upload—oh, and the recurring options are excellent, too.
Ease of access and multi-tasking is great!
Cons
All Functions should be available in MIP Cloud.
GL Balance Detail Screens are hard to decipher.
Custom Reporting can be challenging to develop.
Likelihood to Recommend
MIP Fund Accounting is very flexible, and I've been pleasantly surprised at how it can be leveraged to enable your accounting team to work daily. Moving to the Cloud version has been game-changing for our team, and we're continuing to learn and educate ourselves.
MIP Fund Accounting is used for daily cash management activities including Payroll, Bank Reconciliations, General Ledger, Accounts Payable. I do not know that I can actually name a business "problem" that the software addresses per se, as use it for day-to-day accounting activities. I really like many aspects of MIP, but also feel, as someone coming from other accounting software which I taught myself to use, MIP is somewhat user "un"friendly. I feel that it is difficult to learn and seems that it could be more user friendly without so many steps to go thru to attain a goal of cash management for a non-profit!
Pros
Easy to obtain check register for select periods
Easy to do bank reconciliations
Easy to log in for remote work, for anywhere I need to access it from!
Easy to pull vendor, chart of accounts and other pertinent information, also easy to add information to those sections.
Cons
I feel that there are too many ways to pull necessary reports
I feel that it would be easier to pull reports that are somewhat more streamlined or easier to edit
I would love to be able to pull an "audit trail" as I have with past software that was easy to pull and easy to obtain info froml
I do not like that the software has to have so much printing information set up to save paper when pulling reports
At this time, again, it seems as though it is difficult to pull reports that should be easily obtained through the software.
Likelihood to Recommend
I do like the check register, it is easy to access. It is also easy to access information for bank reconciliations but some entries are difficult and I have had ongoing issues with duplicated entries. Those situations coming at times when I am not really sure how I have duplicated an entry and they are somewhat intimidating. It is also somewhat difficult to delete or void erroneous entries or those that need to be otherwise corrected. I do understand that it is accounting software, but feel again that it could be a little bit more user friendly, at least from a fairly "new" user's standpoint!
We use MIP Fund Accounting in are organization that goes with our Microx system. This is how we display and move money around. It is a very valuable tool. It allows us to see financial ledgers and detail of spending. it also gives you the ability to run reports and check balances.
Pros
Shows financial detail.
Run financial reports!
Posting in MIP allows Microx to move forward.
Likelihood to Recommend
For my organization it allows to keep track of money spending and where you budget amounts are at. We take things in are Microx and post them in MIP Fund Accounting so it allows the issuer to move forward in a complete movement with billings and purchases. We also can run reports to see what still needs to happen to keep financials moving.
VU
Verified User
Administrative Assistant in Finance and Accounting (501-1000 employees)
MIP Fund Accounting has brought us into the 21st century! Not only is the accounting module intuitive and user friendly, but the way it integrates with the other modules has streamlined many of our processes with Purchasing, Inventory, Ordering, Payroll, and even HR. It's well worth the investment for an efficient work environment.
Pros
Intuitive
User Friendly
Descriptive Set Up
Cons
HR Mod needs a facelift (I know it's coming!)
Better Training materials.
Likelihood to Recommend
As a bigger organization with very antiquated software going into the transition, the setup with MIP Fund Accounting has been grueling. We also have more exceptions than rules - so while I'm happy for the transition, we weren't ready for the amount of work it took.
VU
Verified User
Project Manager in Finance and Accounting (201-500 employees)
We use MIP Fund Accounting for all of our accounting functions. We pay bills and receive funds through it. We also track fixed assets and our purchases through MIP Fund Accounting. W2, 1095, 1099 are all produced as well as our payroll operations for the company. We do not currently use the program for HR functions, but our HR does use the payroll module for the work they need to do. MIP Fund Accounting helps us to retain all of our information in one place. Before the company used ledger books to attempt to keep up and it did not go well.
Pros
Easy to access data from any previous year.
The system is quick with inputs of information, no lag.
It really makes tracking of expenses much easier with PO module.
Payroll input is quick as easy.
Cons
With the payroll process, if there is an error in sending the stubs through email, there is no option to resend without a restore. That really needs to change.
Being able to void encumbrance at the same time as a PO would be an incredible time saver.
When processing W2 the system deletes info.
Likelihood to Recommend
MIP Fund Accounting is well suited to any company that has multiple funding sources and expenses that they need to keep a close track on. In non-profit organizations we are looked at closely and it is important to be able to accurately show where our revenue comes from and where it is going. MIP Fund Accounting can handle that easily. It is not a system I would recommend to a small business as there are so many features that they would not need for the cost to them, at least not the versions we use.
We use the MIP accounting system to record items in the general ledger - accounts payable and receivables - to form financial statements. Enter journal entries - cash receipts/disbursements. We enter all assets. At the end of the month, prepare the depreciation. We join the payroll from ADP into MIP through the GL interface, a very reliable system.
Pros
Easy to do journal entries.
Easy to pay bills.
Easy to enter assets.
Cons
Would like to see a preview of entries in the bank reconciliation before posting.
Likelihood to Recommend
MIP is suited for preparing financials and making it easy to see the financial outcome the way you want. It is not fit for the bank reconciliation module - I would like to see how it will pan out in the reconciliation before posting it.
VU
Verified User
Administrator in Finance and Accounting (51-200 employees)
