Abila MIP Fund Accounting - Great for Non-Profits
September 09, 2016
Abila MIP Fund Accounting - Great for Non-Profits
Score 8 out of 10
Vetted Review
Verified User
Overall Satisfaction with Abila MIP Fund Accounting
MIP Fund Accounting is being used by our accounting department only. MIP has significantly helped with financial reporting to our major funding sources, internal reporting to senior management and the board of trustees, and has allowed us to incorporate a significant amount of efficiency to the day to day work of the individuals in the accounting department. MIP has allowed us to streamline the accounts payable process, improve with accounts receivable invoicing and the collection of outstanding rent, pledges and grants receivable, and improve the overall general ledger management process.
- Reporting - MIP is particularly strong in reporting. We have been able to create custom reports for all major funding sources, strong internal reports for senior management and the board of trustees, and detailed general ledger reports to ensure data is being accurately entered into the accounting system.
- Accounts Payable/Receivable processing & reporting - MIP has allowed us to add efficiency to these 2 key areas of our department. The entering and reviewing of accounts payable has become easier, and we have significantly reduced the time it takes to file accounts payable invoices (invoices are now being filed by batch, previously they were being filed alphabetically, which took a significant amount of time). The accounts receivable process has been streamlined through MIP. Invoicing tenants, pledges and grants are setup as recurring invoices, which makes this process very easy on a monthly basis. Also, internal monitoring of outstanding accounts receivable has been improved due to MIP's ability to generate custom accounts receivable reports.
- Copying sessions/setting up recurring entries - MIP allows you to copy previous sessions that have been posted into the accounting system. Being a non-profit, some of our allocation journal entries and other entries can be quite large. The ability to copy a session that has been previously posted saves us a significant amount of time. MIP also allows you to setup weekly/monthly recurring entries. Again, not having to manually enter these entries on a weekly/month basis saves us a significant amount of time.
- Budget Module - the budgeting module in MIP is somewhat difficult to use and seems to be less user friendly than other modules.
- Purchasing request system that integrates with MIP - we have not had any luck finding a purchase request system that integrates with MIP. We operate several different programs and the managers of these programs are currently submitting manual requests to use their program dollars. I would like to see MIP introduce a purchasing module that includes an authorization process, and incorporates both check requests and credit card requests.
- Correcting errors - It becomes somewhat cumbersome when an error needs to be fixed in MIP. A journal entry needs to be made for anything that has been coded to the incorrect general ledger account or other chart of account code. I would like to see MIP introduce a feature that makes this process much easier (i.e. if something is coded to an incorrect grant or program, an administrator can override the entry and manually change the coding).
- Staff time - MIP has allowed us to save a significant amount of staff hours by by changing the way we process transactions (i.e. accounts payable process, accounts receivable process, recurring entries, copying posted sessions - as previously mentioned).
- Grant reporting - MIP has allowed us to customize reporting for all major funding sources. This has allowed us to meet deadlines set by our grantors, submit reports more timely and increase cash flow as a result of tracking accounts receivables and drawing down funds quicker.
- Internal reporting - MIP has helped with internal reporting to senior management, other departments and the board of trustees, which has helped other departments accomplish their goals and targets.
MIP Fund Accounting has allowed us to properly manage the funds we receive from multiple funding sources. Our chart of accounts is broken down by general ledger code, grant code, program code and personnel code, which allows for revenue and expenses to be properly tracked by funding source. Also, the reporting features in MIP are endless, allowing for reports to be customized to each funding source.
MIP Fund Accounting was the only accounting software we researched. I previously worked in public accounting and worked with several clients who used MIP Fund Accounting and highly recommended the software. We previously used QuickBooks, which was a good beginner software, but restricted us in certain aspects, especially with reporting.