Item: MIP Fund Accounting
Rating: 9
Author: Verified User

Overall Satisfaction with MIP Fund Accounting

Use Cases and Deployment Scope

MIP is being used by our accounting department to manage accounts payable, budgets, and financial reporting. It addresses our need for flexible coding and reporting, due to the segment structure, as opposed to set strings of coding. It allows us to easily report out on several different contracts within different contract periods.

Pros and Cons

Pros

Allows for custom segment structure.
Reporting is fairly easy to customize.
Ability to copy, reverse, manage recurring sessions easily.
Budget templates can be cut and pasted from excel, which allows for easy transfer of data without input.
Import process is easy and intuitive, and allows for pre-validation of data.

Cons

Cannot handle importing of large batches, they must be broken down to less than 500 transactions or the system will lock up. Posting of these batches takes a long time.
Ability to import and attach invoice copies is cumbersome and there is no option for 3rd party software such as PaperSave to accommodate this.
The system should be able to identify duplicate invoice numbers within a vendor, not within a batch where you might have several different vendors with the same type of invoice naming. If you are not careful you will append invoices to other vendors activity.

Return on Investment

We are now able to track and report on multiple contracts more efficiently.
Budgeting is much easier.

Key Insights

Do you think MIP Fund Accounting delivers good value for the price?

Yes

Are you happy with MIP Fund Accounting's feature set?

Yes

Did MIP Fund Accounting live up to sales and marketing promises?

Yes

Did implementation of MIP Fund Accounting go as expected?

Would you buy MIP Fund Accounting again?

Yes

Support Rating

I have had several circumstances where it went back and forth between MIP and our Service Rep as to who could address an issue. I have had more than one issue not really resolved properly by MIP but other times they were, depending on who assists you. The community board of users is much more helpful than either of the two noted above.

Usability

Generally fairly intuitive and easy to use.

Alternatives Considered

We had Great Plains prior to this and needed the flexibility that MIP offers with a segment coding structure. I have used MIP over many years (20+) beginning with ACCPAC and like the overall setup of the software.

Likelihood to Recommend

We have a large number of funding pools that must be tracked and the flexibility of the coding segments allows us to easily capture any type of transaction and apply it to the appropriate fund. I did not consider us a particularly large company, but we do have a large number of vendors and I believe any larger than us would not be able to efficiently utilize MIP due to the batch size and posting restrictions.

MIP Fund Accounting Feature Ratings

Comments

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Michelle Garcia
(Vendor Representative) commented 4 years ago
Thank you for your feedback! MIP Product Team

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