Pleased with how MIP Fund Accounting facilitates complex operations
July 21, 2021
Pleased with how MIP Fund Accounting facilitates complex operations
Score 9 out of 10
Vetted Review
Verified User
Software Version
Other
Overall Satisfaction with MIP Fund Accounting
We use MIP Fund Accounting for all accounting functions for the organization including GL, AP, AR, Budgeting, Fixed Assets, Allocations and all forms of reporting. We maintain an accounting department of four users, including myself. This system is particularly helpful in managing grant level accounting for compliance and reporting. The report writing and drill down capabilities of the system are very user friendly and helpful.
- Grant level accounting. We manage well over 50 active grants at any given time. This system allows us to track revenue and expenditures at a grant level which enables our staff to accurately and effectively manage, monitor and report to funders.
- Allocations module. The allocation module functions enable us to set various allocation methods to capture overhead costs and allocate to cost centers and grants efficiently and effectively.
- Fixed Asset module. The fixed asset module allows us to integrate asset tracking and depreciation schedules that are easy to use and integrated for efficiency.
- Drill Point reporting. This functionality looks to be very helpful, but the learning curve for effective setup and integration has proved to be hard to fully implement.
- Regional access to training. In person training options are limited to areas that are not conducive for easy access from the East Coast.
- GL limitations for our industry specific tracking and reporting requirements. We have many, many different expense level tracking requirements from allowable grant costs and medical cost reporting requirements that would need a more robust GL naming convention to adequately provide the tracking needed. At this time we still do offline tracking and data accumulation for certain requirements.
- I inherited this system when I came to work for the company. All staff/users in the accounting department have become active users with the system already in place.
- We have implemented additional add-on modules and have found the process of implementation reasonable and have found efficiencies in process that have saved our organization time and money.
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?
I wasn't involved with the selection/purchase process
Did implementation of MIP Fund Accounting go as expected?
I wasn't involved with the implementation phase
Would you buy MIP Fund Accounting again?
Yes
We have not researched or entertained other products during my tenure here at the organization. We have been pleased with what the product provides but would expect to reevaluate systems in the next five years to ensure MIP continues to be the best option for our rapidly changing organization and industry.