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MIP Fund Accounting to the Rescue
March 26, 2022

MIP Fund Accounting to the Rescue

Joan Cox | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Software Version

Nonprofit Technologies (NPT), legacy product

Overall Satisfaction with MIP Fund Accounting

We use MIP Fund Accounting for all financial accounting and reporting. We also use the software to compare our actual financial results to budgeted amounts for over 50 budgeted operating cost centers. The product addresses accounting and reporting for multiple grants and across multiple reporting periods which we did before only through Microsoft Excel.
  • Report generation and customization
  • Combining various reporting entities and excluding any that need to be
  • Allowing for drilling down to the transaction level
  • Forecasting functionality is very limited since you cannot forecast by GL code or expense account code at different percentages or amounts
  • Budgeting is not available as a tool for developing the budget only reporting
  • More options with allocations would allow for varying percentages based on different expense account codes for a cost center
  • ROI has been great given that the time needed to produce user-friendly financials is much shorter resulting in less manual effort and time by staff.
  • MIP Fund Accounting Software automated the bank reconciliation and accounting for procurement to save staff time.
  • Management has more confidence in the financial results due to use of the automated accounting processes.
MIP Fund Accounting greatly reduced the time to create reports for the different funding (sources of funds). We can look at only one cost center's transactions or a group of cost centers. The use of funding sources in MIP allows us to segregate and separately track activity by the fund to report to our donors and grantmakers.
My team and I could not do my job as well as we do without MIP Fund Accounting. The ability to pay suppliers electronically was a game-changer - cut down on tracking lost checks and payments can be guaranteed a couple of days after the accounts payable process is completed.
I have used both Fundware and QuickBooks. Abila was the clear choice for the needs of this non-profit: multiple funds; many cost/budget centers; a variety of grants, etc. Exporting to and converting to Microsoft Excel was the standard way of doing things when I got here. Budget amounts can now be compared to actual expenses on a monthly, quarterly, semi-annual, and annual basis.

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?

Yes

Would you buy MIP Fund Accounting again?

Yes

MIP Fund Accounting is well suited for financial reporting at a detailed level with flexibility in report formats; combining various reporting units and reporting grants across multiple time periods. Budget development is not a feature of the software which could use the previous budgets as what-if scenarios to begin a new budgeting process.