Item: MIP Fund Accounting
Rating: 8
Author: Chris Chaney

Overall Satisfaction with MIP Fund Accounting

Use Cases and Deployment Scope

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 and Cons

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.

Return on Investment

It has become much easier for monitors and auditors to follow what we are doing with our programs.
For costs associated with production, we no longer have to waste time with ledgers and the cost saved in time for our finance has been more than worth it.
Since implementation of MIP Fund Accounting in 2007 we have had 218 monitoring's and/or audits from our different funding sources and government monitors and there has never been an issue with showing any information that was needed for a successful review as everything is able to be tracked by date and funding source easy with the system.
It helps me to see and track what my people are doing to reduce waster of time and money. Also to make sure data is not being taken.

Performance

One of the best features is the ability for the system to separate out the way we can look at expenses. I can pull what our Transportation program spends in utilities in May and what they spend in fuel in October in one quick search as opposed to look through all of the utility or fuel expenses of all the programs. This is the key need we have when it comes to our monitors and what funding sources are looking for.

Likelihood to Renew

I have looked at other options to use and to move our financial needs to and there really are not ones that suite our needs the way MIP Fund Accounting does. Not only the system itself, but also the knowledge base that is available to us and customer support is always good when the need occurs.

Alternatives Considered

Sage Intacct

While I feel Sage Intacct is a good software, it does not suite the needs of the organization the way MIP does. As I had mentioned, the Knowledgebase that MIP Fund Accounting has is an incredible tool that makes it so much easier for us to find solutions and to get the help we need to find or fix any issues we have. I just don't feel Sage has what we need to get things done in the manner we like.

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?

I wasn't involved with the implementation phase

Would you buy MIP Fund Accounting again?

Yes

Other Software Used

Microsoft 365, Virtual Teaching System, Castit

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.

Comments

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Michael Young
(Vendor Representative) commented 10 months ago
Thank you for your review and interest in our reference program, Chris! We love to hear that you have been able to increase operational efficiency by using MIP - and that we stood out to you in the competitive landscape. If you haven't already, you will be hearing from our marketing team soon regarding our reference program.

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