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MIP Fund Accounting for Multi-currency Users
October 12, 2020

MIP Fund Accounting for Multi-currency Users

Anonymous | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Overall Satisfaction with MIP Fund Accounting (formerly Abila MIP)

We currently use MIP Fund Accounting for the entire organization. We are spread across multiple offices in different locations, but we only use it in our HQ. Other organizations have their field teams use QuickBooks in field offices, but we have those teams send us Excel files so that we can import their information into the system. We use MIP for all data entry and reporting. We use the budgeting module, but only to check this exercise off the list every year. We use our own Excel spreadsheets to actively manage budget-to-actuals. We also use the multicurrency function. I really like we can report based on different dimensions.
  • Multicurrency Function - We spend in different currencies and this feature is great so that we can enter transactions in the source currency while reporting in our functional currency (USD).
  • Reporting - We can run various types of reports based on the multiple dimensions that we have. It takes time to understand which report can do what, but once I learned this I saved versions of the reports that I frequently run.
  • Data Entry - It would be great if we could copy and paste from an Excel spreadsheet. If we have a lot of entries to make, we must do imports. If the import is not perfectly formatted then we must keep making updates to the file. This can be annoying especially when the issue is minor such as having a comma at the bottom of the file.
  • Multicurrency Training - The training for this module is subpar. A lot of what I learned was through trial and error because there are not many resources for this. Even training partners barely have anything for this.
  • The reporting feature has allowed us to better track and analyze our spending. This has led to faster decision making and reaction when needed.

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 support is good. There's no example I can give that would be stellar or subpar so I will rate this as neutral.
Usability is good after a low amount of training. Simple, routine functions are easy to pick up after going through the process a few times. It can take some time to understand what the error messages really mean (e.g. it appears that there are multiple errors, but one correction will fix all these issues), but it's pretty user friendly after you get used to it.
MIP Fund Accounting has fewer 3rd-party integrations than Sage Intacct, but the cost was much lower for MIP, which was important to me.
MIP Fund Accounting is best suited for a growing organization that has outgrown QuickBooks but is not ready for a large investment in terms of money and time spent learning a more complicated system. This system is also best suited for an organization that can operate finance and accounting functions across multiple systems and use the import function to get a lot of data into MIP. Also, an organization that operates in multiple currencies would be a good fit for MIP.
This system is not suited for an organization that has an accounting staff of 1 or 2 people because this system may take too much time away from other activities, assuming staff at a small organization must wear multiple hats.

MIP Fund Accounting Feature Ratings