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MIP Fund Accounting Review
Updated June 01, 2023

MIP Fund Accounting Review

Anonymous | TrustRadius Reviewer
Score 6 out of 10
Vetted Review
Verified User

Overall Satisfaction with MIP Fund Accounting

MIP Fund Accounting is our accounting system of record for recording transactions for GAAP compliance and used for day-to-day accounting / business operations. It is also used to access data for reporting for either actual data or projection data for scenario planning / analysis. It is used only by the Finance department.
  • Availability of multiple segments for needed reporting functionality
  • Allocation module for automation of transactions
  • Free-form nature of MIP to design things as needed for your organization
  • It's not user-friendly. Could use a major user-interface overhaul
  • Learning curve is high.
  • MIP suggests using an outside app, Drillpoint, for its reporting. Its own reporting should be sufficient, but it is not.
  • The open-ended nature of MIP can lead to mistakes, such as reports not being designed properly, or leaving data out of reports.
  • Creates an appropriate audit trail for clean financial audits
MIP's segments allow for seamless reporting on multiple funds. Each segment (field) can be reported on. Organizations have many options on how they can set up segments that work best for their own reporting needs. It is highly customizable. Segments can represent different funds, or any other field an organization might choose.
I would like to continue using MIP, but there is a push at my organization to use a system that can more easily be integrated with other popular tools for enhanced automation. It is possible that we will move away from MIP in the next couple years for this reason.
We needed an option that included segment accounting due to the nature of our business (nonprofit accounting).

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

Yes

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

No

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

No

Did implementation of MIP Fund Accounting go as expected?

Yes

Would you buy MIP Fund Accounting again?

Yes

MIP Fund Accounting is good for basic accounting transactions. MIP segments allow for a wide variety of reporting options. MIP's allocation module is great for automating some journal entries. MIP is not user friendly, has a high learning curve, is not good for reporting, and can create issues with its lack of pre-defined reports.

MIP Fund Accounting Feature Ratings

Using MIP Fund Accounting

  • It is used for day-to-day accounting work
  • None
  • Unsure
6 - Finance and Accounting

Evaluating MIP Fund Accounting and Competitors

MIP Fund Accounting Support

ProsCons
Good followup
Immediate help available
Quick Initial Response
Slow Resolution
Less knowledgeable
Problems left unsolved
Not kept informed
No, we haven't had a need for that.
It's not uncommon for support to not have an answer for my problem, or an appropriate answer.

Using MIP Fund Accounting

  • Accessing the different modules available
  • Understanding the infrastructure of the program (Sessions, batches, etc.)
  • All reports are custom, none are built in and ready to go
Yes, but I don't use it
ProsCons
Well integrated
Feel confident using
Do not like to use
Difficult to use
Requires technical support
Slow to learn
Cumbersome
It isn't user friendly and it has a steep learning curve. It also has lots of bug-type issues that make using MIP frustrating.

Integrating MIP Fund Accounting

Integration appears to be possible, but is not easy, from my experience.
  • Looker
It was incredibly difficult and many hours were spent working with an in-house programmer to make it happen.
  • ADP payroll
  • Certify
Not that I know of
I don't know
Not my area of expertise