Whether your objective is to demonstrate compliance and accountability, secure grant funds, or attract donations, effective financial reporting is extremely important for nonprofit organizations.
Like the chapters of a book, your financial reports tell the story of your organization to the Board of Directors, Auditors, Government Agencies, Donors, and many more. So let’s take a look at the role that MIP Fund Accounting plays in effective financial reporting.
Starting with the Basics
As you already know, MIP Fund Accounting delivers reporting tools and standard reports that are designed specifically for your nonprofit. Right out of the box, you can easily produce a wide selection of standard financial management reports such as FASB-compliant, audit-ready financial statements, IRS Form 990 worksheets, and more. That means you’ll cut hours off your reporting cycle by creating reports within MIP Fund Accounting instead of manually manipulating data in external spreadsheets or struggling with complex “add-on” reporting tools.
Visualize a Better Way
If you’re the kind of person that prefers graphs and charts, then the Visual Analyzer is a perfect fit. Visual Analyzer is a business intelligence tool that provides financial dashboards, charts, graphs, and visual queues that help you uncover emerging trends, track budgets, monitor program spending, manage cash flow, and make timely decisions to keep your organization on track. Because Visual Analyzer is an interactive tool, you can drill down and drill across information segments when you want to “get under the hood” and analyze the detail that make up the top-level financial numbers.
Reports That Fit Like a Glove
Every organization is unique and it’s likely that you’ll need a few custom reports to meet the needs of funding sources, internal management, or your board. That’s where the built-in report writer comes in handy. You can modify existing reports or create totally new reports that fit you like a glove. Plus with the Forms Designer, you can totally customize virtually any accounting form, add a logo to your customer billing statements, use an auto-signature for check authorization, or save money by producing your own checks, purchase orders, and invoices on blank paper stock.
If it’s difficult to find time to print all the forms and reports you need without disrupting your busy office, then the report Scheduler may be the answer. Scheduler works behind the scenes pulling data and running reports based on the parameters you pre-define including which reports to run and when to run them. It’s great for reports you need on a regular basis … just set it and forget!
If you need help with reporting or simply need an existing report customized to meet your needs, contact us and we’d be happy to assist.
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