Is Your Nonprofit Financial Software Keeping Up? Why MIP Might Be Holding You Back
Running a successful nonprofit means you need the right tools, especially when it comes to financial management. If you’re using MIP Fund Accounting, you’ve probably noticed things have been a bit, well, stagnant. The noticeable lack of development over the past few years is hard to ignore when efficiency and accuracy are major catalysts for success.
Between the lack of new features and a recent change in ownership, it’s natural to feel uncertain about what’s next. Older accounting software may leave you ill-equipped for future challenges and fund accounting needs.
It might be time to ask yourself: is there a better solution out there?
The Current State of MIP Fund Accounting
MIP Fund Accounting is a great starting point for nonprofits. It makes it easy to track and report your organization’s finances, and its purpose is to make things easy for you, which is always a good thing.
TA Associates is acquiring the Nonprofit Solutions division of Community Brands – and MIP with it
The private equity firm TA Associates is acquiring the Nonprofit Solutions division of Community Brands —and your accounting software with it. A transition like this means MIP users might feel a strain as future updates, developments, and improvements to the software could be put on hold.
There have been fewer updates recently, and a potential delay in future updates as they work through the transition is very possible. This means your software could start to feel outdated.
And let’s face it, using outdated software can slow you down —which is the last thing you need when your accounting needs become more complex. Your reliable software might be unable to keep up with evolving demands, making it harder to manage your finances.
MIP Fund Accounting is a good system, but it does have it’s limits. So this may be a natural time to assess your organization’s financial software and think about whether MIP will continue to meet your needs further down the road.
Common Pain Points of MIP Fund Accounting
Although MIP Fund Accounting serves as a strong foundational tool, you may experience pain points from a lack of automation to limitations with real-time insights, which without proper support, can worsen as time goes on.
Here are some other things to identify as you consider whether an upgrade in your software is right for you:
1. Excessive Manual Tasks Required.
Getting stuck doing tedious data entry and repetitive tasks may make you feel overwhelmed and frustrated on a regular basis. No matter how important the manual work is, it bogs down your workflow and leads to you or your team spending too much time on routine work rather than strategic initiatives.
2. Limited Reporting Capabilities.
Struggling to generate comprehensive, customized reports can hurt your ability to make informed decisions and present accurate data to stakeholders.
3. Generating Custom Reports is Cumbersome.
Getting data in and out of the system is complicated and time-consuming, while its rigid reporting framework often requires additional effort to extract and analyze data. This may prevent you from truly understanding your organization’s financial health.
4. Integration Challenges.
Difficulty integrating your financial software with other essential platforms that your nonprofit uses can create data silos, reduce overall efficiency, and result in a need for more of that dreaded manual work.
Real-World Impact of Inefficient Nonprofit Accounting Processes
When staff are tied up in manual processes and wrestling with reporting tools, their productivity takes a hit —and that’s not all. The inefficiencies caused by outdated software don’t just affect productivity, they also translate into real financial costs.
The extra hours spent on administrative tasks add up, diverting resources from your core mission and potentially affecting your bottom line. The time spent on these tasks could be better used on high-value activities like donor engagement and strategic planning.
Take a look at our direct software comparison: Compare Sage Intacct vs. MIP Fund Accounting (2023)
Advantages of a Modern Software Alternative Like Sage Intacct
With the need for more agility, integration, and automation, why hold on to an older product that isn’t advancing when you could move to a more innovative solution built to address your unique nonprofit needs? A modern software alternative, like Sage Intacct, designed to address the needs of nonprofits while providing a suite of advanced features and regular updates, could be just what you need.
Nonprofits often face a unique set of challenges when it comes to fund accounting, including restricted fund management, complex reporting requirements, and the need for robust compliance and transparency. Sage Intacct rises to the occasion by addressing these needs head-on with the following:
- Comprehensive Fund Management
- Advanced Reporting and Dashboards
- Automation and Efficiency
- Regulatory Compliance
- Real-Time Visibility and Insights
- Seamless Integration
Sage Intacct Overview Demo for MIP Software Users (31:05)
Finding the Best Solution for Your Nonprofit
You need a reliable and adaptable solution to future-proof your nonprofit organization and ensure you can achieve your goals. Although more meaningful changes to MIP Fund Accounting may come in the future, we are left uncertain about the software’s future.
If you’re ready to take the next step, we are here to help you identify and implement the best solution for your nonprofit. Sage is offering a special promotion for MIP users who transition to Sage Intacct before September 30th, so now is the perfect time to reassess your organization’s needs.
If you’d like to learn more about Sage Intacct and take advantage of this opportunity, contact our experts at DWD Technology Group today!
