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Associations operate with members at their core, and as you funnel resources towards initiatives that deliver greater member value, your organization must do everything possible to optimize efficiency.
Technology is a prime area to target to increase efficiency. According to the 2024 Associations Trend Study, associations view their technology most frequently as average or a laggard, with few associations viewing technology and innovation as top priorities and few having a digital transformation plan.
Many associations overlook accounting technology, relying on workarounds and manual processes to make their current accounting software or spreadsheet management work. Managing finances in associations is a delicate balance of transparency, compliance, and sustainability, with many needing help finding software that meets their unique needs.
Improve Financial Management
Managing an association’s finances requires walking a delicate line between ensuring sound financial management, staying in compliance with federal and state standards, and ensuring strategic initiatives are adequately funded.
Accounting software can easily track multiple complex revenues like dues, events, and grants. Eliminating tedious manual entry between systems, breaking down data silos between departments, and keeping financial data integrity intact and complete.
The software simplifies compliance, keeping associations in line with FASB regulations and PCI compliance, and ensures your association meets its budget.
Effective resource allocation and program budgeting are essential for operational success. With simplified budget creation, your association can plan for various what-if scenarios and create multiple projections to plan for strategic initiatives throughout the year.
Accounting software provides the insights needed to ensure your association is doing everything it can for its members, and when it’s time to tell your story, it helps there as well.
Simplify Storytelling
Telling your association’s story is one of the most important things you can do to resonate with your members. You can easily showcase how your association is a good steward of funds, relay your staff’s hard work and your organization’s accomplishments, and demonstrate how members’ dues will support initiatives, industry research, and analyzing pressing topics to your membership base.
Financial storytelling isn’t about math, accounting, or number-crunching, storytelling is a meaningful way to communicate with leadership, your members, and professionals within your association to explain your organization’s financial position clearly.
Accounting software simplifies tracking key metrics, like membership revenue, fundraising progress, and operational costs, to help associations measure success, and when it’s time to create your annual report, software easily creates multiple different financial reports to serve as the basis of your annual report.
Drive Association Membership Growth
As your association grows and member enrollment rises, you need a scalable solution with features you can add as needed.
MIP Accounting is accounting software for associations. MIP easily handles increasingly complex functions as organizations expand their operations or funding sources.
MIP:
- Improves financial visibility with real-time reporting and dashboards that provide actionable insights for decision-making
- Enhances member trust with accurate and transparent financial reporting and reassures members and stakeholders
- Streamlines operations by automating manual tasks like dues tracking, grant reporting, and compliance checks
- Creates audit-ready financials with built-in tools to ensure consistent compliance with audit and reporting standards
- Is fully customizable with features that can be tailored to fit your association’s unique needs and goals
Drive transparency, efficiency, and growth with MIP Accounting. From engineering to healthcare to law, associations of various industries across the U.S. are using MIP Accounting to manage their finances. Plus, as a Momentive Software solution, MIP Accounting complements our complete portfolio of association software. Learn more about MIP Accounting today.
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