Posts by Eric Oliver
Journeying Down the Financial What-if Rabbit Hole
Reading Time: 3 minutesCuriouser and curiouser? When you’re managing your organization’s finances, you need to journey down the rabbit hole of ‘what-ifs’ and be prepared for every scenario. Planning for the possibilities prepares your organization for the unexpected, and if the hypothetical becomes a reality, you’ll already know what to do.
Read MoreNonprofit Budget Monitoring Best Practices
Reading Time: 2 minutesYou organization’s budget serves as a guiding star for your nonprofit, functioning as a vital management tool and detailed map for where the organization is headed year over year. While budget monitoring and continuous review are always best practices, as Covid-19 generates increased instability, the importance of revisiting your organization’s budget now cannot be overstated.
Read MoreManaging Nonprofit Grants: 8 Tips
Reading Time: 2 minutesGrants are critical for your mission but carry a high burden of monitoring and accountability. After your nonprofit receives a grant, it’s essential to use proper tracking to note the funding conditions. Improper grant management could result in the loss of future funding or even having to return the grant money you were awarded. Showing…
Read MoreWhy Internal Controls? 3 Key Benefits
Reading Time: 3 minutesFrom preventing fraud to being audit-ready, internal controls limit who accesses your organization’s financials and keep your nonprofit compliant with laws and regulations. Internal controls prevent fraud and ensure the integrity of financial data by segregating duties, requiring transaction authorization, and accommodating a regular review of financial processes. Internal Controls Overview How Internal Controls Work…
Read MoreOpening the MIP Success Toolbox: Streamlining Daily Tasks and Automating Workflows
Reading Time: 2 minutesBuilding something great requires the right tools. Your accounting toolbox must be agile, equipped, and ready to tackle any challenge as you work on your mission. If your organization is looking to automate workflows, hundreds of MIP Accounting users have opened the success toolbox, turning to Microix’s modules to build on MIP’s core accounting functionalities.…
Read MoreAccounting for Associations: Increasing Efficiency, Transparency and Growth
Reading Time: 2 minutesAssociations 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…
Read MoreMoving On from QuickBooks: Why Nonprofits Need Nonprofit Software
Reading Time: 3 minutesTo effectively achieve your mission, your organization’s accounting system must align with the unique demands of nonprofit operations, ensuring transparency, compliance, and efficient resource management. Nonprofits need nonprofit-specific accounting software because it tracks restricted and unrestricted funds, meets FASB- and GASB-compliance standards, and provides detailed reporting for grants and donors. These features enhance an organization’s…
Read MoreUnifying Nonprofit Success: Increasing Operational Efficiency
Reading Time: 3 minutesIn a time of economic uncertainties, staffing shortages, and day-to-day operational challenges, nonprofit organizations are responding to sustainability challenges by optimizing operations. As organizations work to increase efficiency, how they use technology is essential. In 2023, 43% of nonprofits used seven or more tools daily, limiting employee efficiency and splitting data between systems. Overcoming Operational…
Read MoreFall Fundapalooza: 4 Important Considerations for Accounting for Fundraising
Reading Time: 3 minutesYour earlier campaigns could’ve been a big hit, but are you ready for the fall fundraising world tour? It’s time to retake the stage, jump back into Fall Fundapalooza, and keep preparing for fundraising season. Are you just getting started with your world tour? This blog covers the basics of preparing for the money raised…
Read MoreMeet MIP Fund Accounting: Our People
Reading Time: 3 minutesWhat started in a garage in Austin, Texas, and has grown to be the industry’s leading fund accounting software, MIP Fund Accounting was created for those who make a difference. While our software is helping nonprofits nationwide, MIP’s greatest resource is its people. MIP’s teammates strive to provide top-notch service and be true partners through…
Read More#GivingTuesday: The Nonprofit Success Toolkit
Reading Time: 4 minutes#GivingTuesday is one of the most critical days for nonprofit fundraising, and while it feels far away, it’s time for your nonprofit to finalize its strategy, make end-of-year (EOY) plans, and create campaigns now. In 2022, more than 37 million adults participated in #GivingTuesday in many ways. Giving in the U.S. alone totaled $3.1 billion,…
Read MoreRock your Audit: Essential Tracks for Nonprofit Prep
Reading Time: 2 minutesPreparing for an audit is a year-round task, and while these preparations require your full attention, the benefits for a nonprofit are undeniable. Audits help: Show you’re a good financial steward of the funds your donors and grantmaking organizations provide Reassure supporters that your nonprofit manages its operations efficiently Give board members and executives…
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