Organizations continue to flock to the cloud, with market spending projected to reach nearly $600B in 2024, according to Gartner.
Increasing productivity in the cloud is a driver of digital transformation in most organizations, including MIP Fund Accounting customers. Seventy-three percent of organizations are actively investing in cloud-based technologies in 2023 to increase efficiency and productivity.
While many still rely on their on-premise systems, the more than 15,000 users who have already migrated to MIP Cloud realize benefits like a return on investment from added efficiencies, IT savings from reduced on-premise servers, increased data security, and improved compliance.
MIP Cloud maximizes people’s power. Let’s explore how organizations are increasing collaboration and efficiency in the cloud.
MIP Cloud: Anywhere, Every time
MIP Cloud is the MIP on-premise users know and love, with two different interface options: MIP Cloud-Classic, and MIP Cloud-Modern. MIP Cloud-Classic features the functionality of on-premise, while MIP Cloud-Modern adds additional functionality like automated bank reconciliation.
Key Benefits of MIP Cloud to Consider:
- Scalable and accessible from any internet browser
- Easy to use and maintain
- Automatic updates and upgrades
- No on-premise data center needed
- Fosters collaboration
- Ironclad internal controls
- Advanced Security
MIP Cloud is the basis of collaboration and offers new opportunities for information sharing through complete dashboards and reports to share information. When utilized these dashboards increase efficiency throughout an organization and improve visibility into operations.
The ironclad internal controls on-premise MIP users rely on to stay in compliance with laws and regulations, are also available in MIP Cloud’s classic and modern interface. Shape the way your organization communicates with external stakeholders, like board members and auditors.
Using MIP’s Advanced Security module and Executive view license, organizations put into place appropriate internal controls to maintain compliance with applicable laws and best accounting practices. The Advanced Security module also allows users to specifically restrict access to data for viewing and/or editing, and reporting based on elements of the Chart of Accounts. Combined with MIP’s audit trail reporting, users can proactively control who accesses data and who can change data to prevent fraud.
These modules also shape how organizations communicate with external stakeholders and auditors. Paired with Executive-view licenses, which grant view-only access to dashboards of mission-critical metrics and detailed financial reports, organizations have complete control of their data and who can access it.
Plus, organizations can ensure that the timeliest financial information is available only to the people who need it. Executive view licenses increase productivity and drive more goal-oriented business decisions—all while mitigating the risks of financial fraud and misuse of information.
While on-premise users have access to all of the above, MIP Cloud pairs up-to-date security on the Microsoft Azure platform—the highest standard of security in the industry. Cloud users are building a secure, future-proof system with industry-leading features that exceed auditor, cyber insurance provider, and grant maker standards.
MIP Cloud is a secure, future-proof system for mission-driven organizations. As organizations look to maximize their resources, MIP Cloud is a flexible system built on sustaining future growth, keeping organizations at the forefront of operational success. Embrace collaboration, efficiency, and security in the cloud.
Benefit from increased efficiency and a greater return on investment from taking the infrastructure work off your organization. Request a demo today, and find out what you’ve been missing.