Ledgers, tracking, multiple budgets, and audit-ready financials

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Nettie Reynolds

March 26, 2021

    Is your organization  struggling with tracking and reporting, finding itself using one-off spreadsheets and manual workarounds, or experiencing growth and increases in funding sources? Is it time for a more robust, true fund accounting solution? A proper fund accounting solution allows you to track multiple revenue sources and budgets, meet compliance and reporting requirements, make informed financial decisions, manage proper security controls, and maintain 24/7 audit-ready financials.

    And the right nonprofit fund accounting system can grow with your organization’s needs with:

    • Fully auditable general ledger
      System requirements for inputs, such as reverse entries in order to correct posted entries, and user-level audit trails with usage history logs provide you and your auditor with a full system audit trail and visibility into any changes and modifications.
    • Fund tracking
      System setup to specifically facilitate storing, organizing, and reporting on data from multiple revenue sources. Track and report on grants by funding source, group them by state or federal grantors, and even assign attributes and manage special tracking or grant-specific requirements.
    • Manage multiple budgets and budget version
      Create as many budgets as your organization needs for various funding sources and programs, manage multiple versions as needed, and easily report on budgets individually.
    • Internal controls & security controls
      System configuration can enable certain access controls and control activities, such as separation of duties, authorization processes, automated business rules, transaction entry controls, and role-based permissions. These capabilities can prohibit errors, reduce risk, and eliminate intentional fraud or unintentional misappropriation of funds.
    • Easy to access financial statement activities and reporting
      Generate financial statement reports, as well as statements for related activities, cash flows, and transactions. Generate various reports by fund or grant and quickly drill down to underlying data – without having to track down and pull inputs and numbers from multiple systems or spreadsheets.
    • Centralized system to handle every critical finance tasks
      Manage your organization’s finances, Human Resources, and Payroll needs from one, centralized accounting system. Track, manage, and streamline key processes with expansive product module options, including an integrated HR Management suite for Human Resource management, Payroll, employee web services, and benefit enrollment.

    With the right fund accounting platform and expert guidance, you can do more to meet the needs of your organization, grantors, and auditors. If you’re curious about how MIP can empower your accounting needs, request a DEMO.

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