MIP Cloud and the Future of Fund Accounting

MIP cloud blog
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The future of computing– and fund accounting– is in the cloud. While legacy technology can be cumbersome and expensive, cloud solutions like MIP Cloud offer easy maintenance with automatic updates, backups, and the latest cybersecurity features that keep financial data secure. 

MIP Cloud has several benefits over legacy systems, including:  

  • Scalable and accessible from any internet browser: MIP Cloud is accessible from anywhere your team works with an internet connection. It offers new opportunities for information sharing through tools such as dashboards and reports which allows you to share real-time information. Plus, MIP Cloud is a modular solution that allows your organization to add capabilities as you need them.  
  • Automatic updates and upgrades: MIP Cloud takes the guesswork out of updates and installs them automatically, keeping your software up-to-date and always secure.
  • Decreased IT overhead and cost: MIP Cloud reduces server maintenance and support spend, as it decreases time, labor, and other costs associated with legacy, hardware-reliant systems. 
  • Safe and secure data: MIP Cloud keeps your organization secure through industry-leading security and multi-factor authentication (MFA) and automatically backs up your organization’s financial information. It uses multiple offsite virtual servers, so if something happens to your information, whether natural disaster or human error, it can be restored quickly, and you can be up and running again.
  • Ironclad internal controls: Stay compliant with laws and regulations and control who accesses your organization’s financials, logging every change in an auditable log.

“By moving to the cloud, we relieved our server and were not being forced to replace it,” Joanne J., Peninsula Community Health Services of Alaska, said.  

MIP Cloud helps your organization do more, and it is also keeping your organization’s data secure.  

Industry-leading Security and Multi-factor Authentication 

MIP Cloud uses the Microsoft Azure platform that provides the highest standard of security in the industry. Cloud users will benefit from a secure, future-proof system with industry-leading features that exceed auditor, cyber insurance provider, and grant-maker standards. MIP Cloud also features multi-factor authentication (MFA), which adds the needed security layers auditors are looking for.   

MFA increases the security robustness of a system by introducing a layered approach to verifying a user’s identity. Users must provide a 6-digit login token from an authenticator app before the system allows them in.   

MFA gives your organization the peace of mind of adding another step to deter unauthorized users from accessing your information.   

Why You Need MFA  

MFA helps prevent unauthorized users from getting into your organization’s system and stealing your organization’s data. It allows your nonprofit to enforce a more secure login process so you can take every step to protect your data. MFA also represents a critical step toward data privacy and security regulations compliance.   

Adding this extra layer of security goes a long way toward addressing concerns about data security and demonstrates your organization’s commitment to meeting data privacy and security regulations consistently.     

In addition to keeping your organization secure, MIP Cloud is constantly innovating.   

The Future of MIP Cloud  

MIP Cloud is a full-featured solution with the features organizations need in two interfaces: MIP Cloud Classic and MIP Cloud Modern. Classic is feature-rich in MIP’s original interface. In contrast, Modern is a fresh new take on MIP featuring additional capabilities, like dashboards, drag-and-drop attachments and reports, and automated bank reconciliation, among others.   

The future of MIP Cloud is bright, and MIP Cloud Modern will soon feature a full suite of Accounts Receivable (AR) billing tools. 

The MIP AR Billing module will soon allow for the easy creation of an unlimited number of charge codes that automatically calculate and distribute revenue according to multiple calculation methods. Plus, it will quickly preview your customer counts and total charges for billing groups, one-time or recurring charges, and finance before calculating invoices.  

The AR Billing modules will enhance invoices and simplify audits. Quickly drag and drop attachments such as receipts, reports, contracts, or agreements to invoices before sending them to customers. When auditors request supportive documents for invoices, it will create and send copies easily. Additionally, as MIP continues to innovate, purchase orders and encumbrances will soon migrate to MIP Cloud Modern.   

MIP Cloud is the future of fund accounting. It lets your organization do more securely and constantly works on features that help organizations move their mission forward. Benefit from increased efficiency and modern, user-friendly features.

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Eric Oliver

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