Seven Benefits To Using a Nonprofit Fund Accounting Software

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Nettie Reynolds

June 9, 2021

    Saving money is an important piece of any successful nonprofit. When you run a nonprofit organization, managing your funding is crucial to your mission and the success of your operations. Those funds are also key to how you serve and grow you mission in your community.

    Saving money also means being able to understand the cost vs. functionality in using a true fund accounting software program instead of using a software program that was not specially designed for nonprofit accounting needs.

    A true fund accounting solution helps users track all spending and fundraising in one place. And as we see the occurrence of fraud growing in nonprofits, it’s more important than ever to be able to have a nonprofit fund accounting program with comprehensive reporting, and fraud and compliance protection.

    Here are seven other benefits a true fund accounting solution can offer you:

    1. Built-in and configurable dashboards and reports that allow you to customize your financial management, and comprehensive reporting to keep you informed about every dollar.
    2. Powerful allocation system for each dollar.
    3. Easy, transparent compensation tools for employees.
    4. Tracking all cash flow to reduce risk of fraud.
    5. Capability to grow with you as your organization grows. Produce an unlimited number of budget scenarios/versions.
    6. Balance and identify different funding sources with ease.
    7. Organize and prepare for an audit efficiently and accurately.

    With audits and reporting, private foundation funders are increasingly desiring to see outcome measures to awarded grants as a means to gauge the effectiveness of their funding. With outcomes, grant-making agencies and foundations can determine exactly what they are getting in return for their funding dollars. Having a financial accounting system that can report measurable outcomes with ease is key to gaining new opportunities for foundation grants.

    At MIP Fund Accounting, we know that managing your funding is crucial to your organization’s success, and it’s also vital for transparency and accountability. Nonprofit organizations need expert and expedient reporting to donors and stakeholders.  With our financial management software for nonprofits, you can direct your funds to effective programs and build trust with your supporters. Nonprofits can keep all of their financial operations connected to form an efficient and effective organization using our powerful nonprofit fundraising accounting tools.

    MIP Fund Accounting is a software program designed from the ground up to perform all the key tasks related to tracking complex revenue sources, expenses and more within a true fund accounting solution.

    Let us show you how you can benefit from our solution by requesting a demo .

     

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