The power of MIP Fund Accounting’s Budget Module

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Nettie Reynolds

June 22, 2021

    The value and importance of budgeting and the budget process in nonprofit and government organizations cannot be underestimated. One of the benefits of using MIP’s Budget module is that all of the budget shifts, tracking and reporting can be done within the module itself.

    If your organization is relying heavily on Excel as your budgeting tool it might be time to consider a more powerful budgeting solution that will grow and scale with your organization as it grows.

    The Budget module in MIP Fund Accounting brings incredible functionality relating to comparing budget to actual, both on an organization-wide basis, and on either a grant, a program, or a departmental basis – depending on the type of organization for whom you work.

    Users can produce an unlimited number of budget scenarios/versions. Track budgets for any fiscal range including if your program year differs from your organization fiscal year or tracking a multi-year project. Organizations can also generate budget performance reports with ease, including basic budget to actual comparisons, trend reports, forecasting reports and more.

    Tracking your budget carefully with the MIP Fund Accounting Budget module also lets you see the budget impact of a transaction in real-time as it is entered. The module also features enforceable budget controls to avoid overspending or alert to possible large variances in the budget.

    Efficiency improves with MIP Fund Accounting. 

    The module also improves efficiency by using Executive View to move the budget creation and monitoring process to the managers who are responsible for those. MIP Fund Accounting also ensures you always have a consistently clear picture of your current budget and are able to effectively project your future budget position. Executive View users can participate in the budget process eliminating the finance middle-man.

    The MIP Budget module is a powerful planning and reporting tool for any organization to use when creating budgets at any timeframe including when creating for multiple fiscal years. You can create customized budgets for grants, programs or any segment of your accounting structure, and then consolidate those budgeted by posting directly to the general ledger.

    MIP provides many standardized reports for budget tracking and comparisons. You can also create any number of customized reports and budget what-if scenarios.

    Ensuring you have a powerful tool to access your annual budget gives you the power to know at any time how your nonprofit is succeeding. Products not designed for nonprofits and governments all too often treat budgeting as an “add-on”. MIP recognizes the importance of budgeting as both a compliance and planning tool. We provided industry-leading budgeting features directly integrated with the rest of the application.

    Here are some key questions you can ask if you’re considering a new fund accounting solution:

    1. If you continue using your current solution how much will it cost you in terms of lost efficiency, opportunities for growth and scalability?
    2. Is your current funding solution a barrier to growth for your organization?
    3. Are you too dependent on Excel sheets to track and report your yearly budget?
    4. Does your solution have budget controls and variance warnings to help reduce fraud or budgeting errors?
    5. Do you need a solution that will make audits more efficient and expedient?
    6. Can your solution adapt to meet your needs over the next 5-10 years?
    7. Does your solution easily and accurately produce financial reports for donors, grantors, and stakeholders?
    8. Does your solution reduce the overall risk associated with compliance, audits, and fraud?

    We’re here to help you grow your mission, let us show you our solution, request a demo here .

     

     

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