As cited in the 2020 O’Reilly cloud adoption survey, businesses are trending toward using the cloud to better facilitate the way they work. Cloud usage will continue to grow as more organizations and nonprofits transition to remote and hybrid work. Employees no longer need to rely solely on email to collaborate since cloud computing tools feature functionality for messaging, notification, commenting, sharing, and tagging.
As more organizations move to hybrid office models and grow, the speed of information retrieval also needs to grow. One major benefit of moving to the cloud is “cloud collaboration” where teams can share, receive, and review computer files virtually in the cloud. Accessing cloud files can be done anywhere there is an internet connection in the same way one might access Gmail or other cloud-based applications.
Collaboration is key to success for nonprofits and organizations. When considering moving your fund accounting software to the cloud, it’s good to strategically understand the benefits and enhancements a virtual cloud environment lends to collaboration.
MIP’s Cloud solution offers the benefits of 24/7 virtual access including real-time collaboration, time-saving, better productivity, reduction of manual tasks, and increased security of proprietary financial documents and donor information.
In the cloud, team members can collaborate on shared documents, reports, financial statements, and more. User access rights are assigned individually to ensure security for all files and control the level of access each user has. For grant reporting and audits, collaborating on these tasks using a cloud-based fund accounting solution helps ensure accuracy in data, improves review capabilities, and enables quick, data-driven grant reporting.
Saving teams a significant amount of time, the reporting functionalities in a cloud-based fund accounting solution are designed for the way remote and hybrid workers work – reports can easily be created, edited, accessed, and shared. Processing reports for audits is expedited as auditors can be granted temporary access for necessary reports and data and the access is subsequently removed after the audit process. With MIP Cloud, nonprofits, municipalities, governmental organizations, and educational institutions are better positioned to do their work and meet their missions with ease-of-access to collaborate remotely and mitigate regional and mobility limitations.
Key questions to ask if you’re considering a cloud-based fund accounting software
- Does this solution offer 24/7 access from anywhere users have an internet connection?
- Will this solution allow the team to improve productivity by saving time?
- Does this solution have multiple layers of security which ensure superior data protection?
- How will this solution reduce our internal IT costs?
- What training and support does the provider have when on-boarding new staff and helping existing staff get up to speed?
- Can user permissions and restrictions be set easily and adjusted or deleted when needed?
- Does this offer our organization the ability to share and collaborate on large files securely?
The cloud provides a powerful fund accounting solution that enables better collaboration and helps your mission grow.
MIP Cloud helps organizations collaborate and empower productivity with a suite of fund accounting and HR software specifically designed for the way today’s organizations work. Request a personalized demo online today.