Nonprofits have unique financial responsibilities and compliance standards. Accurate and systematic accounting is necessary for organizations to grow and keep operations running. Unlike businesses that focus on maintaining profitability, nonprofits need fund accounting software that centers around accurate recordkeeping and financial organization.
When exploring different accounting software options for a nonprofit organization, there are some important considerations to keep in mind before choosing an option. From user interfaces to reporting capabilities, many factors will impact which solution is right for your organization.
Factors to Consider When Choosing Nonprofit Accounting Software
Before committing to a fund accounting software for your nonprofit organization, be sure to explore the following elements:
Many factors contribute to the usability of a software solution. Your organization will need an option with a user-friendly interface that your staff and volunteers can easily navigate. Accuracy is essential for nonprofit bookkeeping, and not everyone on your team will be savvy with numbers, so choosing a simple solution that streamlines accounting tasks will go a long way.
Consider the other systems, such as fundraising or donor management software, your nonprofit uses. You will want to choose fund accounting software that easily integrates with these tools.
Working with cloud-based software can give your organization more flexibility and make accessing important accounting information easier for your team.
The nonprofit accounting software you choose should have some key features to help streamline operations and boost efficiency for your organization.
Explore the following features to look out for:
- Reporting: Accurate and comprehensive reporting tools are among the most important features of fund accounting software. Look for options that can provide your nonprofit with reports that comply with the Financial Accounting Standards Board (FASB).
- Customizable dashboards: Having dashboards you can configure to your nonprofit’s needs can be highly beneficial for your organization. Real-time insights into your organization’s financials allow you to access important figures when you need them.
- Payroll and HR: Other valuable features to keep in mind when searching for fund accounting software are payroll and HR tools. Your organization can benefit from automated payment processes and fewer administrative burdens.
- Advanced security: Cybersecurity has never been more important for nonprofits. Ensure the accounting software you choose for your organization features advanced cybersecurity and fraud protection tools.
You must also consider your organization’s budget and financial constraints when searching for the right fund accounting software. Most nonprofits have tight resources, and finding cost-effective solutions with all the necessary components is essential.
Accounting software is available in a wide range of price points. You can streamline your search by first determining which features and tools are most important to your organization, then gauging how much your organization can spend.
Benefits of MIP Fund Accounting® Software
MIP Fund Accounting® software is designed specifically for nonprofit organizations to help them better serve their communities by streamlining and optimizing their accounting.
Explore some of the key benefits of working with MIP® software:
1. Comprehensive Payroll and HR Management
Our software solutions offer robust payroll and HR modules that automate your nonprofit’s HR department. Our portal is available around-the-clock so your team can access your HR services whenever necessary.
Your organization can streamline your entire HR operation and manage payments in one localized platform. Taking control of your operations is simple with MIP Fund Accounting® software.
2. Scale With Ease
Scaling is important for nonprofits because it means getting greater results and furthering your mission. Having a comprehensive fund accounting software solution that can grow with your organization is important.
MIP Fund Accounting® solutions are designed to scale with your nonprofit with an extensive set of modules you can add to your core software. We want to help your organization optimize its efforts and reach its full potential.
3. Advanced Security Features
Protecting your nonprofit against cyberattacks is essential in today’s digital landscape. MIP Fund Accounting® software has top-of-the-line security features to guard your nonprofit’s sensitive information and accounts.
We take security very seriously and protect against fraud by preventing unauthorized third-party entry. Our software solutions even feature a complete audit trail, so you can always review and analyze data regarding who’s accessing your account and at what times.
Our audit trail tools help your operation stay safe and ensure only authorized personnel have access to your MIP® accounts.
4. True Chart of Accounts
Another benefit of working with MIP Fund Accounting® software is having a fully configurable chart of accounts. Our solutions make it simple to track unlimited funds, and your nonprofit has the freedom to report those funds however you want them.
Our comprehensive reporting suite allows your organization to distinguish your fund sources from each other and track every detail. Having a multi-dimensional chart of accounts helps nonprofits like yours simplify operations and manage accounting processes more effectively.
5. Configurable Dashboards and Reporting
MIP Fund Accounting® software allows your nonprofit to eliminate manual report generation with our reports manager and configurable dashboards.
In addition to streamlining reporting for grants, our solutions make it simple to generate the following reports:
- Statement of Financial Position
- Statement of Functional Expenses
- Cash Flow
- General Ledger Reports
- Budget Reports
- Statement of Revenues and Expenditures
With our fund accounting software on your side, your nonprofit can enjoy FASB-compliant reporting. Managing and monitoring your organization’s finances is easier than ever with MIP Fund Accounting® software.
6. Unlimited Budgeting and Forecasting Capabilities
Another advantage of working with MIP® software solutions is having access to our budgeting tools. We understand your organization’s budget is always changing and evolving. We offer unlimited budget versions and scenarios so you can be prepared for whatever comes your way.
Our software is designed to help maximize your forecasting capabilities to create a future-proof operation. We want to help you manage your nonprofit’s budget better with greater access to your financial data.
Request a Demo to See MIP® in Action
If you’re looking for comprehensive accounting software for your nonprofit organization, turn to MIP®. We have over 40 years of experience and designed our cloud-based SaaS fund accounting solutions specifically for nonprofits.
We want to help your organization easily manage your financial books with user-friendly software that scales with your unique needs. Our solutions make monitoring and reporting every dollar seamless to ensure your organization always meets compliance standards. MIP® is here to support your nonprofit’s accounting processes and financial needs.
Are you interested in getting started? Request a free demo to see MIP Fund Accounting® software in action today!