Guide to Fund Accounting for Human Services Organizations
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Fund accounting is essential for any human services organization. While for-profit companies focus on profitability to measure financial health, human services nonprofits focus on mission fulfillment. Accountability takes precedence as nonprofits raise money and use funds for their designated purposes. Nonprofits must separate revenue sources into individual funds to ensure proper usage — the basis of fund accounting. They also should use technological solutions to simplify and streamline their accounting procedures.
What Type of Accounting Do Nonprofits Follow?
Nonprofit organizations, including human service organizations, utilize fund accounting, which involves dividing revenue streams into separate funds or accounts. It allows organizations and HSOs to track each fund independently. Government agencies and all kinds of nonprofits rely on fund-based accounting to keep revenue streams organized and ensure dollars serve their intended purposes.
What Are the Basics of Fund Accounting?
The primary function of fund accounting is to document the use of donated assets in the form of grants or donations. Each “fund” or account is a self-balancing sheet showing the money that flows in and out of the organization. It allows for complete transparency within the organization and with outside partners.
What Are the Fund Accounting Principles?
Fund accounting, like any form of accounting, must adhere to several codes and guidelines. It is subject to the generally accepted accounting principles (GAAP), which the Financial Accounting Standards Board (FASB) establishes and amends. These rules and standards guide the fund accounting process. Nonprofits must also follow the Governmental Accounting Standards Board (GASB) principles.
Why Do Nonprofits Need Fund Accounting?
Nonprofits need fund accounting because they are subject to specific rules regarding revenue sources and their permitted uses. Larger nonprofits may have thousands of fund accounts, each from a different donor with a unique set of restrictions. For instance, a nonprofit university must have separate fund accounts for endowments, scholarships, capital projects, and operations.
Fund accounting for nonprofit organizations emphasizes accountability, which helps decrease the likelihood of fraud or fund misuse. Donors and grant issuers often put restrictions on the funds they supply to a nonprofit, and staying within those restrictions is vital. Fund accounting can also help nonprofits determine and adhere to their budgets for the best financial management.
Are Nonprofits Required to Use Fund Accounting?
A nonprofit organization must use fund accounting. Nonprofits have different goals, regulations, and restrictions than for-profit organizations. Their accounting practices have to align with these factors. Here are some of the reasons a nonprofit needs to utilize fund accounting:
- They use donations to allow for basic operations or special projects.
- They apply for and receive grants with specific purposes outlined.
- They have more than one independent revenue source they need to track.
Technology for Fund Accounting
You can simplify your nonprofit’s fund accounting through technological solutions. Specialized software designed for fund accounting which makes it faster and easier to keep track of funds. Technological solutions can empower staff and allow nonprofits to make the most of their resources, financial and otherwise.
What You’ll Learn in This Guide
In this guide, you’ll learn about the ins and outs of fund accounting for human service organizations. We’ll discuss how technology plays a role, the best practices for fund accounting, and the benefits of using specialized nonprofit accounting software.
If you’re interested in learning more about nonprofit fund accounting basics and software solutions, check out the MIP® library of resources. There, you’ll find information about preparing for audits, automating your processes, preventing fraud, and other essential topics.
Chapter 1: Benefits of Using Technology in Human Service Organizations
The need for human services is on the rise, placing more demand on nonprofit organizations that provide these resources. While strict budget constraints can restrict spending on new technology, investing in the right tools is crucial to their success. Computer software can help maximize limited resources so these agencies can assist more people.
Technological advancements can benefit human service organizations in many different ways. This chapter explains the latest technology and how it can improve your organizational effectiveness.
What Is Human Service Technology?
Before learning the benefits of human service technology, it’s important to understand what constitutes human services and which tools and software are helpful for these organizations. The field of human services includes any institution with a mission to promote or enhance individuals’ wellbeing. These organizations seek to help people with their projects and programs. They provide various benefits from shelter and food to substance abuse treatment and counseling. Some examples of human service organizations include:
- Group homes and halfway houses.
- Community and mental health centers.
- Family, child, and youth service agencies.
- Intellectual disability resource providers.
- Crisis intervention workers.
- Community outreach programs.
Social workers and other professionals in human service fields use various technology solutions to achieve their goals. They hope to improve the quality, accountability, accessibility, and coordination amongst agencies that deliver human services. One example of practical technology for these organizations is fund accounting software, which simplifies complex nonprofit accounting. These tools help human services organizations become more effective so they can continue to grow and assist larger populations. Combining technology and human services helps people who receive these benefits achieve better outcomes.
How Can Human Services Be Improved?
Human service fields must constantly improve so they can deliver the highest quality care to their clients. For instance, human service professionals might enhance their organizations by:
- Improving accessibility: Offering greater flexibility for those they serve can help these organizations serve more people.
- Discovering solutions: Human services can look for new ways to preserve human health and safety.
- Promoting equality: Committing to equity in policies and culture can help everyone get the services they need.
- Investing in innovation: Human services organizations can increase efficiency by using more and newer technological solutions.
Benefits of Technology
One of the ways leaders of human service organizations can improve is by making better use of technology when available. Human services technology can improve operations which positively impacts the results of your programs. The benefits of technology in human services include:
- Streamlined workflow
- Empowered staff and clients
- Increased efficiency
- Improved accountability
How Does Technology Affect Workflow?
Technological tools can streamline workflow and reduce inefficiencies so staff can focus on more important tasks. Technology can also automate processes to save massive amounts of time.
For example, you might implement an automatic telephone system that redirects callers to the correct personnel. This technology saves someone the time and effort to connect a caller with the appropriate department manually. You might also use automatic voice-recognition software to avoid manual transcription during critical conversations. By automating these routine tasks, your staff can spend more time helping people in need.
How Does Technology Empower Staff and Clients?
Another way technology benefits human service nonprofits is by empowering both staff and clients.
Technological tools improve the flow of data between programs and departments, so it’s easily accessible. Technology helps staff access the information they need to perform their jobs better and reach their goals. Automated tools can also save staff from countless hours doing manual clerical work. In turn, technology allows employees to put more focus and energy into the tasks that matter most, which may help them achieve more and give them a sense of empowerment.
Technology can also help clients by giving them faster and easier access to the services they need. Tools using innovative technology can improve access to services by removing the common barriers and burdens that impact clients. Technology often empowers marginalized and underserved groups. For instance, telecommunication can provide patients in remote communities with access to services they can’t reach otherwise. Other technological tools can help your clients schedule services from a digital platform within the comfort and privacy of their homes.
How Does Technology Affect Efficiency?
Technology also improves efficiency by giving management and staff convenient access to data. They can use this information to understand their clients better, which helps them monitor program performance. Technology tools can provide data needed to inform critical decisions. In that way, technology leads to stronger and more accurate decision-making, improving operational efficiency and effectiveness. For instance, analytical technology may help medical professionals determine the best care route for each patient.
The technology used in human services can also provide new tools for measuring and determining efficiency. These tools help administrators figure out which areas they can improve upon in the future.
How Does Technology Improve Accountability?
Technology can strengthen and ensure accountability in human service nonprofits. It enhances transparency by organizing data in new ways. For instance, technological tools could collect existing data and compile it into simplified performance metrics. These reports hold leaders accountable to their staff and the communities they serve.
Another example is fund accounting software, which improves fund usage accountability. It simplifies accounting for budgeting, audit preparation, and other purposes. Financial information is easily accessible to assist with decision-making and prevent misuse of funding. Whether you use tools for internal decision-making, public awareness, or auditing, technology boosts accountability.
Learn More About Technology for Human Services
Technology can serve many different purposes in the human service sector. It can improve workflow, empower staff and clients, and boost efficiency and accountability. Learn more about how technology benefits human services — contact MIP® for more information.
Chapter 2: Human Service Fund Accounting Best Practices
Strict guidelines and constraints protect the revenue nonprofits receive. Fund accounting systems help charities organize their funds to ensure that they’re used for their intended purpose. Human service organizations rely on fund accounting for resource management, budgeting, and fund use accountability. Following simple best practices can improve your fund accounting methods, offering many different advantages.
It’s vital to understand fund accounting principles for nonprofit organizations, especially human service nonprofits. Maintaining proper fund accounting will prevent misuse of funds that could tarnish your organization’s reputation and have legal consequences. In this chapter, you’ll learn about best practices for human service fund accounting.
What Is the Fund Accounting Method?
All firms and organizations must follow specific accounting standards depending on their mission and the nature of their operations. For-profit companies sell goods or services to gain revenue, while nonprofits rely on charitable donations and grants from the government. Nonprofits, including charities and government agencies, must use fund accounting to ensure the proper use of all funds.
Fund accounting is the accounting system for keeping track of financial assets with limited uses. Instead of focusing on profits, fund accounting regulates reporting standards and disclosures. This method for recording financial transactions allows for greater accountability and transparency. It also informs decision-making and budgeting.
What Are the Fund Accounting Principles?
The basic principle of fund accounting is the separation of funds into individual accounts. Each fund has a designated source and limited uses. Nonprofits create each account to record revenue from multiple sources and manage expenses. Here are the four main categories of funds:
- Current funds: Resources that the organization spends on daily operating expenses.
- Plant funds: The fixed assets of the organization like properties and equipment.
- Endowment funds: Donations that nonprofits keep in a bank account to collect interest. While the organization may not spend the principal, it can use the earnings to fund specific projects.
- Special purpose funds: Income that organizations reserve for specific objectives. For example, a human services nonprofit may have separate accounts to collect money for education and healthcare resources.
Is Fund Accounting a GAAP?
While the basic principles of fund and financial accounting are significantly different, they’re both held to precise guidelines. Fund accounting must adhere to the basic standards of all accounting types — the generally accepted accounting principles (GAAP). Additionally, the Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) determine the principles for fund accounting. Complying with these regulations reassures stakeholders that nonprofits are using donation dollars responsibly.
Why Do Nonprofits Use Fund Accounting?
Nonprofits use fund accounting because it emphasizes accountability rather than profits. It allows nonprofit organizations to keep track of funds according to their sources and permitted uses. Fund accounting informs decisions, such as budgeting, and boosts accountability.
How Can Fund Accounting Help Management?
While it may seem like a restrictive set of rules and limitations, fund accounting can help human service management in many different ways:
- It allows management to monitor and manage funds according to their sources, restrictions, and uses.
- It provides a clear picture of fund flow for the best budgeting and resource management.
- It reveals areas of both strength and weakness for better decision-making.
- It also reduces the chance of fraud or mismanagement, ensuring the proper use of funds.
What Are the Fund Accounting Best Practices for Human Services?
Human service organizations should follow the best practices for fund accounting. Here are the 10 fund accounting best practices every human service nonprofit should keep in mind:
1. Establish Separate Bank Accounts
Human service nonprofits should utilize separate bank accounts for regular banking and reserve investments. It makes it easier to track incoming and outgoing transactions to specific funds. Maintaining individual bank accounts allows for more accurate reporting and analysis.
2. Use Central Documentation
Despite using separate accounts and funds, human service nonprofits should utilize a single fund summary document with restrictions and reporting requirements outlined for each revenue stream. Compiling fund-related information in one central location will empower management and staff and help guide decisions. Having access to clear documentation with reporting restrictions and requirements will also help prevent accidental violations.
3. Review Transactions at Least Once per Month
It’s essential to review each fund’s transactions at least once per month. Doing so will help you ensure funds are sufficient for achieving your organization’s goals. It keeps your books up-to-date and verifies that your organization is spending donations and grants correctly. It will also alert you of any potential fund mismanagement or fraud. If your staff makes mistakes, catching them right away will allow you to correct them before they grow into a more significant issue.
4. Check Your Budget Often
Fund accounting can help organizations determine spending budgets. However, once you’ve established a budget, you should continue to revisit it often. You can compare your budgeted revenue and expenses against your actual transactions to make sure you’ll have the financial resources needed to continue operating at your current level. Monitoring your budget regularly will alert you to a lack of sufficient funds, allowing you to amend your spending or seek new sources of income.
Consistently tracking your budget will help you prepare for various scenarios in the future. A versatile accounting solution is crucial to the success of your organization as it grows.
5. Keep Every Staff Member Informed
It’s also essential to make sure every team member is on the same page. Be certain to keep staff in the loop, providing adequate and regular training. Preventing mistakes is much more time-effective than fixing errors.
6. Provide Information to Donors and Grant Organizations
Fund accounting will provide you with detailed information about how you use your funds to achieve your mission. You can use this information to keep donors in the loop and strengthen your grant applications. In that way, nonprofit accounting can help you secure future funds.
7. Establish Security
An essential best practice for fund accounting is advanced security. Nonprofits handle sensitive transaction information, including donor financial details. Protecting privileged information should always be a priority. Make sure you have the best possible measures in place for accounting security.
8. Schedule Regular Audits
Audits can be daunting, but they serve many purposes for an organization. They can help you assess financial health and determine possible routes for improvement. In addition, publishing audit reports improve transparency, which can help secure funds in the future. Be sure to schedule regular audits for your nonprofit accounting.
Assigning a task force of staff members to serve as a finance and audit committee is another wise practice. They should create a plan to address any problems revealed during regular audits and monitor the progress of their determined solutions.
9. Share Financial Duties for Accountability
Another vital aspect of nonprofit accounting is to make sure multiple staff members share financial duties. For instance, if one staff member records incoming revenue, a different staff member should approve and record write-offs. Sharing these financial responsibilities creates a system of checks and balances to reduce the chance of fraud, fund misuse, or simply human error.
10. Use Specialized Software
Since nonprofit accounting is so specialized, a tailored software solution can make a big difference. Software solutions streamline, simplify and elevate your fund accounting processes. For instance, software can safeguard financial information for better security. It can also provide configurable reporting and dashboards, forecasting tools, payroll features, and cloud-based access.
Learn More About Fund Accounting for Human Services
Fund accounting is one of the tools human service nonprofits need to achieve their goals. With an emphasis on accountability, fund accounting allows nonprofits to keep careful track of separate funds. Fund accounting promotes transparency and informs critical decisions. Following best practices ensures effective, secure, and timely fund accounting for the best results.
Learn more about fund accounting for human services, and discover how utilizing specialized software from MIP® could help your nonprofit improve its accounting.
Chapter 3: Why Human Service Organizations Use Software
In the digital era, software has become an essential tool for almost all firms and organizations. Various software solutions are available to assist human service nonprofits. Many systems can be customized and adapted to perform vital duties for your charity. Human services software programs provide tools catered to your needs.
Software tools streamline and simplify operations in many different ways, from managing documentation and communication for staff to scheduling and billing for clients. This chapter discusses how and why human service organizations should use software.
What Is Human Services Software?
Human service organizations may need to utilize software for various reasons. It can assist administrators, staff, and clients. Software can serve as:
- A database for client or case-related information.
- An organization’s primary system for reporting.
- A platform for clients to connect with staff and access the services they need.
- A framework for tracking regulatory requirements.
- A host for accounting and financial information.
Why Use Human Services Software?
There are many benefits to using software for human services organizations. Various specialized software platforms allow for:
1. Advanced Security and Confidentiality
Software offers advanced security measures to protect data and maintain confidentiality for organizations, their clients, and their donors. In terms of accounting, human service nonprofits must also secure donor financial information and other sensitive details. Software is a valuable tool for protecting these agencies and their stakeholders.
Leading programs provide file encryption, firewalls, cloud backups, and other security measures to keep your data safe from cyber threats and natural disasters. Platforms may provide compliance with the Health Insurance Portability and Accountability Act (HIPAA) as well. Software provides advanced security and confidentiality solutions in one cost-effective package.
2. Document Management
Software tools can also improve a nonprofit’s document management. Staff can create, edit, and share essential documents in a centralized digital library. Digital libraries with cloud capabilities enable remote access — staff and clients need not be in a specific physical location to access documents, which saves them a great deal of time and effort.
3. Easier Scheduling
Some software tools might offer client or staff scheduling features or built-in calendars. Tools like these streamline the appointment creation process and help avoid missed appointments. Making scheduling easier cuts back on the time and resources required for manual scheduling, empowering staff to spend time on more meaningful tasks.
4. Space Saving
Using digital tools can help a nonprofit cut back on physical space needs. Rather than having filing cabinets full of documents and calendars, you can use a space-saving digital platform. Doing so may reduce overhead costs while providing staff better access to the resources they need.
5. Automatic Data Reporting
Software may also provide automatic data compilations and reports. This feature frees up staff members to perform more personalized services to clients. Management can use the constant stream of information to make informed decisions about critical aspects of operation, like budgeting or human resource management.
6. Simplified Case Management
Software can simplify the case management process from start to finish. It may provide paperwork processing, case tracking, and reporting features to organize case management better. Some programs will even generate invoices for accurate billing.
The Best Human Services Software Solutions
The best human service software solutions will help nonprofits achieve their goals. Several features and characteristics are necessary for an effective software solution. When shopping for a software solution, look for a tool that is:
- Configurable: One of the most vital aspects of human service software is the ability to configure it as needed. Since every nonprofit is unique, being able to customize your software is a must. Cookie-cutter solutions may not offer the precise tools and capabilities you need for your nonprofit. Configurable programs allow you to adapt your system as staff and clients’ needs change over time.
- Scalable: Software should also be scalable — if you hope to grow your organization, you’ll need software that can grow with you. A scalable solution allows you to adapt quickly to higher demand and prevents restrictive growing pains.
- Specialized: Specialized software caters to the unique needs of human service organizations and nonprofits. In other words, it should meet the industry’s highest priorities — accountability, confidentiality, and transparency. Look for programs that can accommodate your current needs and adapt as your priorities shift in the future.
Learn More About Human Services Software
The right software solutions elevate human service organizations. They offer improvements for every aspect of operation, including security, accessibility, and decision-making. Contact MIP® today to learn how our fund accounting software could benefit your human services nonprofit.
Chapter 4: Benefits of Using Software for Fund Accounting
There are countless reasons why human service nonprofits should take advantage of modern software solutions. One such solution is fund accounting software, which improves nonprofit accounting in various ways. Managing charitable donations and grant funding correctly and efficiently is crucial to operating a successful nonprofit. It’s required by law and ensures that nonprofits use their funding to support their mission and help the community.
This chapter explains the fund accounting software features and benefits that will help your nonprofit organization the most.
What Are the Benefits of Accounting Software?
Many organizations use spreadsheets and filing drawers to track their finances when they’re first getting started. This strategy may work for a short time, but these methods become less useful as a nonprofit expands. It grows challenging to keep track of documents and ensure proper security. Paper files quickly become disorganized and difficult to store. Creating these files manually also leaves room for human error.
Accounting software provides scalability not available otherwise. It can achieve the same results with greater accuracy in less time. Fund accounting software is beneficial because it:
1. Saves Time
Manual bookkeeping and accounting take up a lot of time. One of the main benefits of accounting software is the amount of time it can save you. Software prepares and organizes your financial documents automatically in one convenient location. You can access your desired documents in seconds and compare your performance to past data without having to dig through stuffed filing drawers. Freeing up time empowers your staff members to focus on meaningful work, which may allow you to achieve more of your goals.
2. Automates Report Creation
Accounting software can provide valuable, automatic reports showing your cash flow, income statements, and other fundamental information. These reports are constantly updated, so you always have access to current data. There are no more delays from waiting for staff to prepare these reports each month. You can access financial documents in seconds with just a few clicks.
A clear audit trail helps prevent fraud, and easily accessible reports assist decision-making. Analytical power boosts an organization’s effectiveness and efficiency by impacting decisions. Accounting software increases your analytical abilities to help you achieve your financial objectives.
3. Keeps Data Synced and Organized
With so many different accounts, it can be challenging to keep track of all your funding. Software can sync data from various sources, like multiple bank accounts or payroll services. In that way, it saves the time you would spend compiling data. It also keeps information organized in one financial report to simplify assessments.
4. Reduces Errors
The room for error is much greater with manual data organization. Constantly updating spreadsheets by hand is a tedious job that’s prone to mistakes. With software, your financial statements update automatically to prevent errors that could skew your reports. Using software can help you reduce mistakes, which will:
- Boost your reputation, increasing your leverage in grant applications and donation requests.
- Reduce the risk of unnoticed fraud or fund misuse.
- Ensure correct tax filing to avoid legal issues or poor audits.
5. Streamlines and Simplifies Financial Processes
Financial processes are often time-consuming and complicated. Accounting software can simplify and streamline payroll, tax filing, and other financial processes.
For example, some programs will pay employees automatically, adjusting for payroll tax, healthcare, and insurance contributions. These tasks take hours to complete manually. Software simplifies payroll so you can compensate your employees on time with greater accuracy.
What Are the Features of Accounting Software?
Accounting software comes equipped with various useful features. You can use different tools to accomplish a wide range of projects. Some of the features to look for include:
- A general ledger: All nonprofits need a general ledger for accounting purposes. As the primary record-keeping system, it must be easy to access and use. It will include all the transaction and financial balancing information you need to perform essential tasks.
- Useful dashboards: Your accounting software tool should include various dashboards you can access for document organization and other capabilities. Dashboards should be user-friendly and well-organized. They often display an updated list of your most crucial metrics so you can check them quickly and easily.
- Accounts payable and receivable: A simplified accounts payable feature tracks and schedules outgoing funds. It’ll help you organize all of your vendors and transactions in one report for quick reference. As a result, you can reduce the risk of late payments, suspicious charges, and other issues. You should also look for accounting software to help manage your accounts receivable. It will create invoices, track account balances, and calculate sales taxes automatically. These features make it easier to handle billing and collect payments.
- Bank reconciliation: Another helpful feature is bank reconciliation, which compares accounting records against the corresponding bank statements to ensure the information matches. When you have multiple accounts, manually reconciling all of them is a tedious job. Finding software that performs these tasks for you will save hours of time and energy. This feature also decreases error by automatically detecting any discrepancies.
- Budgeting tools: Accounting software can also offer tools for budgeting. It can compare income and expenses in previous years to help you adjust for the current budget. Tracking your payments will help you recognize where your money goes so you can make changes or cuts as needed. Grants and donation tracking records all of your income and how you can use it according to guidelines from the Financial Accounting Standards Board (FASB). Such tools will help you make the most of your resources so you can achieve your goals.
- Payroll features: Accounting programs with built-in payroll can help you calculate and issue payments to your staff. Automating and simplifying payroll will help you retain the best talent for your organization. Staff members appreciate and expect reliability in their employer’s payroll operation. This software can also keep track of employee salaries and taxes for your records.
- Human resource tools: Human resource management is critical for any nonprofit. Your accounting software should include tools for managing employee payroll, tax documents, benefits, and other concerns. Communication and self-service features empower employees when questions or issues arise. Human resource tools support professionalism and help you retain happy staff members.
- Forms designer: Form designing tools let you customize your software experience to better fit your needs. You can use this feature to make adjustments to various documents. Software should incorporate a form creation function for this purpose.
- Advanced security: For human service nonprofits, security and confidentiality are essential priorities. Your accounting software solution must offer advanced security protocols to ensure compliance and protect sensitive information.
- Electronic requisitions: An electronic requisition allows you to request goods and services with detailed explanations. E-recs explain fund flow, which provides desirable transparency for auditing and reporting.
Choose MIP® for Your Accounting Software
Human service nonprofits should take advantage of accounting software solutions. You can find programs tailored to your nonprofit needs, offering numerous benefits with valuable features. Software helps streamline your accounting operations so staff can focus on achieving your mission. Choose MIP® for your accounting software — request a demo to see our solution in action.
Chapter 5: Use Human Service Fund Accounting Software
Human service organizations have unique needs, objectives, and priorities. While the human services field is broad, the different types of organizations within it have essential similarities. Human service nonprofits exist to serve and help people — technology has made it easier for them to do so. Software solutions simplify and streamline various aspects of nonprofit operation, including financial management. Consider the benefits of accounting software for nonprofit human services organizations.
Why Fund Accounting?
Nonprofit organizations value accountability rather than profits. Traditional accounting helps for-profit businesses keep track of their finances to analyze and boost profits. On the other hand, fund accounting organizes and tracks funds to ensure proper use and reduce the risk of fraud.
Fund accounting separates revenue streams into distinct accounts or “funds” to track each fund on its own. That way, nonprofits can organize funds according to their sources, restrictions, uses, and other essential features. Along with human service organizations, government agencies and universities are among those who use fund accounting.
Why Invest in Technology?
Investing in innovative technology is one of the best things human service nonprofits can do. Technology can potentially cut back on time and resource waste for better efficiency and a more empowered workforce. Digital tools can achieve a lot — they boost accountability, accessibility, and workflow. For instance, data reporting may reveal room for improvement in an organization’s processes. It can also present new ways to understand progress. As a result, human service nonprofits may meet more of their goals when they invest in tech solutions.
What Is the Best Software for Nonprofits?
Software solutions should have specialized features and capabilities to meet nonprofit needs. Cookie-cutter software may not provide an adequate level of customization and usability. Software should also have easy-to-use tools and advanced security features. Before investing in technology, be sure to research the best software solutions for your needs. Look for something configurable, scalable, and secure.
What Is the Best Accounting Software for Charities and Other Nonprofits?
Fund accounting software streamlines nonprofit financial management. Using software simplifies everything from payroll to audit preparation. The best software solutions cater to the specific needs of human service nonprofits, which differ from those of other organizations. Software should provide tools for reporting, accounting, human resources, and electronic requisitions. It should also offer the best possible security to protect data.
Request a Fund Accounting Software Demo
Human service nonprofits should invest in specialized fund accounting software. Software solutions provide the tools nonprofit leaders need to boost accountability and efficiency, empowering their staff and those they serve. If you’re looking for the right accounting software, consider MIP®. MIP Fund Accounting® is a scalable, configurable, user-friendly solution with built-in dashboards and reports for ease of use. It can help you achieve industry compliance with your financial management thanks to its top-of-the-line security features.
Learn how MIP® products could elevate your human services nonprofit. MIP® caters to the complex financial management inherent to nonprofits. Explore the unique features and capabilities MIP® has to offer — request a fund accounting software demo today.