You’re in your cap and gown and ready to walk across the stage. You’ve made it through the year with QuickBooks, but if you could do it again, wouldn’t you want your accounting processes to be easier and more straightforward?
If your school is still relying on QuickBooks to manage its finances, you’re working through workarounds and inefficiencies. When you use a purpose-built fund accounting system, you’re using a system that accounts for unlimited funds, allows for complex budgeting, and has a robust reporting feature. It presents a complete picture of your finances and accounts for the intricacies of K-12 schooling, whereas QuickBooks does not.
Why settle when you can have the valedictorian of fund accounting systems? Here’s what you should know about MIP Fund Accounting® and why it’s best for your school:
1. Tracking Funds and Reporting
MIP allows for unlimited fund tracking. Instead of relying on multiple workbooks, MIP easily handles the complexities of tracking programs, services, and multiple funding streams.
K-12 schools manage grants, donor campaigns, annual and capital giving campaigns, and cash considerations. Using a system designed for unlimited tracking is more straightforward than employing workarounds to make an out-of-the-box solution work for you.
MIP makes managing each of those individual funds simple and has a robust set of reporting tools that allow your finance team to show each fund independently or collectively.
2. Security and Fraud Protection
When it comes to security and fraud protection, MIP is head-of-the-class. Our multilayered solution includes:
- Limited user access and permissions
- Encrypted data and communications
- Compliance endorsed by the American Institute of Certified Public Accountants and its Statement on Standards for Attestation Engagements
Besides just keeping your fiscal data secure, our security plays into our internal controls program that ensures only people who should be accessing your funds can. These controls also allow your school to track for variances and receive alerts if something differs.
3. Saving Time and Money for Your Mission
Your organization’s technology should help your employees perform better and more efficiently. MIP’s 2022 Nonprofit Research Study surveyed 400 nonprofit and educational professionals and found that nearly half of respondents used six different digital tools to do their jobs, while 23% relied on eight different tools. These same professionals spent 25% of their day navigating through these tools resulting in wasted time.
With MIP, your finances live in one place, reducing your school’s reliance on siloed technologies and allowing your finance team to operate more efficiently. For example, MIP includes tools to manage fixed assets. Our Fixed Asset Module tracks asset depreciation and automatically generates associated entries in the general ledger. The module makes it easy to know when it’s the right time to take on a new capital project.
4. Accounting for Your Future
With MIP, we grow as your school grows. Our base software allows your school to have a 360-degree view of its finances, and as your school grows, so does our functionality. MIP is a modular solution with additional modules to handle increased functions only as you need them.
For instance, when it comes to budgeting, MIP allows for unlimited budget creation to handle all sorts of scenario planning. If a circumstance arose where your school had to go hybrid or cancel all fundraising or in-person events, your finance team could update your budget to reflect this change.
5. Compliant Compliance
We take compliance seriously, regularly updating our fund accounting solution to reflect changes on both the state and individual levels. MIP even meets FASB-standards for IRS reporting, while other systems do not.
Bottom-line? MIP is an accounting solution developed by accountants to meet the unique needs of your school. Our platform will improve the day-to-day functions of your school’s accounting team and stand with your school as it grows. The MIP support team also offers genuine partner-driven support that treats your organization more than a ticket. If you’re tired of the workarounds and multiple spreadsheets, MIP is ready to help your school grow.
Ready to be first in your class? Request a personalized demo of MIP Fund Accounting.