Remote teaching allowed schools to maintain lesson continuity with their students and highlighted the importance of mobility in technology. Your school’s accounting software should reflect a similar flexibility and should be available to employees wherever they have an internet connection.   

Cloud platforms offer a flurry of benefits. From allowing your business office the opportunity to access its data anywhere, to automatically and regularly completing updates and backups, the cloud makes accounting for your finances easier.   

When your school adopts a cloud-based solution, you can expect lower operational costs. By centralizing information into one software platform, your team can realize workflow and reporting efficiencies, reduced labor costs, and potentially less software licensing fees and technology infrastructure spending needed compared to a solution hosted on-premise.   

Additionally, having all your school’s financial information in one system allows for more accurate forecasting. Single-source data makes it easier to create financial forecasts and produces more precise results than having your data split between multiple systems.  

Finally, cloud-based accounting software also offers improved transparency. Since your school will have greater insight into its costs and expenditures, your organization can quickly tell its financial story to external stakeholders and donors. This is particularly important because you’ll be able to show how your school supports its mission. 

 

Growing As You Grow 

The cloud enables your software to add additional capabilities as you need them. As you explore different accounting software solutions, evaluating add-on options is essential. Some software providers offer easy-to-add modules that effortlessly allow for additional capabilities. These modules build on your software’s base capabilities and help your organization meet new needs. 

Flexibility should feature prominently in your software’s functionality. For example, the chart of accounts is the primary tool which your school’s finance team uses to tell its financial story. Your accounting software should include a flexible or dynamic chart of accounts that helps you tell your school’s financial story by any combination of segments such as program, classroom, grant, funding source, donations, or fundraisers, among many others.    

But the modules don’t stop there. Good vendors offer modules like payroll and employee management, purchasing, allocations management, accounts receivable, and many others.   

When it comes to selecting accounting software, your school needs a vendor that is flexible and growth oriented. You want an option that meets your needs today and anticipates where you’re growing tomorrow. 

 

Complete Cloud Security  

Cloud solutions make it easier for your school to keep your information secure. Some ways the cloud improves security for your business office include:   

  • Effective internal access controls  
    • Reduce the possibility of human error leading to security breaches by limiting access to only the employees who need it.  
  • Notifications for potential discrepancies   
    • Cloud platforms notify you of duplicate invoices or other irregularities in your financial information. Once aware, you can take the necessary steps to mitigate potential errors. 
  • Up-to-date Compliance 
    • Good cloud vendors regularly update their platform for compliance as new standards are issued. Cloud accounting software also provides total financial transparency to help you meet compliance demands when audited.   
  • Strong security  
    • Your resources are limited and securing software against hackers can be expensive. Using a solution like MIP Cloud allows you to tap into our extensive security protocols, which meet or exceed industry standards.
  • Simple off-site data storage and backups  
    • Cloud vendors store your data offsite at secure facilities. This offsite storage also protects it from natural disasters that might affect your school.  

 

When selecting an accounting vendor, you must choose one with high-level safeguards. The MIP Cloud environment comprises layers of security that help reduce the incidence of fraud overall. These security layers include limited user access and permissions, encrypted data and communications, and SOC compliance endorsed by the American Institute of Certified Public Accountants (AICPA) and its Statement on Standards for Attestation Engagements (SSAE).  

When considering cloud accounting options, ensure the software meets the above criteria. You’re investing in your school’s future, and you’re also investing in a platform that’ll save your business office time and money. Make sure to compare benefits between options and schedule software demos to see how the solutions work in person.  

Fund accounting software is essential for any nonprofit educational institution. Accounting is complex and requires dedication to deliver accurate data that serves your school’s needs. At MIP Fund Accounting®, we can meet your needs for fund accounting software today, tomorrow, and beyond.  

Our accounting solution can provide comprehensive financial oversight and help your K-12 school better achieve its missions. Within our family of brands, our products offer the following features and functions:  

  • Content management  
  • School payment solutions  
  • Financial aid management  
  • Student information systems  
  • Fundraising and advancement  
  • Billing and tuition management  
  • Admissions and enrollment management 

Operate more efficiently, better engage with donors, improve your financial decision-making, and better manage, report, and track the finances across your organization when you choose MIP Fund Accounting. Our accounting solution is designed to work with other industry-leading solutions in the education industry.   

When you’re ready to experience MIP Fund Accounting in action, request a demo today. One of our experts will reach out to schedule a personal product tour.  

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