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How your organization tells its financial story is crucial to gaining support for new initiatives and securing grants. If the financial reporting process is inefficient, your organization could be spending countless hours creating new reports or relying on outdated templates to update existing reports.
Because nonprofits produce multiple reports for different funding sources, there’s no time to waste. Fifty-six percent of nonprofits have at least six funding sources, and 28% have at least 10 revenue sources. Examining how your organization handles manual data and creates reports is essential to streamlining processes and easily accessing data for decision-making.
Consider your current financial technology and ask:
- Does your technology optimize workflows and minimize manual data entry?
- Can your software create presentation-quality board reports and templates matching grantor requirements?
- Can you easily access actionable financial data on day-to-day operations?
If you spend hours reporting or relying on workarounds or multiple spreadsheets to handle finances, let’s examine how fund accounting software can supercharge nonprofit financial reporting.
MIP Fund Accounting comes with 340-plus report templates to optimize nonprofit reporting. MIP efficiently produces nonprofit-specific reports quickly and accurately, automates calculations, reduces errors, and eliminates the need for workarounds. Nonprofits can customize MIP to create report templates matching grantor requirements.
MIP’s reporting module increases efficiency, and helps you tell your nonprofit’s financial story. You can gain additional capabilities when you integrate MIP with DrillPoint Reports to really supercharge reporting and drill down into transactional data.
DrillPoint Reports complements MIP’s reporting capabilities and provides more significant actionable insights from financial data. You can examine transactions down to their source documents, easily monitor multiple budgets, and create presentation-quality reports by leveraging MIP’s data structure with a seamless Microsoft Office integration.
Nonprofits using both MIP and DrillPoint are improving efficiency and increasing visibility into finances while telling their whole financial story.
HopeWorks, of Albuquerque, N.M., had an annual budget of over $10 million and multiple public and private funding sources in 2018 when then-CFO Jason Greving meticulously maintained accounting spreadsheets and spent countless hours creating financial reports.
Greving turned to MIP and DrillPoint as the solution. The combination allowed Greving to pull data from MIP directly into Microsoft Excel to format it as needed.
“We can structure the data in a way that is most useful to our immediate requirement and group it by any category contained in the MIP General Ledger,” Greving said. “… Our reports can be refreshed easily and generated in minutes rather than the time-consuming manner of retrieving data from the accounting system, exporting it to excel, then compiling a report or chart and then re-doing it over and over.”
The combination of DrillPoint and MIP saved Greving valuable time reporting financials and helped him create a user-friendly annual report for stakeholders.
Like HopeWorks, your nonprofit can benefit from supercharging its financial reporting. Learn how other human services organizations are using MIP for reporting and set up a demo to learn more MIP’s drill-down reporting capabilities.
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