A bad dream is one thing and an accounting nightmare is another. Even the worst dreams eventually have an ending and allow you to carry on with your day. However, accounting nightmares are of the recurring and often, never-ending kind. A few missteps can leave you tossing and turning day in and day out, trying to find a solution.
Financial tracking and reporting get even more complex for nonprofits and municipalities. You spend hours cross-referencing spreadsheets and manipulating data amongst disparate systems. So, if you’re dreaming of a better way, read on. It’s time to transform those nightmares into something positive with a dream worthy solution!
It may be time to move to a True Fund accounting system. True Fund accounting systems allow organizations to deal with change, prioritize transparency, and manage budgets with ease.
Embrace Change and Transparency
The nonprofit world has changed a lot in recent years. Municipalities have also seen their share of new developments. But let’s face it: many accounting solutions have failed to keep up! Off-the-shelf solutions often require the use of additional programs, further complicating operations. If you’re still piecing together a way to manage it all, you’ll be glad to know there’s a full-service software, designed for organizations like your own.
The Financial Accounting Standards Board (FASB) has a new proposal in the works that will likely change the way your organization gauges its operations. If it goes into effect, you won’t be able to measure your operations by your own independent standards. Instead, you’ll need to report expenses by nature and function, follow mission and availability dimension measures, and more.
Don’t let this news cause you more stress! There’s an effective way to produce the transparency the FASB is looking for. With MIP Advance, you can locate, report and follow the data that really matters with the help of analytical tools and dashboards. MIP Advance is also ideal for organizations that have undergone a growth period and are looking for a solution to meet their new tracking and reporting needs.
Effortlessly Manage Your Budgets
Managing budgets is certainly no easy task especially when it comes to compliance and monitoring. Many off-the-shelf solutions do little to ensure compliance. A True Fund Accounting system like MIP Advance enables nonprofit organizations to create and monitor multiple budgets. This feature is ideal for avoiding overspending, maximizing budget functionalities, and managing your organization with ease. The software also includes audit-level reports for compliance purposes and seamlessly integrates with other software.
Want to learn more? Download our free checklist, 10 Reasons Why Nonprofits Need True Fund Accounting™ to discover how true fund accounting™ can help.
Compliance and user-friendly accounting software are critical to the success of today’s nonprofits and municipalities. To ensure that you receive all the benefits from your True Fund accounting software, contact us today!