MIP Fund Accounting

MIP Fund Accounting provides fund accounting for nonprofits and government organisations, available as MIP Cloud or on premises, with modules covering budget management, reporting, payroll, human resources and grant administration.

Fund accounting is a genuinely different discipline from commercial accounting rather than a variation of it. A nonprofit receives money restricted to particular purposes by the donors or grantors who gave it, and must be able to demonstrate that restricted funds were spent only on what they were given for. That means tracking money in separate funds with their own balances and reporting, which a commercial general ledger built around a single entity's profit does not do.

Grant administration extends the same requirement. A grant carries conditions, a period and reporting obligations, and the funder will ask exactly what their money bought. An organisation running several grants must attribute every expense correctly or risk having to return funds.

Offering both cloud and on premises matters for this sector, where some organisations have moved to cloud services while others, particularly government bodies, still operate under policies requiring systems to run on their own infrastructure, and cannot adopt a cloud only product whatever its merits.