Nonprofits Can Make Every Penny Count Using the Updated Sage MIP Fund Accounting Product

5/21/2008 11:58:29 AM

Austin, Texas - Sage Software today announced the availability of Sage MIP Fund Accounting, version 10, the latest version of its award-winning accounting software for nonprofit financial management. Along with the new Visual Analyzer module, a business intelligence (BI) tool that accesses and converts data into actionable information, Sage MIP Fund Accounting, version 10, features customer-driven enhancements, such as additional e-filing capabilities and inventory controls, all designed to make a nonprofit professional's daily work life easier.

"How nonprofit organizations manage and account for contributions, assets, and expenditures is under increased scrutiny," said Krista Endsley, senior vice president and general manager for Nonprofit Solutions at Sage Software. "The IRS is reforming the Form 990 for the first time in decades, audits to charitable organizations are on the rise, and the media is covering charities like never before. We designed the new Visual Analyzer module to help Sage MIP Fund Accounting users provide even more transparency and accountability to members, donors, and the people they serve, as well as adhere to increasingly complex accounting rules, and more effectively compete for grants and contribution dollars."

Data Analysis for Better Decision-Making
The new Visual Analyzer module provides a graphical, interactive approach to financial data analysis. It gives Sage MIP Fund Accounting users up-to-the-minute financial information about key performance metrics, allowing them to slice and dice data – drilling up, down, and across information segments – to fully analyze, and quickly comprehend, trends, budgets, spending ratios, and more. With financial dashboards, customers have access to the data they need to make tactical and strategic decisions in a timely manner.

"We decided to purchase the Visual Analyzer module based on an introductory demonstration," said Cheri Hicks, director of finance for LifeWorks, an organization offering a comprehensive network of services for youth and families in Austin, Texas, with more than 60 funding sources. "Our chief program officer and grants and contract managers run a lot of reports, and are responsible for communicating with program managers when they see potential funding shortfalls or expense overruns. Using Visual Analyzer, they can quickly get access to our financial data, and when they see a graph or chart, information will immediately make sense to them, so they can detect grant issues sooner, and make quicker decisions to rectify them. In this case, a picture can be worth thousands of dollars."

Online Tax Filing to Save Time and Paper
Capabilities have been added to the Aatrix® integration functionality. Sage MIP Fund Accounting users can now produce and make on-screen edits to their 1099-INT, 1099-DIV, 1099-MISC, and 1099-R forms, which are populated with data from their Accounts Payable module, so they can simply produce different types of 1099s in one application. To preserve an accurate audit trail, users can save encrypted historical files for future reference, as well as track more vendor information, including state withholding, with reports.

Tighter Controls to Maintain Optimal Inventory Levels
In the Inventory Control module, items can now be assigned multiple locations, so every item can be accounted for by building or warehouse. To stay on top of spoilage and reduce waste, Sage MIP Fund Accounting users can set expiration dates for inventory items with shelf lives, such as prescription medications or food. With the Check Item Availability feature, they can easily check an item's location, expiration status and availability at the point of purchase, requisition, or sales order entry. Inventory reports now provide more detail and present greater information for decision-making and internal control.

More Robust Reporting Options for Increased Accountability
Sage MIP Fund Accounting users can now print on-demand recurring report sets for distribution through report binders, in their choice of PDF, e-mail, Microsoft® Excel spreadsheet, or printer file format. They can also easily organize reports within their report binder to address each recipient's needs. The enhanced Scheduler, formerly called NightShift Scheduler, provides options to print to PDF, Excel, or printer files. When exporting to Excel, users now have more formatting options to help customize the export for its intended audience.

"I appreciate that the screen is automatically maximized when you go to reports, and that the navigator now includes tabs where you can create favorites and then name them whatever you want," said Tiffany Milne, accounting supervisor for Pathfinder, Inc., a Jacksonville, Ark.-based organization seeking to provide the best possible educational and vocational opportunities for the developmentally disabled in the state of Arkansas. "These may seem like minor features, but having them saves me time throughout the day."

First introduced in 1982, Sage MIP Fund Accounting has been honored with numerous awards, including perfect five-star product reviews from top accounting industry publications, such as CPA Technology Advisor, and has received three consecutive Campbell Awards from Campbell Rinker for exceptional ratings in the Nonprofit Accounting Software Survey, a nationwide survey of accounting software users.

Used with permission by Sage Software.