QuickBooks aims to satisfy as many users as possible. A simple yet powerful report writer also lets anyone with authorization create reports and replace unknowns with answers. Users can easily mix and match various data sources to create highly-customized reports focused on whatever merits exploration. MIP has exemplary reporting capabilities thanks to the segmented chart of accounts mentioned earlier. Worse, the reports Quickbooks can build offer a shallow perspective that leaves nonprofits in the dark about their true performance. Building reports takes extra time because it often requires stitching together various data sources and overcoming different system limitations. The sparse toolkit in QuickBooks contains only the most basic reporting capabilities. Excel becomes irrelevant with a solution that can do exactly what nonprofit accountants require. Offering gold-standard capabilities for fund accounting, MIP lets users program dozens of segments into a fully-customized chart of accounts. With MIP, nonprofits have a true all-in-one accounting platform with 30 modules for vital administrative functions: General ledger, AP/AR, Bank Reconciliation, Payroll, and many more. In the absence of these key features, nonprofits rely extensively on Excel, which is an amazing product – but it’s fundamentally a workaround. The chart of accounts, for instance, leaves much to be desired, and QuickBooks can’t handle grant tracking. Expansive FeaturesĪs a solution designed for beginners, QuickBooks has a relatively limited number of features, many of them simplified for general users. In practice, MIP automatically creates the kind of unbroken audit trail that transparent nonprofits depend on (and auditors love to see). The system also balances the need for users to find and amend data with the need to limit and track any changes made. For one, it forces these controls out of the box so the audit trail begins immediately. MIP exemplifies what strict audit controls look like. Users can even reclass or reverse transactions without leaving a record in the audit trail, making it difficult or impossible to complete a trustworthy audit. QuickBooks sacrifices auditing controls in favor of accessibility. But it’s a liability to a more mature organization subject to auditing requirements. That’s an asset to a small nonprofit just starting out. QuickBooks has one of the most user-friendly platforms on the market. If you’re on the fence about which product to trust with your nonprofit’s finances, explore five key differences between MIP and QuickBooks. And in our experience, nonprofits will eventually outgrow QuickBooks and require a purpose-built solution like MIP. JMT Consulting has worked with 2,000+ nonprofits over multiple decades, including countless clients seeking the right accounting software. The difficult question facing nonprofit leaders is whether they’re overdue for an upgrade or fine with what they have? But it also comes at a higher cost, involves an extended transition period, and means abandoning the familiarity of QuickBooks. Upgrading to an objectively superior solution like MIP sets a nonprofit up for sustained growth driven by accounting excellence. Replacing an introductory accounting solution like QuickBooks with a mid-market product such as MIP Fund Accounting is one of the most important decisions a nonprofit will make. Explore whether MIP or Quickbooks is the better accounting software for your nonprofit based on the key differences.
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