MIP Fund Accounting™ is a configurable fund accounting solution. The solution includes functionality for fund accounting, procurement, budgeting, payroll, human resources, timekeeping, fixed asset management, grant management, and dashboards for nonprofits and government agencies.
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Sourceday
Score 10.0 out of 10
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Austin company Sourceday offers their procurement platform emphasizing automation and streamlining of purchasing processes in a unified environment, minimizing errors.
I do like the check register, it is easy to access. It is also easy to access information for bank reconciliations but some entries are difficult and I have had ongoing issues with duplicated entries. Those situations coming at times when I am not really sure how I have duplicated an entry and they are somewhat intimidating. It is also somewhat difficult to delete or void erroneous entries or those that need to be otherwise corrected. I do understand that it is accounting software, but feel again that it could be a little bit more user friendly, at least from a fairly "new" user's standpoint!
As a buyer in a manufacturing environment, it is possible to have a large amount of POs out to vendors all over the world. Using SourceDay the buyer is not following up on late POs or worrying about reviewing every confirmation email, SourceDay has all that managed for me. This software puts all the buyer's follow up actions in one folder and it takes minutes to complete the review. SourceDay isn't the best suited for an organization that writes one to two POs a month unless the organization plans to use all the modules. PO to Payment.
General Ledger processing, including journal entries and reports
Ability to download all reports directly to Excel and PDF formats
Use of Grant codes to enable grant reporting by month/quarter/year
Ability to have multiple departments and consolidate into groups for reporting
Accounts Payable and Accounts Receivable cannot be out of balance
Multiple ways to use the product including Cloud and Classic options, Visual menu or Standard (Top of screen) menus to select processes, many options we are not using in our simple organization
SourceDay takes user suggestions and if they meet the greater good it will be implemented into the system. There was specific data a buyer needed to seem in the dashboard and SourceDay was able to create it.
SourceDay provides superior customer service. The outboarding team are able to bring Suppliers and Buyers into the system within a day. This team will go the extra mile to set up one on one training if requested.
With the payroll process, if there is an error in sending the stubs through email, there is no option to resend without a restore. That really needs to change.
Being able to void encumbrance at the same time as a PO would be an incredible time saver.
The PO exceptions are a feature that my team isn't able to use currently because it isn't pulling back all the necessary information. Our team hasn't submitted a formal request to update to add this information as of yet.
Our organization has multiple manufacturing locations that purchase from suppliers that have store locations adjacent to the plants. At this time, SourceDay isn't able to distinguish which location the PO is going to. It is in their build plan and hopefully we will see the role out in 2021.
My company is pretty dug into our current day-to-day systems that serve our operations (ServTracker, Kantime, MicroMD). Without MIP Fund Accounting, we would have no choice but to figure out a way to consolidate those three accounting/operations programs into (ideally) one program, which is basically impossible if we want to salvage any historical data. MIP Fund Accounting is a great hub to bring all those pieces together in a palatable form.
I have used this system for about 12 years now and I still learning how to use it. It always surprises me how there is another report to learn to achieve my data reporting goals. It is great to have a system that you have used long enough to feel comfortable with but also a system that allows you to learn new ways to report and enter data into the system
I have rarely encountered any issues accessing MIP Fund Accounting over the years. On the rare occasions when availability was interrupted, the reasons were always found in-house when using the on-premises version. Since we have migrated to the MIP cloud, we have had no issues with availability. Any maintenance or updates are always communicated to us and are usually done outside of business hours.
This software is really good as you can run reports for various funds by Revenue Code or Grant code to capture all the data you need for specific revenue streams. Like I said before, this software is amazing for the tracking of grants if you set up your chart of accounts up correctly.
I have not reached out to MIP for technical support; however, their website offers great help resources so I can solve an issue on my own. Another team member reached out to MIP for support and was helped quickly. The transition process took longer than expected due to a lag in communication.
There are no specifics on what happens if you make one choice or another to know which is the best selection. This is true for JVs and AP. In training we were not given specifics of what happens when one possibility is selected over another.
Denise O'Malley provided training for the HR module when we added it to our system. Denise also gave us a demo of the EWS module which we were able to see that it would not meet our needs. She was very kind about and understanding regarding the functions we needed with a time clock system.
Don't waste your time with MIP. There are plenty of other softwares out there that will do the job better. Do your homework. Get references from actual users. Make sure that what you choose will truly integrate. Make sure that there is local support. Get training. You will be glad that you passed this one by. Trust me.
The HRA used RealPage (I'm not sure if it is actually the one listed above), and it did not work well. I'm not sure if it wasn't set up well, designed for larger property management companies, or just not good software, but it did not suit our needs at all. We chose a different property management software and MIP for our accounting. We used Quickbooks for Heartland Lakes, but as our business is expanding and we needed a better true fund accounting software, we chose AccuFund to start with, but it was difficult to get set up how we needed. We did not trust the information we were getting out of it, and it wasn't easily customizable to what we needed. We canceled that software and chose MIP.
The flexibility to create certain features are helpful and are designed to be easier on MIP Accounting Cloud. It has been easier than the MIP Accounting classic version. I may have not fully utilized the software to deploy across multiple departments other than generating revenue reports or expenses. As well as developing budget worksheets for our departments. Which are great as it is, but have not gone farther than that.
