MIP Fund Accounting Research Study Reveals Nonprofits Are Increasingly Embracing New Technologies
A recently released study provides industry trends through the pandemic and forward-looking information on the state of the sector
ST. PETERSBURG, Florida., May 19, 2022 /PRNewswire/ — MIP Fund Accountingthe nation’s first nonprofit cloud-based SaaS fund accounting software offering Community trademarksrecently released the results of its 2022 Nonprofit Research Study. The study asked nonprofit professionals for their thoughts on the state of nonprofits, staff and stakeholders, productivity and efficiency in the digital workplace, nonprofit technology and leadership perspectives.
The research found that change among nonprofits has been a constant in both technology and personnel throughout the pandemic. Remote work places greater emphasis on technology resources and efficiency, areas vital to the success of nonprofit organizations. Resilience and openness to change are two critical areas for nonprofits and their survival during the pandemic. Solutions in these areas include using integrated cloud systems to increase efficiency allowing nonprofits to continue on the path to sustainable success.
The use of integrated and efficient technology systems has become more critical due to the pandemic, in part to counter the need for multiple and inefficient digital tools. Seventy-eight percent of nonprofit professionals said they spend at least a quarter of their workday managing multiple systems, and only 33% rated their current use as very effective. As more and more workers spend time on systems that don’t communicate with each other or are too siled in what they’re doing, the need for proper technology integration is at an all-time high.
The effective integration of technology will define success for years to come. Seventy-five percent of respondents said their organization was more likely to adopt a cloud-based solution compared to the start of the pandemic. Of these, 23% were much more likely and 52% were somewhat more likely to adopt a cloud-based solution. Confidence in the cloud is high, with 82% of respondents saying they are at least somewhat confident in cloud security and 34% saying they are very confident. Respondents at the VP level were the top advocates with 88% acknowledging the need for a cloud-based solution.
“The pandemic has accelerated the need to adapt practices in order to maintain viability,” said MIP’s chief executive. Neil Bullfighting. “Our research found that forward-thinking organizations that turned to moving their staff remotely and explored new ways to reach constituents in times of change were best suited to keep their operational efficiency at a high level. pre-pandemic. Cloud-based technology solutions have brought great dividends by enabling nonprofits to sustain their success and provide opportunities to advance their missions.”
Staff turnover has also played a significant role in the need to streamline technology and use cloud-based services. Half of nonprofit professionals said 25% of their teams had joined since the pandemic began.
Four hundred nonprofit attendees came from verticals such as finance, accounting, human resources, IT, and procurement and included positions ranging from C-Suite, presidents and executive directors, and executive and senior vice presidents directors, managers and accountants, analysts and specialists. FINN Partners collected the data.
MIP Fund Accounting celebrates 40 years of innovation by setting aside $1 million on a first-come, first-served basis June 30th as part of a technology grant to new customers. New agreements signed on or before June 30th 501(c) nonprofit organizations are eligible to receive a 20% rebate on the cost of MIP software in the form of a grant. To learn more about the details of the grant fund, visit www.mip.com/40th-anniversary.
About Community Trademarks
Community Brands is the leading provider of cloud-based payment software and solutions for associations, nonprofits, and K-12 schools. Specifically for nonprofit charities and schools, the Community Brands Education and Nonprofit portfolio provides the industry’s most comprehensive set of software solutions for nonprofits and K-12 schools of all sizes. Nonprofits benefit from award-winning fund accounting and fundraising solutions specifically designed to enable them to reach and grow their impact in our communities. Coupled with a comprehensive set of K-12 solutions encompassing enrollment management, financial aid, student information systems, and digital payments, schools are empowered to raise funds and fulfill their missions. To learn more, visitcommunitybrands.comor follow us onTwitterandLinkedIn.
About the MIP Fund Accounting®
MIP Fund Accounting® considers the future of your nonprofit organization. Designed to track unlimited funds and easily manage your financial books, MIP is the nation’s leading cloud-based SaaS fund accounting solution for nonprofits, K-12 schools, healthcare organizations and government organizations across the country. Our software manages the complex financial process in a simplified and user-friendly system. Manage your nonprofit’s finances, track every fund, and track every dollar. For more information, visit mip.com.
Media contact: David BrauerManager, PR & Influencer Marketing –[email protected]
SOURCE Community Trademarks