MIP Fund Accounting Research Study Finds Nonprofits Increasingly Adopting New Technologies
Recently released study provides industry trends through the pandemic and future-forward insights into the state of the sector
PETERSBURG, Fla., May 19, 2022/MIP Fund Accounting, the nation’s leading nonprofit cloud-based, SaaS fund accounting software offering from Community Brands, recently released findings of its 2022 Nonprofit Research Study. The study asked nonprofit professionals for their thoughts on the state of nonprofit organizations, staffing and stakeholders, productivity and efficiency in the digital-first workplace, nonprofit technology, and leadership outlook.
Research found that change among nonprofits has been a constant in both technology and staffing throughout the pandemic. Remote work puts a greater emphasis on technology resources and efficiency, vital areas to nonprofit success moving forward. Resiliency and open-mindedness to change are two critical areas for nonprofits and their survival through the pandemic. Solutions in these areas include the use of integrated cloud-systems to increase efficiency allowing nonprofits to continue down a path to sustaining success.
Using integrated, efficient technology systems became more critical because of the pandemic, in part to counter the need of multiple, inefficient digital tools. Seventy-eight percent of nonprofit professionals said they spend at least a quarter of the workday managing multiple systems and only 33 percent classified their current use as very efficient. As more workers spend time on systems that do not communicate with each other or are too siloed in what they accomplish, the need for proper technological integration is at its highest.
Integrating technology efficiently will define success in the coming years. Seventy-five percent of respondents said their organization was more likely to adopt a cloud-based solution compared to the beginning of the pandemic. Of those, 23 percent were much more likely, and 52 percent were somewhat more likely to adopt a cloud-based solution. Confidence in the cloud is high with 82 percent of respondents saying they are at least somewhat confident in cloud security and 34 percent saying they are very confident. VP-level respondents were the top advocates with 88 percent recognizing the need for a cloud-based solution.
“The pandemic accelerated a need to adapt practices in order to maintain viability,” said MIP General Manager Neil Taurins. “Our research found forward-thinking organizations that pivoted to moving their workforce remotely and explored new ways to reach constituents during changing times were best suited for continuing their operational efficiency at a pre-pandemic level. Cloud-based technology solutions paid great dividends in enabling nonprofits to maintain their success and provide opportunities to advance their missions.”
Staff turnover also played a significant role in the need for streamlining technology and using cloud-based services. Half of nonprofit professionals reported that 25 percent of their teams joined since the dawn of the pandemic.
Four hundred nonprofit participants came from verticals including finance, accounting, HR, IT and purchasing and included positions ranging from C-Suite, Presidents, and Executive Directors and Executive and Senior Vice Presidents to directors, managers, and accountants, analysts, and specialists. FINN Partners collected the data.
MIP Fund Accounting is celebrating 40 years of innovation by setting aside $1 million on a first come, first-serve basis through June 30 as part of a technology grant to new customers. New agreements signed on or before June 30 by 501(c) nonprofit organizations are eligible to receive a 20 percent discount off the cost of MIP software in the form of a grant. To learn more about details of the grant fund, visit www.mip.com/40th-anniversary.
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About MIP Fund Accounting®
MIP Fund Accounting® is accounting for your nonprofit’s future. Designed to track unlimited funds and manage your financial books with ease, 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 handles the intricate financial process in a streamlined, user-friendly system. Manage your nonprofit’s finances, track every fund, and follow every dollar. For more information, visit mip.com.