For more than 40 years, BayPath Elder Services has been providing support to the senior citizens of Massachusetts. The nonprofit was founded before computerized accounting even existed, but by the late 90s it was relying on Cyma for fund accounting. At the time, Cyma was considered a cutting-edge solution. Almost two decades later, that was no longer the case.
BayPath used Cyma for 18 years. Initially, the software offered just two segments, which was fine for a small nonprofit. As BayPath grew, however, the chart of accounts became a lot more complex. The system was “jerry-rigged” to offer more functionality, but it still performed poorly and lacked any kind of developer support.
“The whole system felt old, like something from a previous generation,” reports Jamie Fowler, Fiscal Director of BayPath. “It had not worked well for a long time, and at a certain point it stopped being a solution.” Clearly an upgrade was necessary. But with BayPath’s expansive chart of accounts and unique accounting requirements, it had to be a very specific upgrade.
Learning What Works First Hand
BayPath is one of 28 organizations in Massachusetts providing nonprofit elder services. Representatives from each group meet once a month – an ideal time for Fowler to find out what they were using for fund accounting.
“More than a few of my colleagues mentioned MIP®, including a former co-worker I was close with. I spoke with her in-depth about MIP, and based on her endorsement I set up a demonstration.” BayPath was specifically looking for better reporting tools. Previously, reporting required hours of input and created a monthly crunch. BayPath was also eager to move into the cloud, and to rely on a solution that offered ample support and training resources.
“It used to take hours to run reports. Now we can just press a button and do the same thing.”
BAYPATH ELDER SERVICES
Finding the Right Partner
During Fowler’s inquiries, the name JMT Consulting came up several times in conjunction with MIP. The firm was not far from BayPath, so it made sense to set up a demonstration. “I was immediately struck by their enthusiasm for MIP. They showed me how this solution is built for nonprofits and how it could work for BayPath. I left convinced that my colleagues were right about MIP and JMT Consulting too.”
BayPath is less than a year into the implementation without regrets. “MIP has transformed how we handle reporting and streamlined our chart of accounts. Something that used to be an obstacle for us is now one of our strengths.”
REPORTING MADE EASY
MIP® automates much of the reporting process, which was hugely helpful to an organization like BayPath dealing with complicated fund accounting. “We spend a fraction of the time we used to on reporting,” according to Fowler, “and we get more out of our reports as well.” MIP allows users to drill down into data to explore what reporting is based on. It also allows users to customize reports with ease and elasticity. “In general, our directors are getting reports in less time and learning a lot more about our finances.”
OPERATING ON AUTOPILOT
BayPath is particularly excited to begin utilizing the Process Manager feature in MIP. This feature allows accountants to create a list of reports that are run on a set schedule and according to the same processes and procedures. Anyone (with permission) can run reports, even if they are a new hire or a nonaccountant.
WORKING IN THE CLOUD
Moving to the cloud was particularly appealing for BayPath, especially after working with a 20-year-old accounting solution. The cloud allows Fowler to work from anywhere, including from home, when duty calls. And when paired with JMT’s total commitment to client support, the cloud ensures that MIP works as securely and seamlessly as possible. Plus, it allows BayPath to scale the solution to match growth. MIP works great today, but it also adapts to tomorrow. BayPath won’t need a new fund accounting solution anytime soon.
- Working with an accounting system almost 20 years old
- Making do with only 2 segments for the chart of accounts
- Conducting reporting using spreadsheets and manual inputs
MIP® Fund Accounting is a cloud-based solution with automated reporting capabilities and accommodation for endless accounts. It makes modern accounting easy and accessible to all.
- Automation reduces reporting time to minutes instead of hours
- Decision makers can drill down into reports and make smarter financial choices
- Complex accounting workloads run automatically thanks to smart process management
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