Study Finds Nonprofits Have Optimistic Staffing and Revenue Outlooks
MIP Fund Accounting (MIP), a nonprofit cloud-based, SaaS fund accounting software offering from Community Brands, recently released findings of its research study, 2023 Trends and Insights into the State of Nonprofits, Schools, and Local Government.
Community Brands collaborated with FINN Partners in the fourth quarter of 2022 to survey over 400 respondents from verticals including accounting, purchasing, and HR. Those surveyed include C-Suite executives, Presidents, Executive Directors, and Senior Vice Presidents, as well as directors and managers. The study asked these nonprofit, education, and local government professionals for their economic observations, thoughts on technology efficiency, and opinions on technology adoption trends.
"Opportunity is defining 2023," shared Neil Taurins, MIP General Manager. "Our research found forward-thinking organizations are capturing new market opportunities and investing to increase efficiency. Across nonprofit, education, and local government, organizations are finding new ways to maintain their success and provide opportunities to advance their missions."
The economic environment at the end of 2022 created more questions and uncertainty, but key findings suggest that organizations are weathering the uncertainty well. Respondents overwhelmingly estimate revenues will soon improve, with those surveyed in local government feeling most assured. Three out of four surveyed believe the U.S. Economy will improve in 2023.
Research showed most organizations feel labor issues influenced by the pandemic and 2022's economic uncertainty would decrease in 2023. This is a welcome prediction, as inefficient management of complex funding sources via multiple technological solutions continues to dominate, according to respondents.
Integrating technology efficiently will continue to define success in the coming years. Nearly three out of four of those surveyed anticipate investing more in technology in 2023. This is welcome news to those working in nonprofits, education, and local governments, as six in 10 feel weighed down by dated, inefficient technology.
MIP Fund Accounting is a cloud-based solution that easily manages your organization's finances, payroll, and revenue sources with core accounting functionality, built-in compliance, best-in-class reporting, and budgeting tools. MIP has been helping government organizations and nonprofits in healthcare, education, social services, and advocacy account for their future for more than 40 years.
Comprehensive findings from the entire report can be found here.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of NonProfit PRO.