The Strauss Blog

Understanding Accounting to Better Manage Your Association

As an accountant working with associations, one question I’ve been asked is, “What is the difference between management accounting and financial accounting?” These are two distinctly different areas of accounting, and if you didn’t study accounting, this is probably something you were not aware of. Up until 2016, these two areas had different educational and […]

Cash Flow Management for Volunteer Board Members

As the accounting manager of an association management company, one challenge that I have encountered is that most volunteer association board members do not have a diverse accounting knowledge or background. Most people have an idea of how to manage their personal finances, but this is likely being done on more of a cash in, […]

Association Accounting Versus Business Accounting – What’s the Difference?

Association accounting is an area that may be confusing to some because the standards are slightly different than for a typical for-profit business. Not-for-profit associations can be run similarly to for-profit businesses in that they both have revenue, expenses, clients, directors, employees, etc. Yet, there are some key differences in the way the accounting is […]

How QuickBooks Can Work for Your Association

No matter what type of association you are managing, keeping accurate financial records is essential. Keeping your accounting records organized is important for many reasons, including a quick and low-cost audit or review engagement and being able to get useable information when it is needed to help manage your association. QuickBooks is one of the […]

How to Effectively Manage Accounts Receivable

Cash flow is one of the most important aspects of managing an association. One key element of proper cash flow management is appropriate management of accounts receivable. Studies have shown that many businesses struggle to collect payments from clients, especially small businesses. It can be even trickier for associations where being a member is a […]

Six Bad Habits of Association Accounting and How to Avoid Them

Are you worried some of your accounting methods are causing more problems than they prevent? Or perhaps you don’t know how some of your habits are affecting your association or your external auditors. We all know quick fixes aren’t the right answer but unfortunately these types of things happen a lot in accounting because you […]

The Basics of Reading Association Financial Statements

Knowing the basics of reading the numbers on a financial statement is essential to understanding the financial health of an association. Many people admit that accounting is not their area of expertise and therefore leave it to others (or the auditors) to explain what they are seeing on the financial statements. With a few simple […]

The Difference Between an Audit and a Review Engagement

Audits and Review Engagements are the typical year-end services offered by professional accountants to association and not-for-profit clients. For an association, the by-laws may dictate which type of service is required. If they do not, the type of service you require will depend on the degree of assurance you need to ensure that the financial […]