About Pamela E. Forsyth

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So far Pamela E. Forsyth has created 18 blog entries.

Cash Flow Management for Volunteer Board Members

By |2020-10-15T08:30:27-05:00September 6th, 2018|

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 [...]

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

By |2018-06-07T14:19:37-05:00June 7th, 2018|

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 [...]

How QuickBooks Can Work for Your Association

By |2018-03-15T10:50:00-05:00March 15th, 2018|

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 [...]

How to Effectively Manage Accounts Receivable

By |2017-12-28T13:32:33-06:00November 30th, 2017|

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 [...]

Six Bad Habits of Association Accounting and How to Avoid Them

By |2017-08-25T11:24:26-05:00August 31st, 2017|

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 [...]

The Basics of Reading Association Financial Statements

By |2017-06-22T11:01:35-05:00June 22nd, 2017|

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 [...]

The Difference Between an Audit and a Review Engagement

By |2021-04-23T14:23:36-05:00May 19th, 2016|

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 [...]

How to Prepare for Your Annual Audit

By |2016-05-19T11:23:34-05:00March 24th, 2016|

Many people view an audit/review engagement as a negative process, however it should not be something that you have to fear. It can help you and your association. An audit can have as many positive outcomes as negative. An association’s board should look at it as a chance to [...]

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