It’s no secret that budgeting is a vital part of running a successful association. Often it can seem like an overwhelming task, but it doesn’t need to be complicated. With effective budgeting, you will be able to ensure your association is set up for long term viability by focusing [...]
There are many challenges in managing an association. Especially a small one that doesn't have endless resources or a need for numerous full-time staff members. For a small association in particular, the accounting most likely does not require the work of a full-time accountant. However, it's still important to [...]
One of the things I have noticed in my experience as an accounting manager is that when it comes to association finances, in many cases the only people familiar with them are the finance staff and board members. Most of the time this is because that is how it’s [...]
It’s no secret that fraud is a large risk to any organization. There are numerous ways fraudulent activity could take place in an accounting system and it’s important to understand your risk factors and to take into consideration several things to prevent fraud in an association. Smaller associations are [...]
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 [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
