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 [...]
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 [...]
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 [...]
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 [...]
