Financial transparency is crucial for associations looking to build trust, enhance credibility, and foster engagement among their members. By openly sharing financial information and practices, associations can demonstrate their commitment to accountability and responsible management of resources. Here’s a closer look at why financial transparency is important for associations [...]
This article was originally published in 2016 but remains to be one of the questions I get asked most as an accountant. We thought it was an important topic to share again with some updates, as it remains ever relevant to our clients when it comes to accounting/auditing. [...]
Associations must carefully manage their finances to ensure they meet their mission-driven goals while maintaining financial stability. After all it can determine how much spending the association has annually for events, staff, marketing, and other key expenses for growth and membership value. Checking bank balances is an important [...]
In the ever-evolving landscape of association management, maintaining financial stability is not just a goal but a necessity. Reserve funds or accumulated surpluses represent more than mere financial safety nets; they embody potential avenues for significant member-centric growth and development. For association leaders, the judicious deployment of these funds [...]
Many associations, especially those in the start-up phase, may lack expertise in accounting or bookkeeping. Consequently, they often encounter avoidable accounting errors. Here are some fundamental accounting principles that associations need to understand before initiating their operations. Maintain a strict separation between business and personal funds One fundamental [...]
‘’It’s that time of year!’’ a phrase many of us are now hearing between co-workers and staff amidst the hustle and bustle of the new winter season. With winter comes the observance of several holidays, and periods of time off and vacation. Winter is often associated with a slowing [...]
As the accounting manager for an association management company (AMC), I deal with various types of accounting issues, software, financial questions, concerns, you name it! This allows me and my colleagues to have a wide range of knowledge navigating the accounting landscape of an association. There are many benefits [...]
Effective financial management combines organization, objectives, tasks, and renewed processes by Board and management, as well as the financial stability and profits of the association. Most association financial management plans can be broken down into four elements. These four elements include planning, controlling, organizing and directing, and decision-making. With [...]
Human error is a common problem that affects many associations in different aspects, including manual accounts payable entry. It's essential to note that this type of error may be difficult to prevent entirely. However, taking proactive measures to mitigate the risks can help to minimize the impact of such [...]
It’s a New Year with new opportunities for your association. One of the key elements of a successful association is understanding your current budgets and cashflows. Here are some tips on how to effectively conduct a financial audit for your association. An Effective Financial Audit Having the capability to [...]
