Budgets and cashflow analysis are important management tools to allow an association to properly manage their performance, allowing them to plan and make informed decisions relating to planning, resource allocations and funding requirements. Preparing budgets and cashflow forecasts can give you a more realistic measure of where your association [...]
In today's world, we rely on technology, software, and automation for a lot of our work. It is no different in the association world, and the need for the right software is paramount in how an association is functioning. Software is essential to an accounting department's efficiency, speed of [...]
Association management has two primary areas of accounting that are highly important: financial and managerial accounting. It is important that association leaders must be familiar with both. Most association accounting tasks fall into one of the two categories, and although the two disciplines have a lot in common, they [...]
Association members usually fall into two categories: mandatory and voluntary membership. While mandatory associations typically support regulated professions, voluntary associations can be a community of like-minded industry professionals, general enthusiasts, or businesses whose combined dedication allows the organization to exist. Membership recruitment comes into play for voluntary associations since [...]
Not many people roll out of bed daily asking: “How can I think strategically today as a volunteer board member”? All volunteer board members come to the board table with a skill set and a level of knowledge that benefits the association/profession with which they are involved. They are [...]
What is a Reserve Fund? Reserve Funds are liquid assets that associations set aside for anticipated future expenditures, or to serve as a cushion against any unplanned expenses. Five Best Practices for Managing your Restricted (Reserve) Funds Use the Class tracking functionality in your accounting software If your association [...]
For any association, your accounting department plays a vital role in your day-to-day operations. Accountants provide insights into the policy and governance of associations and work to ensure the association’s mission, vision, and regulations are met. When there is a lack of internal control systems, inefficiencies can arise in [...]
Not-for-profit accounting is a unique process by which not-for-profit organizations plan, record, and report their finances to a committee or Board of Directors. Associations are a type of not-for-profit organization, and so the focus is on the accountability aspect of the accounting. They follow a set of standards that [...]
As an association management company, we are interested in presenting our clients with smart financial options. One thing we consistently monitor is when associations have enough cash to take advantage of some investment options. Circumstances can change quickly, certainly during the current economic state of the market, so these [...]
Our team is often helps volunteer association leaders understand their organization’s financial statements. We put together this handy guide to help association volunteers. Learn about basic terminology, board responsibilities and more in the below attachment. Read our guide now!
