Ethical behaviour means acting in ways that are consistent with behaviours that society, individuals, and businesses have deemed to be “proper” or “correct.” Good values involve demonstrating respect for key moral principles that include honesty, fairness, equality, dignity, diversity, and individual rights[1]. The most important influence on ethical values [...]
Many associations have been forced to cancel in-person professional development meetings and/or trade shows because of the COVID-19 pandemic, as described in my colleagues' recent article Association Trade Shows Gone Virtual. The cancellation of these events both reduces the value of association membership and threatens some association’s financial sustainability. Virtual [...]
These are unprecedented times that most of us we are living in right now. With the COVID-19 pandemic, financial hardship is undoubtedly a concern for many associations. I have put together a few tips to make sure your association are doing all it can do to manage finances in [...]
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 [...]
Sixty to seventy-five percent of the revenue received by our association management clients is by way of credit card payment. If you can determine the total cost of credit card processing when comparing processors—which is very hard to do—you may find that the company offering the lowest processing rates [...]
