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 [...]
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 [...]
