Association accounting can be confusing if you’re used to standard for-profit business accounting. While not-for-profit associations share many similarities with businesses such as generating revenue, paying expenses, serving clients or members, and employing staff there are key differences in financial reporting, terminology, and compliance requirements that are important to [...]
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 [...]
Many people view an audit/review engagement as a negative process; however, it should not be something you must fear. It can help you and your association. An audit can have many positive outcomes. An association’s board should look at it as a chance to better the organization’s financial processes [...]
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. [...]
In the complex world of association management, maintaining integrity, transparency, and accountability is paramount. Associations must prioritize the implementation of robust internal controls to safeguard assets, ensure regulatory compliance, and uphold ethical standards. Let’s delve into the intricacies of internal controls, highlighting their significance, components, and best practices. [...]
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 [...]
In the association industry, it is not uncommon to experience inconsistent workloads. Sometimes, you find yourself overloaded with tasks, while at other times, the workload seems surprisingly light. This inconsistency can be challenging to handle, leading to stress, inefficiencies, and a lack of work-life balance. From a management perspective [...]
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 [...]
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 [...]
