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 [...]
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!
So, you have volunteered to become an association board leader, but what responsibilities does this position entail? Specifically, overseeing the financials can be a barrier to a fully engaged board. Some may feel uncomfortable reviewing financial information and providing the required oversight to the financial affairs of an association. [...]
Cash flow is an important concept for association staff, volunteers, and leaders to understand especially for small or medium sized associations. A previous article I wrote discusses what cash flow is and how it differs from profit on an income statement. It also includes some ideas to improve cash [...]
