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 [...]
As the cost of hosting association events continues to rise, association leaders find themselves navigating an intricate dance of budgeting, a task that is both challenging and essential for the vitality of our organizations. Price hikes in AV technology, catering, and travel can feel overwhelming. However, by grounding ourselves [...]
Technology has made a big difference in the world of accounting. It has changed how accountants work, made things faster, reduced mistakes, and enabled associations to make better financial decisions. Today, accounting is more than just keeping records – it’s also using technology to help associations grow and succeed. [...]
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. [...]
Associations must carefully manage their finances to ensure they meet their mission-driven goals while maintaining financial stability. After all it can determine how much spending the association has annually for events, staff, marketing, and other key expenses for growth and membership value. Checking bank balances is an important [...]
In the ever-evolving landscape of association management, maintaining financial stability is not just a goal but a necessity. Reserve funds or accumulated surpluses represent more than mere financial safety nets; they embody potential avenues for significant member-centric growth and development. For association leaders, the judicious deployment of these funds [...]
Many associations, especially those in the start-up phase, may lack expertise in accounting or bookkeeping. Consequently, they often encounter avoidable accounting errors. Here are some fundamental accounting principles that associations need to understand before initiating their operations. Maintain a strict separation between business and personal funds One fundamental [...]
‘’It’s that time of year!’’ a phrase many of us are now hearing between co-workers and staff amidst the hustle and bustle of the new winter season. With winter comes the observance of several holidays, and periods of time off and vacation. Winter is often associated with a slowing [...]
