Associations Are Not Getting the Most Out of Their Accounting and Bookkeeping
It is no secret that many associations are not getting the most out their accounting and bookkeeping. In fact, a recent study revealed that nearly 60% of associations are making do with outdated or manual processes. What is even more alarming is that less than half of associations said they were confident in their ability to produce accurate financial statements. Another recent study by the American Institute of CPAs found that less than half of all associations keep accurate financial records. This is a problem because it means that associations are missing out on important opportunities to save money and improve operations.
So, what can be done to turn things around? For starters, it is important to understand the root causes of why associations are not getting the most out their accounting and bookkeeping. Once you have a handle on that, you can start taking steps to get the most out of your accounting and bookkeeping practices. With the right people, processes, and technology in place, you can free up time and resources to focus on other areas of your association. Sound impossible? It’s not!
One reason why associations are not getting the most out of their accounting and bookkeeping is because they do not have a dedicated staff member who is responsible for overseeing these functions. The finances are often handled by someone who has other responsibilities as well. This can lead to a number of problems including inefficient record-keeping, lack of timely information about the association’s financial status, and poor decision-making due to lack of accurate data.
Another reason is that many associations do not have the necessary knowledge or expertise to manage their finances properly. This can lead to mistakes and financial mismanagement, which can have serious consequences for the organization. Hiring the right people is essential to getting the most out of bookkeeping and accounting. Without well-skilled and focused employees, businesses will not be able get their work done efficiently or effectively which could lead them down an expensive path financially as well demotivating other workers.
A better solution is to hire a professional accountant or bookkeeper who can devote themselves full-time to ensuring that the association’s finances are in order. This will allow associations to make more informed decisions and get the most out of their accounting and bookkeeping. Outsourcing bookkeeping and accounting services to a reputable, experienced third-party company is a budget friendly way to ensure that the tasks are carried out efficiently and effectively.
Associations may not be getting the most out of their accounting and bookkeeping because they are not customizing it to fit their needs. Every organization is different, and therefore each organization’s accounting and bookkeeping system should be tailored to meet specific needs. If associations are not taking the time to customize their system, they may not be getting all the benefits that they could be.
One of the best ways to learn about how to customize your accounting and bookkeeping system is to talk to other associations. Ask them what processes they have in place, what has worked well for them, and what has not worked so well. This will give you a good starting point for figuring out what works best for your own organization.
If you are unsure about how to customize your accounting and bookkeeping system, ask for help. Professional accounting and bookkeeping services can help you get set up and running in no time. Taking advantage of their expertise can save you a lot of time and hassle in the long run.
Another reason why associations are not getting the most out of their accounting and bookkeeping is technology. One reason may be that they are not taking full advantage of the features and benefits offered by their software. For example, many software programs offer users the ability to track spending and budgeting, as well as generate reports that provide an overview of the organization’s financial status. If associations are not utilizing these features, they may be missing out on important insights into their finances.
Another reason associations may not be getting the most out of their accounting and bookkeeping is because they are not properly training their staff members on how to use the software. In order to make the most of their accounting and bookkeeping system, staff members need to be familiar with how it works and what features are available. If associations are not providing their staff with adequate training, they may not be getting the most out of their software.
Get the Most Out of Your Accounting and Bookkeeping with Consultance
Associations working with Consultance Accounting Services, get the most out of their accounting and bookkeeping. We have years of experience working with a wide range of associations, and we can help you find the right software and processes for your needs. Consultance Accounting Services has helped many associations manage their accounting and finances more accurately, effectively, and efficiently.
Over the years, we have performed accounting, bookkeeping and CFO services for a wide range of associations. Whether it is how to invoice and collect membership dues, allocating functional expenses across programs or managing solicitation registrations, we will draw upon our industry knowledge to ensure your organization runs more efficiently and ensure that it is aligned with best practices and industry standards.
Throughout the year, we provide you with timely and accurate financial data and analyses to identify opportunities for growth and cost reductions. Consultance will help you improve the operations, efficiency, and profitability of your association. With Consultance handling the accounting, you can focus on what is most important… membership.
Learn More about getting the most out of your accounting and bookkeeping!