AccountingBookkeepingTax

Balancing Your Books: Tips for Chapter-Based Organizations

By September 20, 2018 No Comments

balancing books

If you’re a chapter-based organization with the goal of growing your membership, you may not have a dedicated person for bookkeeping or accounting. But that doesn’t stop the questions about how to get the finances you need, as well as how to manage those funds once you have them, from being the main talking points concerning your organization.

Because of this reality, being in control of your financials in a secure, sustainable way is essential to keeping your agenda on track. So how can you address the burning questions once and for all? By keeping just a few benchmarks in mind.

Here’s what you need know:

If your organization’s executive director or admin is having to manage the books instead of focus on member needs, then your organization isn’t concentrating efforts in the most efficient ways. The first step to alleviating those tasks is to define them, and here are the most important parts of the process:

  1. Conducting and analyzing transactions
  2. Managing cash flow
  3. Accurate management for tax reports and potential audits
  4. Payroll processing and invoicing
  5. Reconciling accounts at months end

While it is possible to handle these tasks on your own, the ideal solution for organizations like yours is to outsource the bookkeeping and accounting duties to save time, money, and resources.

What outsourcing bookkeeping and accounting can do for you:

To take the administrative challenge of bookkeeping and accounting off of your organization’s plate, outsourcing with a company like Acuity is a simple solution that allows you to get back to what’s important: your business.

Here’s how Acuity can help:

  • With constant turnover in financial leadership due to changes in Board Chairs, we can give your organization the consistent accounting function it needs to operate smoothly.
  • Chapter-based organizations need specific, and efficient, ways to pay and receive bills consistently. With our partners like Bill.com, we can help you streamline the acquisition process by going online with electronic approvals.
  • We can help you maintain good financial stewardship and segregation of duties to your members and sponsors by handling as much, or as little, of the bookkeeping and accounting as needed.

From cost-effective solutions to organizational restructuring, our expert industry-specific processes will streamline your organization’s operations so that you can get back to doing what you want.

Ready to learn more about how we can help you? Click here.