In order to achieve your organization’s goals and objectives it is necessary to manage your finances efficiently and strategically.
Spets Association Management can assist your not-for-profit’s treasurer in budget planning. We can look after your bookkeeping and manages accounts payable, accounts receivable and all financial reporting.
Spets Association Management can help associations of any size establish sound financial systems for security and accountability—the key to fulfilling the Board of Directors’ fiduciary duty.
For day-to-day cash management, we have a structured process. For example, for a small not-for-profit, there may be only one or two people with complete control of all payables and receivables activities. Sometimes there is no way to avoid this. However, with an association management company like Spets, the larger staff infrastructure allows a better opportunity for more individuals to be assigned to specific functions, preventing any one individual from having too much financial control or responsibility.
- For accounts receivable, duties may be separated whereby one person receives payment, another person processes payment, and a third posts the transaction.
- For accounts payable and payment authorization, the Executive Director or Association Account Manager may not be an authorized check signer. Instead a person not affiliated with the association may be the authorized signer, again providing an extra layer of protection.
- Additional controls may be added, such as verification of documentation, credit card authorization, or requiring a signature on staff reimbursement for association travel expenses.
- Transaction logs may be periodically reviewed for receivables and examined for any unusual trends or payment requests.
- The association’s Treasurer and/or Financial Committee is an important partner, who serves as a liaison between the Board of Directors and the association management staff.
Spets Association Management:
- securely manages all your financial files and data;
- looks after your association’s bookkeeping, financial reporting and year-end requirements;
- assists in your annual budget planning and financial goal setting;
- closely monitors your budget throughout the year;
- regularly provides accurate and transparent financial statements;
- works closely with your treasurer and accountant.