If streamlining your accounting system returned more time and money to your association, would you make the change? Take the wind-tunnel test now!
What does aerodynamics ha ve to do with your accounting system? More than you might think. Traditional accounting systems bristle with protrusions that slow the flow of funds through your association. Cloud-based, straight-through processing removes these impediments and allows funds to flow more smoothly.
Why is smooth important when it comes to your association’s financials? Smooth cash flow means funds enter your accounts fast and go right where they are needed. A streamlined accounting system eliminates the time you used to spend making journal entries, handling bank reconciliations, sending member statements, posting cash receipts and creating financial reports. With all that time saved, you’ll have more to spend on developing great programs for your members.
Here’s where a cloud-based, software solution can streamline your accounting solution:
- Increase the velocity of cash in your system | A cloud-based system offers your members online automated payment options. You’ll also collect member payments faster with recurring billing. Your staff will spend less time processing transactions. And best of all, your members will be happier with how convenient making payments has become.
- Speed cash availability | A major impediment to cash flow happens at the point of contact between your association and your bank. You’d like to be paying vendors, but you’re stuck waiting for payments to post to your account. A streamlined system integrates online banking with accounting, and all financial data – account balances, cash flow, budget projections and collections – are shown in real time.
- Seamless movement between internal accounts | Streamlined accounting also speeds the flow of funds among accounts. For example, if a portion of every member’s dues is allocated to the national office, that process can be automated. If membership dues include a subscription to the association publication, a portion of their payment can be automatically sent to the account that handles publications.
By streamlining your process, time will be saved and your staff can dedicate more time towards fulfilling your mission. Want more? Download our Wind Tunnel Tested Hot Topic here.