It is important to properly set up a chart of accounts. A great resource for any association looking to beef up their chart of accounts is the ASAE Standard Chart of Accounts for Associations (www.asae.org). I highly recommend everyone download and read the entire document as it is only a few pages long and will discuss many of these concepts in much greater detail. Continue reading THE POWER OF A DETAILED CHART OF ACCOUNTS→
For me, January brings a fantastic time of year – new, fresh budgets! Budgeting is one of my favorite times of the year as it allows me to take an in-depth look at the financial operations of the association and better understand the story that the numbers are telling.
Did we hit our projected income this year? If not, why? What needs to be adjusted or done differently next year?
Did we stay within our budgeted expenses? If not, why? What needs to be adjusted or done differently next year?
What was our net profit for operational income/expense? Did we meet budget? Why or why not?