Hey! If you’re reading this, it’s not too late to follow this site so you can be the FIRST (or second, if you’re not competitive…) to read my upcoming post on how to manage money if you’re in a membership-based organization, and just looking to gain some basic skills to take the stress off, when creating and maintaining a budget, managing accounts payable (money OUT) and accounts receivable (money IN), accountability methods (checks and balances), and so much more.
The complete resource will be available on DECEMBER 1, 2019. In the meantime, here’s a little preview of what you’ll find:
“Accounts Receivable (more commonly understood as money owed, and paid, to you or your organization) requires a different level of administration than accounts payable. When money is leaving the organization – to pay for space or equipment rentals, compensate employees, or to provide peace of mind (as insurance does) – the bill payee will often provide notice of payment. These payees may also have an automated system in place to provide reminders as you approach the due date, if the bill remains unpaid. If you want to learn a few simple tricks to schedule your own bill payment reminders, there will be resources in the Accounts Payable section of this guide.
However, money coming into the organization is entirely your responsibility. This can mean sending and re-sending (and sometimes, re-sending AGAIN) invoices for services you or your organization provided. After an event or initiative has been wrapped up, it can be a challenge to guarantee receipt of payment in a timely manner. There are often conditions on the payee’s side that may delay your payout, such as the organization’s cheque request process, specific invoicing requirements, budget constraints that might affect when payments are issued, and more. Being able to agree on the terms for payment in advance of the service being provided can often save you from stress later. Most importantly, get it in writing. There will be a separate resource on the importance of contracts – but just know that if it’s not in writing, there are plenty more opportunities for things to go wrong.”
Does anyone have any pressing questions they’d like to see answered in this guide? Let me know in the comments!