Sounds like an oxymoron, right? If you’re not sure that “alleviating stress” and “financial management” belong in the same sentence, then you might be surprised to learn what association management software (AMS) can do to lend a helping hand!
An AMS is a valuable part of an association’s financial ecosystem. Its functionality can create a better experience for members, save valuable association staff time, and make things easier on your books. (Which also makes things easier for you!) Here are just a few ways that an AMS can alleviate financial management stress:
For your members
Making a financial commitment to your association is one of the toughest barriers for members to overcome, so making the payment experience as painless as possible is key. One way to easily do that is with an AMS and payment processor that connect directly to your website. That way, members can log into their members only portal to conveniently make payments on their own time! The added bonus? Giving members a quick and easy option for paying dues, event registrations, sponsorships, etc. means they’re more likely to do so without consistent prompting from you.
For your staff
Financial management takes up a lot of time and resources, because it simply has to be done right! But, association management software is built to minimize as much of that time as possible.
For example: It’s pretty standard practice for an association to have both an AMS and an accounting software. Each system has its own purpose. (Typically, accounting software acts as a general ledger, while the AMS is your sub-ledger and tracks transactional financial data for each member). It can get complicated and frustrating when managing that financial data in two different systems, but that’s why a good AMS is built to easily send that data to the accounting software in bulk. Sometimes this is done with export/import functionality, or some AMS’ can even integrate directly to certain accounting packages. Either way, it’s a time-saving game changer!
For your books
Simply put, an AMS just makes your accounting tasks easier. Reconciliation, matching of general ledger accounts, and reporting are a seamless process. Plus, the cost of your AMS can often be offset by how much less time and money you’ll be spending on accounting functions.
What’s more is, if your organization includes a foundation, young professionals network, or other offshoot that needs to keep financial data separate, some AMS’ can handle that complexity! With the right system, you’ll finally have a clear view of each entity’s financial status. Talk about refreshing!
There are a number of ways that an association management system can alleviate your financial management stress. This only scratches the surface! For more, take a look at our free guide, The Ultimate Guide to Financial Management: Benefits and Best Practices for Using Your AMS.