Today is the last week on our topic of “Association Revenue Growth”. If you missed last week’s post, we discussed ways to make your association stand out and how that story can increase membership revenue. Specifically, through the content you offer and the type of media used to serve that content.
For the last week of July’s edition of Wednesday Roundup, we’re talking online financial strategy. Our last posts have focused on association’s already using an AMS for their financial management but what if your group is still stuck in excel, managing the numbers manually? We understand the hesitation in purchasing an AMS for your group, but without one, you’re probably missing out on a lot of revenue.
To drive home our point, here’s our weekly roundup of compelling industry articles.
Member Data and Finances in One Location
Besides raking in more revenue, managing your finances in one location rather than multiple systems helps ensure all data is consistent across the board. It also helps resolve any financial disputes and allows you to note refunds in one location.
Accounting Integration
[The] system will also integrate with a number of accounting systems. – National Apartment Associaiton
Many association management systems offer accounting integrations like QuickBooks. By connecting the two platforms, you can safely and confidently know that both systems are communicating and know you’re not missing anything. You can also differentiate where the revenue is coming from. Do you generate most of your bottom line from events or membership dues? How does this information change your strategy?
Financial Dashboard
Many AMS platforms, like AMO, present overall revenue in a graph to help you quickly absorb information. See an example of ours below:
You can also review finances based on areas of revenue like we mentioned before. This kind of tool gives you a snapshot of revenue highs and lows. It can also help you quickly see if you’ll hit your goals and how you compared to last years revenue growth.
Admin Collaboration
By consolidating all data and financial tools into one location, staff members can easily update a member’s financial record, event registration or send one-off invoices. They’ll also have access to reporting tools to quickly share information with other key staff members or the board.
We know managing finances, data, and keeping your records up to date is challenging. Try out AMO today and see how we make things easier.
