Association Case Study: Outsourcing Bookkeeping
Situation:
An association was unhappy with the fees being charged by their current management company. They went out for bids and found a company that better understood their membership and was able to perform most of the duties better, and at a lower fee. The one problem was the company did not have accounting capability.
Solution:
BookKeeping Express proposed a solution that allowed the association to use the new management firm and still be able to have the bookkeeping handled in a manner that provided them with the reporting necessary. Many of the functions put on by the association are paid for by credit cards from the members. BookKeeping Express handles all the credit card transactions and provides the management company with a report of which members are attending.
The management company uses a “virtual office” environment and does not have storage space for the records of functions or financial records. Because of BKE’s technology all records are scanned and stored digitally. Not only does this relieve the management company of storage issues, but also allows both them and the association access to any records through the internet.
Bookkeeping Express receives all payables from the management company and enters the transactions. The management company then provides check request for payments which are subsequently printed by BKE and forwarded to the management company for approval and signature.
Among the monthly reports provided to the management company and the Association is a budget to actual comparison in addition to usual Profit and Loss and Balance Sheet.
Print this case study
Association Case Study: Outsourcing Bookkeeping
Situation:
An association was unhappy with the fees being charged by their current management company. They went out for bids and found a company that better understood their membership and was able to perform most of the duties better, and at a lower fee. The one problem was the company did not have accounting capability.
Solution:
BookKeeping Express proposed a solution that allowed the association to use the new management firm and still be able to have the bookkeeping handled in a manner that provided them with the reporting necessary. Many of the functions put on by the association are paid for by credit cards from the members. BookKeeping Express handles all the credit card transactions and provides the management company with a report of which members are attending.
The management company uses a “virtual office” environment and does not have storage space for the records of functions or financial records. Because of BKE’s technology all records are scanned and stored digitally. Not only does this relieve the management company of storage issues, but also allows both them and the association access to any records through the internet.
Bookkeeping Express receives all payables from the management company and enters the transactions. The management company then provides check request for payments which are subsequently printed by BKE and forwarded to the management company for approval and signature.
Among the monthly reports provided to the management company and the Association is a budget to actual comparison in addition to usual Profit and Loss and Balance Sheet.
Print this case study