As unions perform their primary function of supporting and advocating for union members, various financial processes are taking place behind the scenes every day. These financial processes include collecting and processing member dues, creating budgets, authorizing and tracking expenses, maintaining financial records, preparing financial reports, managing union bank accounts and credit cards, and conducting internal audits, among others. Managing these various processes—while keeping up with strict regulatory requirements—can be an overwhelming task. Enter: accounting software. Accounting software helps unions manage critical financial processes by streamlining financial operations, providing valuable data, and reducing the opportunity for error and oversight. Let’s take a look at some of the key ways in which accounting software can benefit unions.
Benefits of Accounting Software for Unions
- Streamlines financial processes
- Tracks income and expenses (this data is essential for monitoring the union’s financial status and creating a union budget)
- Automates payroll management
- Aids in financial reporting by generating financial statements
- Records and manages union dues payments
- Aids in recordkeeping evaluations
- Automates time-consuming administrative tasks, reducing processing time and allowing employees to focus on other needs of the union
- Improves accuracy of financial records by minimizing manual data entry and reducing opportunities for human error
- Increases transparency in financial processes by providing accurate, easily accessible records that can be shared with union members and other stakeholders
- Provides data for informed decision-making related to union financials such as budgeting and fund allocation
- Helps unions maintain compliance with legal regulations by providing accurate financial records and minimizing errors
- Integrates with other tools and management systems to automatically transfer information between programs
Getting Started
There are several different options when it comes to choosing accounting software for your union. Some popular programs include QuickBooks, Sage, Peachtree, Aptify, and eMembership. When a union first decides to implement new accounting software, employees will need time and training to learn how to operate the new program. RBT CPAs offers QuickBooks training to help our clients learn and understand QuickBooks accounting software. For access to this training or other guidance on implementing accounting software, please don’t hesitate to reach out to RBT CPAs. Whether it’s providing accounting, bookkeeping or outsourced CFO services, assisting with IRS or DOL audits, or offering general financial consulting, RBT CPAs is here to support all of your union’s accounting, audit, tax, and advisory needs. When you partner with RBT CPAs, you can be confident in your union’s financial integrity and compliance, so you can continue to focus on the core goal of representing your members and keeping their best interests top of mind. Give us a call today to find out how we can be Remarkably Better Together.