Are you part of a small local charity or other organization? Do you have a Board drawn from the owners/members themselves to manage the community income and expenses?
- A Board president and treasurer may monitor the cash flow. But, hiring a capable bookkeeper can take the stress out of the money management.
- The treasurer may pay the bills, supervised by the president. A bookkeeper then tracks all the data and provides needed reports.
- QuickBooks can export to Excel to provide needed reports
- Set up policies and procedures that include accountability
- Having someone outside the organization perform an annual audit can insure peace of mind.
- Have the payments sent to a post office box and set a deadline for dues/memberships
- If you have more than one income stream, such as online pay as well as checks, then create a policy for regularly informing all who need to know with a monthly report
- Have one person pick up and deposit those checks either monthly or annually as needed. A copy of the checks or other income stream should be kept for the audit.
- Send out an annual statement to the owners/members
- Finally, rotate the Board to get fresh ideas and more participation. If you just started, then use a three year tier to rotate. That way you get a mix of experience as well as great new supporters. And plan to engage the newbies quickly so they stay and grow with the group.
These are just a few ideas. You local CPA or banker may have some great ideas and be willing to offer some good consulting as well.