Admin Bandit – Making it Easy for Volunteer Treasurers

Many volunteer treasurers long for an easier way to keep up with all of their bookkeeping and reporting requirements, but dread the thought of installing a new software system, and learning how to use it. While any time of year is a great time to consider trying Admin Bandit’s bookkeeping suite, the end of year is an especially great time to give it a try.

Save Time at the End of the Year

Since its fully automated, it can help treasurers reclaim some of their valuable time. The holidays are full of frenzied, last minute activities, so anything that can help you save time is especially beneficial.

Fast and Easy Set Up

What does it take to get started using it? About two minutes. All you need to enter is your NPF’s banking information, unpaid invoices and member details. Once this data has been entered, log back in and you’re ready to go!

Increase Accuracy and Remain in Compliance

Important tasks, such as recording transactions and reconciling statements, are basically done for users using the software’s automated processes. The software also calculates GST and other payments automatically as well, and prompts users about when they need to file reports, and when they are required to be lodged. These features improve the accuracy of your records and helps your NFP to remain in compliance with various reporting rules and regulations.

Protect Your Financial Information and Other Data

Since everything is stored online, in the cloud, you no longer must worry about losing your information to the results of a disaster, such as a flood or fire. It also makes your data more secure and reduces the risk of loss due to physical theft or corruption of your data.

Automatic Updates

Users also never have to worry about their software going out of date, since its automatically updated any time there is a change in the programming. Just login online to ensure that you have the latest version of the software, which is updated any time there is a change in reporting or other requirements.

Historical Data

Once you’re used the software for a while, the system will begin to provide historical reports which makes it easier to identify changes that occur over time. This feature is helpful whether there have been changes to your members list, or in the actual performance of a specific department. Regardless of where change has occurred, you and your board will have a handle on it!

This makes it easier for boards to make more informed decisions that will affect the NFP’s finances, and increases transparency in the decision-making process. Having a bookkeeping system that basically does much of the work for you will also go a long way towards making it easier to recruit your NFP’s next volunteer treasurer!

If you would like to see just how easy the software is to use for yourself, why not sign-up today for a free 55-day trial? 

NFP Treasurers' Awards 2016

If you are reading this, there is a good chance you know full well how much time and energy goes into being a treasurer for a volunteer organisation. No one does it for the glory, but instead to offer service and energy to a worthwhile cause or group in their community.

As a token of appreciation for the endless hours and ongoing sacrifices treasurers make to keep organisations 'in business', Our Community and the Commonwealth Bank established the Not-for-Profit Treasurers' Awards.

These awards honour and highlight the work of three treasurers each year who have gone above and beyond the call of duty to ensure “good financial management, good financial governance and good financial outcomes.”

If you or somebody in your team deserves to be recognised for their contribution, be sure to nominate them when the competition opens in February. Consider signing up for the Our Community newsletter, Our Community Matters, to keep up with the initiative.

Cash, Cheque or Credit?

Deciding how best to operate the financial side of your organisation involves weighing up the pros and cons of the big three options. While cash, cheques and credit cards all have their advantages, there are drawbacks to be aware of too. However, when managed well, any of the three options could be just the right fit. Let's consider them one by one. 

Cash

Benefits: Convenient, easy to handle. Cash in cash out operations are simple to operate.

Drawbacks: Possibility of theft or accusations of theft.

Suggestions: Count and record cash receipts promptly and regularly. Have at least two people present for all transactions. Keep cash locked in a secure location where only a limited number of people have access. Deposit cash in a bank regularly, so large sums are completely secure. Have signatures of receipt whenever cash is distributed.

Cheques

Benefits: Cheques deliver an easy to follow paper trail. All payments are recorded by the bank.

Drawbacks: With the recent increase in impersonal banking, forgery is possible. Though a small risk, depositing cheques through ATMs (automatic teller machines) could result in a forged cheque being processed. 

Suggestions: Secure all blank cheques in a locked location. Also secure under lock and key all signed cancelled cheques that are returned from the bank. 

Debit and Credit Cards

Benefits: Cards are widely accepted and more traceable than cash. Cards can be issued to key personnel for them to make purchases on behalf of the organisation.

Drawbacks: There may be a temptation for staff to use cards for personal use, intending to pay back later.

Suggestions: Have clear non-negotiable rules that cards are not for personal use. Set daily transaction limits, and meet with bank officials to discuss and set other limits, like limits on certain classes of vendors.

With some forethought and by remaining mindful of possible shortcomings, cash, cheques or debit and credit cards may be suitable for your organisation.

Online Learning For Volunteer Treasurers

Although it is a voluntary position, being a treasurer for a not-for-profit organisation may be a challenging experience, especially if you are not prepared. There are many activities a volunteer treasurer (VT) needs to participate in, and even more processes they should monitor and control. Therefore, if you are or want to be a volunteer treasurer, it is worth taking the effort to train yourself for the job. Similarly, if you are about to take on board a treasurer for your NFP organisation, you should make sure that they are ready for this responsibility.

Fortunately, nowadays it is not too hard to find appropriate resources and train on your own – the Internet is full of materials that can help volunteer treasurers with their undertakings. A good place to start is Davidson Institute, a financial education institution part of the Westpac network. The Institute provides a lot of resources that will prove helpful for VTs. Once you get on their website, you can either visit the Learning Centre, which is divided into categories for Business, Personal, Not-for-Profit and Corporate visitors, or you can check out the courses page and browse through similar categories.

At present, there is one active short course appropriate for Not-for-Profit VTs, with more undoubtedly to follow. Meanwhile, you can take the 1-day Financial Management 101 for Not-for-Profit & Community Organisations, which will help you understand the financial management tools you will need in order to be successful in your position of treasurer and improve the NFP’s financial performance. You can check out the course details here.

In the learning centre, you can find many free resources that will improve your financial knowledge and prepare you for the role of the treasurer. There is a separate section Managing Money for Not-for-Profits, where you can read articles on different topics by experienced treasurers and financial managers or participate in the free webinars. There are also other resources that you can check out, like the Cause and Effect Newsletter.

All these resources provided by Davidson Institute can help volunteer treasurers find new sources of funding for their NFP organisations, increase the financial stability and processes and implement good financial practices. If you are anxious about your financial literacy, you could find help with the interpretation of financial statements, the building of cash flow budget and the planning and managing of seasonality. You can also learn how to understand the financial impact of growth, diagnose financial problems and deal with them, and many more. In other words, the resources on this website are a real treasure for treasurers – make sure you check them out and improve yourself!

In The Deep End

It happens all the time, especially in smaller organisations.

The silence is deafening.  Everyone suddenly looks at the floor as though their shoes were the most fascinating things on earth.

Someone ends up volunteering for the role of treasurer simply because no one else will do it.

Great.  The position is filled but soon you realise that the new treasurer has no idea what they are doing.  Even the calculator is a foreign object to your volunteer.

So what do you do?

Don’t panic.  Admin Bandit is your solution.  When it comes to saving committees and their treasurers, you can’t go past the clever online system.



Click to find out more about Admin Bandit.

Handing Over To A New Treasurer

Taking over the role of a treasurer can at first appear a bit daunting and with many challenges but it is not as difficult as what you may think it is.  An important part of taking over the treasurer’s role is to make sure there is a proper handover as this allows you to start off in a positive way.  Arrange to meet with the previous treasurer to get an overview of the finances of the organisation as well as to discuss any other issues.  

At this meeting you should also:

• Get copies of the most recent financial reports that should include the financial statements, annual budgets as well as other supporting documents such as reconciliations and the previous audit report.
• Obtain copies of recent Finance Sub Committee minutes of meetings as well as the documents that are usually prepared and presented by the treasurer at these meetings.
• If you are already a board member you should have a policy and procedure manual that includes the Terms of Reference for the Finance Sub Committee but if you are new to the board then ensure you obtain copies of these documents.  
• If the organisation has accounting software such as Admin Bandit then arrange to receive training or support to use the software.  Also make sure you have your own password and for control and security purposes deleted any previous users.   
• Ideally the organisation will have a detailed financial management and procedures manual that outlines exactly what you need to do as the treasurer.  If so, then take the time to review it but if one doesn’t exist then once you are settled into the role you should prepare this manual.
• The previous treasurer should also hand over the cheque book, receipts book, purchase order books, bank statement, petty cash system and any other relevant information.  
• Make sure you receive any current outstanding accounts that need to be paid as well as details of any contracts such as maintenance agreements, cleaning contracts or any other contractual arrangements.
• Make sure you receive details that relates to income that you may expect to receive.  For example, this may relate to grants, subscription fees or enrolment fees.  
• If your organisation receives grants then make sure you receive the grant documentation so you know when funds will arrive, when acquittals need to be completed and when grant applications need to be made.
• Update the bank account records so you are registered as a signatory.  Also ensure that any old signatories who are no longer authorised are removed from the bank account records. 

Hopefully, once the handover occurs you should be well positioned to take you first steps as a treasurer.  If the previous treasurer is leaving the board then check whether they are willing to assist you if needed and if they are not available then other board members can assist. 

Once you are in the role of treasurer you will find it enjoyable and fulfilling and that you are genuinely making a difference.  

            

New To The Role Of Volunteer Treasurer?

Admin Bandit is software designed specifically for volunteer treasurers, particularly in the not for profit sectors.  Along with the software, Admin Bandit offers support through the many articles posted to the blog.

If you are new to the role of volunteer treasurer or even just learning how to be a member of a committee of management, there is a lot of really useful content available for you.  There is a very useful series of posts beginning with "Now that I am the Treasurer, what do I do?"  These will help you get settled into the role.

Some of the most important information you need before you begin is how to read and understand the financial reports for your organisation.  Starting at the beginning, the post entitled "What is a Financial Report?" explains what it is, why it is important and what the report includes. 

If you find that the books are a mess and you need help to get them sorted out, read the post on how to fix community organisation accounts.

Finance reports are not just a series of figures.  They are accompanied by a written report which explains what the figures are actually telling the committee.  If you are not sure how to read one, let alone prepare the report, you will find out more at "The Written Finance Report".

Keep reading the blog and you will learn about the role of the committee of management, where the Finance Subcommittee fits in and how the policies and procedures of your community organisation affect your role.

Admin Bandit is there to support you with information as well as systems so that you can comfortably handle your role as Volunteer Treasurer.

Passing The Buck

When your term of office as a Treasurer comes to an end, there is a simple but clear process for handing over the bookkeeping responsibilities to the new Treasurer.

Firstly, it is imperative that you make sure that all of your financial records are up to date, even if there are monies outstanding or invoices unpaid for some reason. As long as you have it all clearly recorded, the new office bearer can move easily into the role and the financial administration can continue to run smoothly.

Many committees don't remember to have their books audited but it makes sense to have a complete audit before you hand the books over to someone new. You will then have a clear record of the state of the finances at the point of handover. Many accountants will offer their auditing services free of charge if you are a small NFP organisation so make enquiries with your local accounting services.

When you contact the bank to organise for any new signatories to be added to the account, don’t forget to get the necessary paperwork for removing anyone who no longer holds a role as signatory within your organisation. Otherwise you can end up with a long list of people who can move money in and out of the NF’s bank account/s and it can become very difficult to maintain accurate banking records. That can obviously expose you to some risk.

Always hand over every historical financial record to the new Treasurer. Although legally you are only required to keep records for the past seven years, it can be a handy reference tool when it comes to expenses and investments, so it often pays for an NFP to keep them for much longer.

Finally, spend some time with the new treasurer and show them how the system works. Every system is a little different and it is important that they can follow an audit trail if they need to look up an older transaction.

A good handover means a smooth progression for the role so take the time you need together.

How to Fraudproof Your Not-for-profit Organisation

Research shows most companies have been defrauded in the last 10 years. If you don't think you have then you need to attend this seminar.

An organisation should never say “it can’t happen to me”. Fraud can occur in any organisation. If you want to implement appropriate controls and processes to reduce the likelihood of fraud in your organisation it is important to first understand why people commit fraud and what are the major fraud risk areas for in your organisation.

Armed with that knowledge, you can then put in place appropriate processes to curb the opportunities for fraud to occur in your the organisation - pick it up quickly if it does occur. The longer fraud goes undetected, the greater the impact on the organisation.

Benefits of Attending

When you attend one of Lisa's workshops, you will:

• Gain an understanding of why people commit fraud;
• Understand the main fraud risk areas for nonprofits;
• Develop a fraud control process including:
  • A Fraud Control Plan and Policy;
  • Whistleblower Policy;
  • Fraud Recovery Plan;
  • An appropriate fraud reporting structure; and
  • Fraud Risk Assessment framework.

There is preparation work of approximately 2 to 3 hours required to gain the most benefit from attending her workshops. Delegates are advised to the preparatory work one week prior to the workshop via email.

About the presenter
Lisa Bundesen is a popular presenter world-wide on fraud and related topics. She arrives on the platform armed with a range of practical solutions and tools sourced from her extensive experience. Lisa is a Partner in the Forensics Division of PPB, a firm specialising in Recovery, Forensics and Advisory. Lisa has over 20 years forensic accounting and investigation experience, including five years with Ernst and Young Corporate Recovery and Insolvency, almost five years as an Investigative Accountant with the Queensland Police Fraud and Corporate Crime Investigation Squad and seven years with BDO where she spent her final two years as the National Director of Forensic Services and authored the 2006 and 2008 BDO Not-for-Profit Fraud Surveys. Lisa has given evidence in Magistrates, District and Supreme Courts as well as various Tribunals on numerous occasions. Lisa also acted as the Forensic Accounting Expert to the Queensland Fuel Subsidy Commission of Inquiry held in 2007.

Westpac is hosting a workshop by Lisa in Canberra on 10 December 2009 at Westpac Business Banking centre (AON Bldg), 11/15 London Circuit, Canberra at a cost of $495.

Phone Rose Stellino ( Specialising in NFPs) on 02 6275 5321 ASAP to book.

Have you got critics?

Sadly, I was reminded again this week that many times volunteer treasurers can be so poorly treated by their committees that they swear they'll never volunteer again. Usually this happens when the treasurer is attempting to bring an improved level of accountability to an organisation and those around them don't take too kindly to it. So their tactics are to intimidate and undermine the treasurer with criticism. Zoe Routh from Inner Compass has a helpful perspective on dealing with the situation. Here is her advice below.

"It hit me like a ton of bricks.

I once got an email that accused me of undermining the professionalism of the team I was working with at the time...

What the...?

Moi? Unprofessional? A liability? How could this be?

I cherish my professionalism and integrity! And this, out of the blue, after a behind-my-back discussion about events on the project.

I was sorely wounded.

And like any wounded animal I was surly, cranky, and out for blood.

How dare he! How could she? Why did they? Why me?

I wanted to bring out the ice pick and plunge it in to their backstabbing miserable little necks!

But decorum prevailed and I took a deep breath and picked up the phone instead.

The conversation that followed did not reveal much about my alleged behaviour except that it had been completely misinterpreted. Where I had asked to contribute to a discussion this had been seen as 'interfering'; where I had forwarded an email, it had been read as me 'taking over'. Ridiculous.

It was all petty, misconstrued, and out of line.

So what do you do when you've got critics?
Here's the process I went through in dealing with this scenario:

1. Rant, vent, and rage - carefully - in the presence of supportive of friends. You don't want to blast someone or tear up the office. But you'll likely feel some upset by someone being mean to you. It's ok - feel hurt, pout, cry if you need to, and then get on with it.

2. Find out the story from their perspective. This part sucks and is hard to do because you'll just want to interrupt with 'but...' and justify your behaviour. Just suck it up - they're entitled to their opinion - let them get it out. They'll feel better, even if you feel like you've got to prise an axe from your spine.

If you're not feeling like throttling them (good for you!), then you can address the issues then and there.

If you do feel like shouting at them until their eardrums pop, it's best to defer to a meeting you arrange for a day or so later. This will give you a chance to process their comments and blow off some steam.

3. Arrange a meeting - maybe with a witness or mediator. If you are still feeling attacked and vulnerable, then you might invite an independent person to witness the discussion. Or if it has gone pear-shaped, ask for a mediator to guide the discussion.

4. In the meeting, don't dwell on what has happened. Present options for solutions and future strategies.

5. It's about them, not you. If you're truly being criticised unfairly, then it's likely the other person has got some background issues that are feeding their maniacal nastiness. Pity them. Life is too short to get wound up by someone else's drama.
May you have many days free of critics, backstabbers, gossips, and other yuckiness! If not, stuff 'em! You're better than all that."

Leadership Coach, Speaker, and Author Zoe Routh assists women in business with practical mindset secrets and success strategies for effective leadership. Free Magnetic Leadership Assessment at http://www.innercompass.com.au/.