The financial management of every organization is ultimately the responsibility of its Board of Directors. Many of the decisions made by the Board have financial implications, and understanding the association’s financial reports is, therefore, a fiduciary obligation of each member of the Board. Understanding the financial reports will also facilitate the decision-making process of the Board as a whole.
Financial reports have two primary purposes:
- To provide users with the financial information needed to make decisions relating to the organization’s financial position; and
- To enable the Board of Directors to control the organization’s financial operations.
Financial reports are the primary source of information on an organization’s financial performance and condition. Accountants, like other professionals, have a specialized vocabulary. You need to know the meaning of the terms used by accountants and how to prepare a financial reports checklist that will assist you in reviewing your organization’s financial statements. You also need to establish metrics that will assist you in determining the financial health of your organization.
We offer your organization a comprehensive financial management service from preparing initial budgets, accounting for all revenue, paying vendors, and providing monthly financial reports
If you need to learn how to effectively use your financial reports or would like us to provide you with a proposal for our comprehensive financial management services, please contact us.