As the new school year approaches, parent groups such as PTAs, PTOs and Booster Clubs are gearing up for a fresh start. Excitement fills the air as parents, teachers and administrators collaborate to create an enriching experience for students.
In all of the excitement, one aspect that is often overlooked is the financial management of these parent groups. Volunteers who take on the responsibility of managing the group’s finances may think the job is easy. But there is more than meets the eye.
Manual financial record-keeping is quickly becoming a no-go option as it is too prone to error and fraud. Yet larger software programs that are built for enterprises (and sometimes adapted for smaller groups) have too many hard-to-use features that the group will pay for one way or another.
If you’ve been elected, volunteered (or lovingly “voluntold”) to be the next parent group treasurer, you are probably on the lookout for the best tool for your group. It is essential to consider key features that can significantly impact your success as the new treasurer — as well as your group’s overall financial success. Let’s explore.
Your Parent Group Treasurer Software Must Include These Features, Hands Down.
1. Group Accessibility for Convenience and Security
As Treasurer of your group, it might be tempting to save critical financial data to your own laptop or desktop, but the truth is: that puts everyone at risk. Your computer could crash. Everyone will be relying on you and you alone for information when they need it. And the data simply isn’t centralized.
Having treasurer software that promotes user accessibility and collaboration is key. Opt for a cloud-based solution that allows all members to access and view the books. This fosters transparency among group members and reduces the reliance on any one person for information.
2. Double-Entry Formulas to Ensure Accurate Reporting
“Double-entry” is an accounting term that is often misunderstood. Basically, it means that when you record a withdrawal from your bank account for $100, you are required to identify what that withdrawal paid for. Same with deposits. Every deposit and withdrawal must be “accounted” for by applying it to the activity that it relates to. That way, when you get a total of all of your income by activity and subtract the total of all of your expenses by activity, the difference matches how much the money in your bank account increased or decreased. Everything is accounted for.
If you use a manual method or software that is not double-entry (for example Microsoft Excel or Google Sheets), the Treasurer Report that’s produced may be missing information. That means the Board could be making decisions based on inaccurate data.
3. Easy to Use for Those Without Prior Experience
Parent Group volunteer treasurers often have diverse backgrounds and varying levels of financial expertise. As such, select a treasurer software with a user-friendly interface. An intuitive platform streamlines financial tasks, guiding the treasurer to the “next right move” and answering his or her questions.
The school year is less than a year long. Don’t spend the majority of it learning a complex tool! Reduce the learning curve by finding treasurer software that is purpose-built for just your group.
4. Built-In Succession Planning
Parent groups experience a lot of leadership changes — many as often as every year. To ensure a seamless transition between treasurers, choose software that helps with succession planning.
What does this mean? The software should allow for easy transfer of financial data and responsibilities, preventing disruptions to financial management when the inevitable changes occur. Hint: if your software charges you by the user, it might not be easy to add the new treasurer so that there is an overlap between terms. Look for a tool that does not nickel and dime you on each user.
5. Cost Effectiveness for Better Resource Allocation
Speaking of that, your parent group has an important mission. You are raising funds and awareness for the betterment and enrichment of your students. Don’t waste unnecessary funds on a tool that is overblown and overpriced.
Seek out cost-effective solutions that offer essential features without unnecessary expenses. This way, your parent group can allocate resources efficiently and effectively.
✨ Bonus: Reliable Customer Support
Let’s face it. Parent Organizations and Booster Clubs are often hard-pressed to find volunteers to join the group. At the end of the day, you might be on your own trying to figure something out as the group treasurer. Wouldn’t it be nice to have responsive customer support to assist when needed?
Prompt and knowledgeable support can save you time and effort, allowing you to get your job as treasurer done so you can focus on the other critical aspects of your role (as a volunteer, as a working parent, as a family and community member, etc.).
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Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
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