For a diverse range of associations, Association Management Software (AMS) is less of an accessory and more of a lifeline. From professional organizations and trade groups to community-based nonprofits, many associations view their Association Management Software as part and parcel of smooth day-to-day operations. Given the significance of Association Management Software in enabling smooth operations, it is imperative for associations to understand how to fully take advantage of its capabilities. In this blog, we will explore the role of your AMS and ways to level up its operational functionality by complementing it with financial visibility tools. Your AMS is your operational lifeline! So, leverage its functionality by investing in tools that ensure nothing slips through the cracks.
What is AMS Software?
Association Management Software (AMS) is a comprehensive tool designed to streamline and automate the administrative tasks of associations, nonprofits, and membership-based organizations. It helps manage key functions such as member registration, event planning, communication, and financial tracking—all in one platform. AMS typically includes features like member databases, billing and invoicing, reporting, and event management, enabling organizations to improve efficiency, enhance member engagement, and provide better services. By centralizing data and processes, AMS allows associations to save time, reduce errors, and focus on their mission-driven activities.
AMS Blindspot
While Association Management Software streamlines association administrative tasks, there is a need for tools that align with its operational objectives and provide financial visibility. A 2019 survey by the Nonprofit Finance Fund found that 40% of nonprofit leaders reported being unable to track key financial indicators regularly, leading to challenges in long-term financial planning and sustainability. Clearly, association leaders and financial managers need a comprehensive view of an organization’s finances to make informed decisions. AMS helps associations prioritize operational efficiency, allowing financial visibility tools to integrate seamlessly into their infrastructure and reduce financial blind spots.
6 Ways Financial Visibility Tools Can Boost Your AMS Bottom Line
- Cashflow Management – Understanding your available cash, pending expenses, and upcoming bills in real-time is essential for avoiding liquidity problems.
- Budgeting and Forecasting – A robust financial tool allows you to create detailed budgets, track expenditures, and forecast future revenue streams based on historical data.
- Grant and Donation Tracking – A financial management tool integrates seamlessly with AMS to track grant and donation funds and categorize them accordingly, giving you a clearer picture of your organization’s financial health.
- Tax Compliance – Integrating a tool that specifically addresses tax reporting and compliance simplifies this process, ensuring you stay up-to-date with tax laws and avoid penalties.
- Real-Time Reporting – Whether it’s a profit-and-loss statement or a detailed breakdown of member dues, financial visibility is about having accurate, real-time data that empowers decision-making.
- Streamlining Payments and Invoicing – When managing membership dues, event fees, or donations, having an integrated payment system that offers detailed transaction history is invaluable. Financial tools can track payments in real-time, helping you reconcile payments and generate invoices efficiently.
Key Takeaways
While Association Management Software is essential for streamlining your day-to-day operations, associations need more than just operational tools to thrive. Financial visibility is the missing piece that ensures your association’s longevity and stability. With financial visibility tools, you can gain real-time insights into your financial situation, making better-informed decisions that ultimately lead to a more sustainable and successful organization.
The combination of association management software and financial management tools is the perfect solution to meet all of your association’s needs—now and in the future.
How Crowded Supports Associations
Crowded serves dozens of associations nationwide, providing the financial visibility tools necessary to complement existing AMS systems. Associations such as the ANFP have saved time and reduced administrative burdens by using the information gleaned from Crowded’s visibility tools. ANFP’s national office can now access real-time insights into each chapter’s financial health, which was previously impossible due to the decentralized nature of their bank accounts. With Crowded, ANFP saved 17,000 hours, collected over $500,000, and managed 12,000+ members. Each of their 47 chapters benefits from modern, fully online banking, allowing treasurers to manage finances efficiently without the hassle of travel or complex handovers. By centralizing financial data and simplifying payment collection, Crowded has not only improved operational efficiency but also enhanced transparency and accountability across all levels of the association.
