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Much More than Bean Counters

Posted By Murphy Pickett, Thursday, August 4, 2016
Updated: Thursday, August 4, 2016

Much More than Bean Counters

By Tommy DeMartino; Client Accounting Specialist

 

The Finance Department here at Ewald Consulting is not your typical bunch of bean counters. To best serve our clients, we wear a few different hats. One of our major responsibilities is processing the vast majority of event registrations and membership dues. This task alone involves multiple steps — first, entering the information and payment specifics into our database system; second, entering the payment information into our accounting system (QuickBooks, a financial tool commonly used throughout the world).

 

YourMembership is our online database system — it’s the world inhabited by our clients’ members and many of our co-workers, and it is the face of our clients seen by the rest of the world. The secondary database, QuickBooks, is restricted to members of our Finance department only. Making sure the data entered into both systems are identical is extremely important to the success of our clients.

Yet another system our Finance department uses on a daily basis is our credit card processing website. We partner with Affinipay and have had a successful relationship for many years. Affinipay also has a strong relationship with YourMembership, making our lives much more efficient and easier. The communication between YourMembership and Affinipay is so seamless that our clients’ members don’t even know it exists. Affinipay also works extremely well with QuickBooks. Each month our Finance department downloads credit card payment information into QuickBooks for recordkeeping purposes.

The credit card payment information, along with check payments we receive in the mail daily (then entered into both YourMembership and QuickBooks), combine to provide the income produced by our clients.

Another major aspect to our department’s responsibility is recording as well as paying expenses — bills, invoices, reimbursements, and other types of check requests. These are typically paid via check after being entered into QuickBooks. The other types of payments are recurring monthly credit card payments and wire transfer (money moving from one bank account directly to another electronically). Our Account Executives review these forms of Accounts Payable to indicate where they will be entered and flow into their monthly financial statements. Check payments are mailed weekly for each client.

The final major obligation our department undertakes is compiling our clients’ monthly financial statements. Creating these documents is a more conventional task performed by Finance/Accounting departments across the business landscape. These financial statements, which include the Balance Sheet, Profit/Loss Statements, and Income Statements, provide a numerical view of the client’s health. It also helps our clients’ leadership to plan for the coming years.

 

I hope this post has helped provide an inside look at the Ewald Consulting Finance Department.

 

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