Securing sound financial management services is of utmost importance to organization leaders. AMS’s finance team is equipped to tackle your organization’s routine accounting needs, providing financial reporting and forecasting, assisting with budgeting and overseeing annual audit and tax return filings. We provide our clients with the power and controls of a multi-member finance team without the cost of employing a full-time finance department.
Outsourced Finance Department
AMS finance services are provided by a fully staffed department including a CFO, Director of Finance and Accountants. We ensure client finance operations runs smoothly, leaving leadership free to focus on strategic priorities. Regardless of a client’s volume of transactions or budget size, each client’s finance tasks are performed by staff with the appropriate level of skill and experience, and clients pay just for the volume of services they need.
Finance Policies & Procedures
The AMS finance department is guided by our company Finance Procedures which comply with GAAP Accounting standards and are regularly reviewed through the AMCI accreditation process. AMS’s finance procedures ensure sound accounting practices, internal controls including segregation of duties, timely and accurate financial reports, adherence to client finance policies, oversight of independent audits/reviews and proper IRS filings. AMS has experience developing and reviewing finance policies for dozens of associations. Our emphasis on staff development means our recommendations are always based on the latest best practices.
Accounts Payable & Receivable
AMS manages client finance operations using cloud-based, paperless accounting tools that untether your operations from a physical office, while adding additional layers of audit trails and security. Our accounts payable process includes electronic expense approval and bill payment and enhanced security for physical checks sent through the mail. Our accounts receivable process includes receiving payments on client’s behalf at our Washington, DC office, completing deposits to client bank accounts in a timely manner, as well as, managing credit card transactions and PCI compliance.
Reporting & Record Keeping
AMS maintains all client financial records and appropriate back-up per GAAP Accounting standards. Finance services include the use of AMS’s cloud accessible SAGE accounting software. Clients receive regular statements of financial position and activities. AMS also works with clients to prepare dashboards, End of Year Projections, cash reports and other custom reporting that can help inform leadership’s decision making. While AMS’s record keeping is paperless we do provide storage for client existing paper finance records to ensure compliance with AMS and client document retention policies.
Budget Preparation
AMS views budget preparation as a partnership between client leadership, AMS client management, programmatic staff, and the finance department. Working together we help clients prepare realistic annual budgets that support strategic priorities. Throughout each budget cycle the finance team provides useful analysis and progress reports to help leadership evaluate and course correct in real time.
Audit & Tax Filing
AMS recommends all client accounting records be audited or reviewed annually by an independent CPA firm. Our finance team is experienced in facilitating every step of the process from selecting a firm to perform the audit, to providing materials for review, to helping clients understand and implement any recommendations in the auditor’s report.
Need support managing your organization's Finances? AMS is here to help.
