During an enlightening session at the Association for Talent Development’s (ATD) ATD Chapter Leaders Conference (ALC), Juliana Odo, the VP of Finance from the Hawaii chapter, shared valuable insights on digitizing financial records and migrating to a free bookkeeping solution. This blog post explores the key takeaways from the session, including the challenges faced by chapters in their financial operations, strategies for efficient record-keeping, and the benefits of leveraging cloud-based solutions.
Identifying Barriers to Financial Operations
The session began with a discussion on the barriers that chapters encounter in their financial operations. Among the barriers mentioned were the lack of standardized operating procedures, the absence of cross-training, and the persistence of using paper and locally stored computer software for record-keeping. These factors can impede the efficiency and accessibility of financial data. Recognizing these barriers is crucial to understanding the areas that need improvement.
Efficient Record-Keeping Strategies
Juliana highlighted the importance of implementing effective record-keeping practices. She shared her chapter’s experience of transitioning from QuickBooks to Wave, a simplified version of the software that offers free access. Although less robust than QuickBooks, Wave provides a cost-effective alternative for chapters with limited budgets. Juliana also emphasized the significance of organizing financial documents in Google Drive, using a folder structure based on years and subfolders for each month. This structure allows for easy access and retrieval of receipts, invoices, and bank statements.
Practical Solutions for Financial Management
The session participants exchanged ideas for enhancing financial management within chapters. One notable takeaway was the implementation of a confidential file for passwords, ensuring continuity even when key individuals transition out of their roles. Additionally, Juliana shared the concept of a reimbursement spreadsheet, which allows chapters to track reimbursements, including receipts, reasons, and dates of reimbursement. Many chapters have also embraced the convenience of PayPal for reimbursements, thanks to its synchronization with bank accounts.
Cloud-Based Bookkeeping Options
The session explored different bookkeeping options, with an emphasis on moving away from desktop software to cloud-based solutions. Some chapters have opted for the online version of QuickBooks, enabling greater accessibility and collaboration. However, the monthly fee associated with the online version led the Hawaii chapter to choose Wave, a cloud-based application that offers free access. While Wave may have certain limitations, such as a lack of subcategories, creative workarounds like hyphenated categories can mitigate these challenges.
Embracing the Next Steps
As chapters embark on their summer projects, prioritizing the implementation of efficient bookkeeping practices and leveraging cloud-based solutions will foster streamlined financial management and lay the foundation for future growth and success.
Conclusion
The session on digitizing financial operations at the ALC provided valuable insights and practical strategies for chapters aiming to enhance their bookkeeping processes. By identifying barriers, embracing cloud-based solutions, and implementing efficient record-keeping practices, chapters can streamline their financial operations and ensure better accessibility, transparency, and continuity. As chapters embark on their respective projects, adopting the shared learnings from this session will contribute to the overall success and sustainability of their financial management endeavors. So, let’s embrace the power of digitization and efficient record-keeping to drive chapter success in the evolving landscape of talent development.
Photo: Photo by Pixabay: https://www.pexels.com/photo/close-up-photo-of-ledger-s-list-164686/
