Executive Summary
The Labor Union had several turnovers within their accounting department, causing them to fall into trusteeship due to their financial mismanagement. Withum’s Outsourced Accounting Systems and Services (OASYS) team intervened, rectifying the accounting records and paying overdue bills, transitioning their accounting system to a cloud-based platform and introducing an online bill payment system. What began as an urgent reconstruction task evolved into a routine monthly upkeep of their accounting and financial operations.
Client Challenges
A Local Union had several turnovers within their accounting department. The Union’s Treasurer, lacking accounting experience, attempted to assume the role, but International supervision and trusteeship could not be avoided. Since there was no accounting department, bills were unpaid, financial reports and the accounting system were inaccurate and a budget wasn’t being developed nor tracked.
Strategic Approach And Solution
Withum’s OASyS team came in on-site at the Local and helped them print checks for bills that were the most pressing (for example: rent). Withum implemented an online bill payment platform, moved their accounting system from QuickBooks Desktop to QuickBooks Online, and did a reconstruction of the accounting records for the period they were missing and got them up to date.
With the Union’s reports now accurate, the trustees were able to examine the Local’s true financial situation, allowing for proper management of the Union. We were retained to do ongoing monthly maintenance of the accounting and finance functions so that everything remains clean, accurate and up-to-date.
The Results, ROI
Through Withum’s involvement and the implementation of key solutions, the labor union experienced a significant transformation in its financial management:
Seamless Operation of Accounting and Finance Functions
By leveraging Withum’s expertise and solutions, the Labor Union does not have to worry about turnover or the need for continuous training of new personnel. This allowed the Union leaders to redirect their focus on representing their members and growing the Union, rather than investing time and resources into staffing and managing an in-house accounting and finance department.
Establishment of Online Bill Pay
With Withum’s assistance in implementing the online bill payment platform, trustees can sign checks from anywhere instead of having to be on-site. This streamlined the payment process, boosting efficiency and ensuring timely bill settlements.
Overall, the Labor Union saw tangible improvements in financial stability and efficiency through Withum’s assistance. This collaborative approach provided them with the necessary tools and support to effectively manage their financial responsibilities.
Contact Us
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