| Investment club accounting is vital to the success | | | | contact the software company to ask questions, get |
| and prosperity of the club. Accurate and timely | | | | advice, and find out what type of support is available. |
| accounting procedures allow for quick, necessary, | | | | - A member of the club who is an accountant is a |
| investment decisions to be made, not to mention all | | | | good person to manage the accounting, but it might |
| of the other things in a club that need tracking. | | | | be better if an outside, third party is in charge of it. |
| There are reports that need to be generated for | | | | There are many sites on the internet that have |
| distribution among the members, valuation of | | | | professional accountants waiting to be hired. All that |
| investments to be calculated, and even tracking | | | | is necessary is to post a job description, an amount |
| accurate information on each member. If there is one | | | | the club agrees to pay the accountant for services |
| thing that can help an investment club succeed, it is | | | | rendered, and then interview those who respond. Be |
| to keep accurate, simple accounting. | | | | specific in the job description as it is important to |
| A few techniques to look into to KISS (keep it super | | | | attract an accountant who is familiar with, or even |
| simple!) are as follows: | | | | specializes in, investment clubs. |
| - Use a software program designed specifically for | | | | - Strategize ahead of time exactly what the club |
| accounting purposes of an investment club. Many | | | | members want to accomplish financially. Again, KISS. |
| people make the mistake of using a general | | | | This is especially crucial in the beginning. Set obtainable |
| accounting software, or even make their own | | | | goals and be specific about how to track progress. |
| system. There is no need to reinvent the wheel. | | | | When having this discussion, have the accountant in |
| Simply look for products on the internet. Most | | | | on the meeting so you can make sure they know |
| software packages will allow for a free trial basis. | | | | what reports they need to complete. |
| Take advantage of the free trials, and be sure to | | | | |