Political Campaign Write for us
Political campaigns are no different than small businesses and start-ups. They must run smoothly, efficiently, and virtually, and decisions and actions must happen immediately. In this blog, we don’t cover fancy campaign finance reporting tools that help you comply with your state elections commission or the FEC. Instead, we will cover some new technology you can implement to manage and track your receipts, invoices, and vendors and maintain the paper.
If you execute the suggestions in this blog post, you will replace your filing cabinets with a scanner. Your late-night campaign finance sessions often consist of chasing down paper copies of donor checks, and vendor invoices will be few and far between. Oh, and that mailer? No problem. It will get out the door and into the hands of the voter who needs to see it before voting on Election Day.
What is Political Campaign?
Political parties and campaigns began around the middle of the twentieth century. Before 1971, there was no concept of accounting for political campaigns. Only some state laws indirectly indicated the necessity of professional accounting for such activities.
Political campaign accounting, as a separate term and profession within accounting, came about in 1976. The American Organization of Certified Public Accountants published an article in The Journal of Accountancy titled” Political Campaign Accounting – new opportunities for the CPA.” After that, political accounting became a separate accounting branch, and the participation of certified public accountants (CPAs) drastically increased in the election process.
Financial reporting requirements for political accounting are now strictly regulated to protect campaigns’ integrity, contributors, and elections.
Campaign Accounting and Financial Management
We manage all aspects of campaign financial transactions, utilizing the latest technology to guarantee that our systems operate securely and at a tempo equal to the fast pace of elections.
Among the responsibilities we can perform:
- Receive and vet all contributions and remotely process them with our bank.
- Issue all expenditure checks (but only sign and transmit them upon approval from the campaign’s designated expense authorizer).
- Monitor the campaign’s activity as an extra set of eyes to ensure all business requirements, such as insurance and use tax, are met.
- Process and manage payroll for campaign staff, including all tax and insurance requirements, hire documentation, and personnel manuals.
- Assist with budgets and cash management.
- Guard your assets and hard-earned cash.
Implement the accounting procedures that meet your needs, including general ledger-based financial statements, budget-to-actual reports, financial snapshots, and accounts payable reports. Note that we reconcile cash frequently and have established systems to ensure finances’ integrity, including having a second bank statement sent directly to the campaign.
The Best Software for Accounting and Financial Reporting
Bill.com works seamlessly with many great accounting software programs. You’ll need accounting software to manage a P&L and a balance sheet. Also, you’ll need to manage expenditures by vendor and expense category, as well as manage donors. If you’re a small campaign, we recommend Quickbooks or Quickbooks Online.
Both programs allow easy donation and expenditure reports to be exported into Excel spreadsheets or imported into various campaign compliance software programs for campaign filings. Quickbooks Online is simple and easy to use, and it’s right for any incumbent or campaign, from the state level on up, that wants to track its finances perfectly.
Now get it done. Make your Campaign’s finanances easy.
Hopefully, you’ve learned how to take some financial headaches out of the upcoming election season. Many of the software programs we mentioned above are do-it-yourself, but if you need a recommendation for a specialist, don’t hesitate to contact us, and we will recommend an expert.
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