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Published on
28
October
2024
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While not mandatory, opening an account for your association is highly recommended to ensure smooth financial operations. A current account allows you to segregate the association's funds from your personal funds, thereby improving the management of accounting and expenses related to your cause. Moreover, it enhances your association's credibility with members, donors, and potential partners.
Yes, you can open an online account for your organisation. But how do you go about it? Sogexia, an independent financial institution, provides a comprehensive guide to opening an account for your association.
The financial needs of an association
Different sources of funding for an association
An association's financial needs can vary depending on the specific projects and activities of the organisation. Below are different funding sources available to an association:
- Grants: A registered association may receive grants from the state, local authorities, and public establishments. These are sums of money awarded to finance specific projects of general interest.
- Membership fees: Often the main source of internal funding for many associations, where members pay an annual or periodic subscription to financially support the organisation.
- Donations, gifts, and bequests: These are voluntary contributions made by individuals or organisations to financially support an association. Contributions can be in kind, such as volunteering, or in cash and may be allocated to general running costs or specific projects.
- Sponsorship and patronage: Companies can provide financial support through sponsorship or patronage. Sponsorship involves financial support in exchange for advertising, while patronage is support without direct compensation.
- Charitable economic activities: Some charities also generate income from ancillary profit-making activities, such as providing services or selling goods.
The importance of transparency and traceability of transactions
Financial transparency is crucial, especially for association administrators, to ensure that financial information is clear and accessible to members, donors, and other stakeholders. This builds trust and demonstrates responsible financial management.
Traceability of financial transactions is also vital for effective financial management. It allows monitoring of fund usage, identification of any errors or irregularities, and facilitates audits and financial controls.
Opening an account for an association with a trusted partner like Sogexia ensures that these essential aspects of your organisation are respected.
How to choose the right establishment for your association's needs?
Four criteria to consider when choosing your account
- Fees and Charges: The costs associated with managing your account and transactions can significantly impact your association's budget. Therefore, it is crucial to choose an establishment that offers competitive, fair, and transparent rates.
- Online Services: Access to efficient and secure online financial services enables easy and remote management of your association's finances, contributing to greater flexibility and operational efficiency.
- Payment Methods: The available payment options should be diverse (card, bank transfer) to facilitate financial transactions, whether receiving donations or paying suppliers.
- Assistance and Support: Excellent customer service, whether by telephone, email, or online, is crucial for quickly resolving any issues and ensuring uninterrupted financial management.
Choosing an institution with features geared towards associations
To manage your finances more easily, consider institutions that offer features and assistance dedicated to associations. Sogexia, for example, focuses on your unique needs and issues, optimising your association's financial efficiency and transparency, and guaranteeing optimum support.
Simplified bookkeeping
A bank can offer associations simplified accounting tools, making it easier to track expenditure and income. With a Sogexia account, you can export your accounts in two clicks, easily monitor incoming and outgoing funds, and manage everything yourself.
Online billing and payments
Some establishments may offer the option of issuing invoices and receiving payments online, a practical feature for membership fees or the sale of products or services.
Bank cards for association members
Some banks can issue specific bank cards for association members, an important feature for organisations that need to provide their members with a convenient and personalised payment method while maintaining control over spending. At Sogexia, you can order as many Mastercard cards as you like, one for each member, for example.
Opening an account for an association
Documents required to open an account
Several documents are required to open a payment account for an association:
- A copy of the association's articles of association: these must be up to date, dated, signed, and certified by the association's chairman.
- An extract from the minutes of the general meeting detailing the identities of those responsible for the association's payment account.
- A copy of the association's registration receipt certifying that the association has been registered with the prefecture.
- Proof of identity and address of the people responsible for managing the account.
Formalities for opening an association account
- Drafting the articles of association and registering the association with the prefecture.
- Preparing the necessary documents.
- Choosing a bank and opening the account.
- Signing the documents and depositing funds.
The process involved in opening a current account for an association can often be lengthy and arduous. Organising appointments with bank advisers, filling in multiple forms, and enduring long waits can consume valuable time that could be better spent on more productive activities.
Sogexia offers a much simpler and quicker alternative. The account opening process is conducted entirely online, designed to be as straightforward and smooth as possible, enabling associations to have an account operational in record time.
Efficiently managing your association's account
Maintaining your accounts requires diligent record-keeping. By ensuring they are accurate and current, you will have a clear view of your association's financial situation, essential for making informed decisions.
We also advise regular monitoring of your association's bank account. Daily checks are beneficial for early detection of any discrepancies or fraudulent activity and for maintaining a close watch on financial transactions.
For optimal financial management, we recommend distributing responsibilities among various members of your organisation. Appoint a database or finance manager to oversee the current account. Involve key members in financial decisions and promote open communication.
Payment accounts are crucial for enhancing your bookkeeping, improving expenditure management, and providing a detailed insight into your association's finances. Sogexia will assist in setting up your account and offer a comprehensive, entirely digital financial service. This quick and straightforward alternative to traditional banking provides support from our advisers, who are ready to help you establish your payment account in just a few minutes.
At this moment,
your Classic card at
328.20XPF/year (€2.75/year)
Order your card in one click when you open your account.