Five reasons why I believe you will be a better treasurer for using Club Accounting Online, at myiclub.com, rather than using bivio club accounting online with AccountSynch:

1.     bivio does not utilize a saved monthly valuation. Instead, member entries default to the value on the transaction date unless the treasurer keeps alert that an official valuation date also needs to be entered on each member transaction.  Failing to use the correct valuation date results in incorrect unit values being credited, and incorrect withdrawals being computed.

2.      Over-reliance on AccountSynch entries in bivio leads to unspotted and uncorrected errors or omissions in your accounting data.  An inexperienced treasurer can be unaware of this happening, whereas making all your entries yourself challenges you to understand the principles behind what you are doing.  It also makes for a less cluttered looking journal, and eliminates incomprehensible ‘fees’ on reinvested dividends sometimes seen in bivio.

3.      CAO reports from myiclub.com are more concise, printer-friendly, understandable and useful than the bivio reports, in my opinion.

4.        While both programs offer privacy, all member access, file storage, and email communication, CAO also offers a Watch List, and instant connection to research links through StockCentral, even if you are not a member of StockCentral.  This includes quick access to ex-dividend dates.

5.      A new treasurer will reach a level of competence much quicker in CAO, due to personally being in charge of all the entries that go into the accounting data, without having to go behind automated entries to make corrections, additions, or appropriate member or expense allocations.

Gene Rooks,

Southern Women Investing Money

Space Coast Chapter