Utilizing all ISP has to offer will make your job smoother and less time consuming. Below are some suggested best practices to help with that.
Unlimited Users: Take Advantage of It: ISP provides unlimited user access. It’s a good practice to take advantage of this feature and provide access to all team members who require it. This ensures everyone has access to the same information and reduces the risk of errors. It also allows you to give different users different levels of access and, if something goes wrong, know exactly who is responsible.
Use 2FA: Using Two-Factor Authentication (2FA) adds an extra layer of security to your accounting software. It ensures that only authorized users have access to the accounting records.
Enter Data As It Happened: Our core rule when it comes to how to create transactions in ISP is to enter the information as it happened in real time, such as using the real time date of a transaction or deposit. This will help ensure both your data and Compliance reports are accurate.
Use Budget Categories for Both Receipts and Disbursements: Using budget categories for receipts and disbursements helps with tracking the expenses and revenue of your campaign, party, or PAC. This, in turn, helps in creating a budget plan and analyzing the performance of the organization.
Make Deposit Batches Frequently: It’s a good practice to make deposit batches frequently rather than delaying it for an extended period. This ensures the accounting records are up to date and any discrepancies or errors can be identified early on.
Perform Bank Reconciliations: Bank reconciliations are a crucial part of accounting properly. Doing so ensures your records in ISP match with the transactions reported by the bank. This process allows you to be sure the records are accurate and complete. Failing to do so means that you could be filing incorrect campaign finance statements.
Use One of Our Partners That Specializes in Politics for Accepting Donations: Using a partner that specializes in politics for accepting donations ensures the donations are compliant with the relevant laws and regulations. This reduces the risk of any legal issues.
Use AI to Import from Partners: Using AI to import transactions from partners reduces the manual effort required to enter the data. This assures you the records are accurate and complete.
Use AI to Check for Over the Limit Transactions and Other Issues: Using AI to check for over the limit transactions and other issues helps in identifying any discrepancies or errors early on. This makes sure the necessary changes can be made before any legal issues arise.
Use AI to Get Missing Occupations and Employers: Using AI to get missing occupations and employers saves time and reduces the manual effort required to enter the data. It helps in keeping the accounting records accurate and up to date.
Use AI to Combine Duplicate Entities: Using AI to combine duplicate entities saves time and reduces the risk of errors. It helps in keeping the accounting records accurate and up to date and ensure that you don’t accidentally accept donations in excess of limits.
Send Scheduled Reports to Candidate, Chair, and Other Key Personnel Who May Not be Daily ISP Users: Sending scheduled reports to key personnel who may not be daily ISP users ensures that everyone is aware of the financial status of the organization. This helps in making informed decisions and planning for the future.
Generate Your Compliance Reports Early: Generating compliance reports early helps in identifying any issues or discrepancies early on. This allows you to make the necessary changes before the report is submitted.
Use Dropbox Integration to Keep Legally Required Backup Right with the Associated Transaction: Using Dropbox integration to keep legally required backups ensures the records are stored securely and can be accessed easily when required. This helps in complying with the relevant laws and regulations.
Ask Support for Help: Asking for support when required assures you that any issues or queries are resolved quickly. This helps in reducing the risk of errors and ensures the software is used efficiently.