It's pretty painless by and large.
Pay for hangarage, insurance, etc. Check useage, receive payments, advise the syndicate how much money is left from time to time, and make sure that the monthlies and hourlies are covering costs, building up the right reserve, but not too high.
My recommendation is get online banking set up from the start, so that everybody can just pay as they go for their flying - then you just need to monitor it and don't have to get involved in invoicing / chasing / etc. Keep all the accounts on a spreadsheet that everybody can access through something like Google Docs - or just email out periodically.
Beats the heck out of being maintenance member! (I seem to be maintenance member and checkout pilot on one at the moment, and definitely find the latter more fun, if harder work.)
What have you got, anything good?
G