There are a lot of elements that come with running your sports club, and this includes your marketing and promotional efforts, the management of your membership data and records, your training processes, scheduling, facility rental and the procurement of equipment, and so on. All these elements, when done in a well-organised manner, will contribute to your sports club’s longevity and its overall growth. But there is another essential element that comes with running your sports club, and, for some, it’s the most important element of all: the management of your finances. Sports clubs are like businesses in that you need to set forth a budget and forecast and manage your budget as well as make sure you have enough for incidentals and unexpected occurrences. But financial management is easier said than done, so here’s your essential guide to proper financial management for your sports club.
The role of the treasurer and what they need
Your sports club will need a treasurer, and they will take responsibility for your club’s overall financial management. The scope of their job will depend on the size of your club and whether or not you have other staff members who can assist them. It’s important to be clear about your treasurer’s job description, so they know what to do and follow a standard and guideline for their performance. One of their primary roles is to report on your club’s finances, and another is to find out the best ways to use your existing funds. For them to do their job well, they need materials such as cheque books, bank deposit books, general ledgers or cash books, receipt books, account forms for the subscription of members, petty cash vouchers, files for accounts payables, files for storing receipts, files for orders with suppliers, and files for storing bank statements.
The proper accounting systems as well as software
In order to better manage your sports club finance-wise, you need a proper accounting system and even software such as membership management software from Coacha. With this kind of software, you can send out requests for membership fee payments, and you can even set up membership subscriptions with direct debit or recurring payments via credit card, among others. Your accounting software, on the other hand, should be able to help you calculate your GST as well as keep records of your spending and expenses and produce complete finance accounts for profit and loss and balance. It should also provide you with whatever financial information you need in a report format that is easy to read and understand.
The proper bank accounts
As a sports club, you will require a cheque account; a cheque book offers an easy and effective way to keep track of your expenses, and if you want to be more effective in this regard, authorise the treasurer and another member of the staff to sign the cheques. Your bank account statement can also give you an accurate recording of your expenses, and you can choose how frequently you are sent these bank statements.
The proper budget
Of course, make sure your yearly budget is set as well, and to prepare it properly, take note of your yearly income and expenses and modify and adjust it until your upcoming budget is reasonable and realistic.