Club Finances - A quick check in and review

I speak to sporting clubs every day and unfortunately all too often clubs are not getting the basics right when it comes to club finances. They are making hard work out of what should be quick tasks and they are bleeding money. I can empathize as often balancing the books falls on an overworked volunteer, but to be brutally honest mismanagement is resulting in a lot of extra work.

Today we will start with a quick review of your club’s position and we encourage you to share your quick wins. Then over the next week or two we will dive deeper into some specific areas and getting the most out of your fundraising/grants/sponsorship.

Start with these questions:

  • 1. Have you defined the role of the treasurer?
  • 2. Why was the current treasurer appointed?
  • 3. Do you have a regular monthly finance report?
  • 4. Do you know your year-on-year results?
  • 5. What is driving the growth in some areas and the decline in others?

Now that you have a look at the current state, here are 5 potential quick wins:

1. Don’t be afraid to ask for help from a qualified helper (ask the accountant/CFO/consultant who couldn't commit to the treasurer’s position but may have an hour or two to answer some questions or look at the books - look over our balance sheet and provide 10 recommendations on how you would improve your club

2. Check with the social committee to understand if they know how much each item behind the bar costs, do they have a financial target for each function?

3. Use a not-for-profit account for one of the accounting programs, or piggy back off one of the club members accounts. It will make monthly reporting and tracking of payments and receipts so much easier than managing on excel

4.Check invoices before you pay them. Unfortunately, all too often companies pry on overworked committees knowing they won’t check invoices

5. Review your canteen prices – when you account for staff, product costs, wastage, etc there are many clubs that are actually making a lot less than they thought!

The most important thing to remember on all of the above is get the basics (especially spending) in order first as this will have a flow on effect to all parts of the clubs finances