Managing the finances of a sport or recreation club can be a complex operation.
As in all management activities, a club should aim to adopt best practices in financial management.
The size and complexity of a club will influence what is finally put in place.
The following are necessary:
- Constitutional requirement for an annual financial report
- A suitably-trained treasurer
- Appropriate accounting system e.g. cash book, ledgers and journal
- Existence of approved bank accounts
- Cheque signing authorities - at least three registered with two signatories required at all times
- Set reporting practices for the management committee - standing agenda item for finance
- Asset register and management of assets
- Auditor
- Adopt an annual budget
Clubs are also reminded there are many suitable accounting software programs now available, so there is no need to rely on templates. Professional advice should be sought before deciding which package to buy.
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