PREPARING A BUDGET FOR CLUB TREASURERS
A budget is essential in effectively managing a club's finances. It helps in assessing performance, meeting reporting obligations, and protecting cash assets. Understanding the treasurer's role, financial reporting requirements, and the importance of accurate budgeting can lead to efficient financial management.
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PREPARING A BUDGET FOR CLUB TREASURERS www.sportsaccounting.com.au
Background Commenced business in October 2011 Provide bookkeeping, accounting and management services to sporting organisations and other corporate clients in Australia Also specialise in implementing best practice accounting systems and processes A CPA public practice, a registered BAS agent and certified partners of Xero, Vend, Dext, Approval Max & Calxa Current client portfolio includes VicSport, Swimming Victoria, Netball Victoria, Calisthenics Victoria, Softball Victoria, Equestrian Victoria, Sports Dietitians of Australia, Disability Sport & Recreation, Casey Netball Association, Gymnastics WA, Table Tennis Aus & Vic, Footscray City Gymnastics, BTYC Gymnastics & Eclipse Gymnastics
Why do we need to concern ourselves with the finances of our clubs? 1. Report financial information to: a) Committee so they can financially manage the club in a timely manner b) Members at the AGM required to report on the truth and fairness of financial information 2. Comply with all financial reporting obligations legislation & club policies/rules 3. Protect the clubs cash, assets, staff and volunteers
What is the role of the treasurer? The size of the club may be a factor in the operational duties that are expected to be performed by the treasurer - but the responsibility to the committee, staff and members is the same. 1. the setting of fees (classes, competitions, costumes) and costs (coaches, venue hire, CVI charges, sewing, administration expenses etc). Report the accurate financial position of the club so that decisions can be made regarding 2. debts are able to be paid as and when they fall due. Obligation to ensure your club is not trading when insolvent. Treasurer needs to ensure that 3. reporting requirements Need to understand the structure of your organisation and comply with legal financial
What is the solution then to ensure we perform our role as a treasurer correctly and efficiently? 1. Prepare a financial budget; and 2. Have a Good Accounting System !
Budgeting A budget is simply a financial summary of your business plan which includes assumptions made about pricing, number of sessions, expenditure, programs, events etc. Why should we prepare a budget? 1. To assess the performance of your club you can compare your actual financial results against your budget. 2. Without a budget to compare against, it is difficult to know why things have occurred and what needs to be done to improve the situation now and for next year.
Budgeting ? A budget is an estimate of what your organisation s income and expenses will be for the next financial year. Best starting point is noting your key income and expense categories. Your recent history can be the most accurate estimate of future income and expenses. Focus on one budget item at a time. Gather all the relevant information required and make notes as to how you obtained your budgeted numbers. Documentation is an important part of the process. It assists: a) with decision making for current budgets; and b) it s easier to hand over to future club treasurers. After your budget has been finalised, you can then compare your actuals against your budget to assess how the club is tracking financially. And, if unexpected events occur (e.g. Covid Lockdowns), you can make informed & timely decisions using your budget as the starting point.
Accounting Systems Choosing an Accounting System Considerations cost & simplicity, automation, technical support, dealing with your Committee/Accountant, does it suit the requirements of your club? Examples Xero (25% discount for Not for Profits) MYOB Reckon One Quickbooks Online Cashflow Manager
Our Services Budgeting & Forecasting Bookkeeping BAS Returns Reporting and Analysis Establish systems in XERO, Quickbooks or MYOB Business Planning & Analysis Software Implementations
Steven Gatt 0419 416 195 steven@sportsaccounting.com.au Steven Gatt 0419 416 195 steven@jadestone.com.au Jeremy Gleeson 0417 533 445 jeremy@sportsaccounting.com.au Jeremy Gleeson 0417 533 445 jeremy@jadestone.com.au Tracy Channon 0409 180 305 tracy@sportsaccounting.com.au Tracy Channon 0409 180 305 tracy@jadestone.com.au Nataleigh Gleeson 0422 677 531 nataleigh@sportsaccounting.com.au Nataleigh Gleeson 0422 677 531 nataleigh@jadestone.com.au www.sportsaccounting.com www.jadestone.com.au
