Top 10 tips for Treasurers

With a number of sports about to welcome the new season there may be some newly appointed treasurers about.  Often the role will go to someone with a bit of financial background, but sometimes that person just doesn’t exist within your club.I have compiled my top ten tips (please feel free to comment and add others) to help you in your role (whether newly appointed or a treasurer of some years standing)

  1. Don’t try and do it all yourself, set up a finance sub-committee to share the responsibility and tasks.  Delegate and use this team.
  2. Create clear procedures for club members, team captains etc. for recording all their expenditure and income and ensure they update you regularly.  Set up a system for paying for small purchases, ensuring others are aware of how this system works.
  3. Bank regularly.  Don’t sit on money, it’s not good for cash flow and it creates a security risk for you too.  Does your home insurance cover cash held?
  4. Produce a budget, forecasting expected income and expenditure over the coming weeks and months.  Budgeting helps give you an early warning of any potential financial shortage, letting you alert the committee and take action before it is too late.  NB budgeting is particularly important if your income and expenditure is variable or you have little spare money to cushion any financial blow.
  5. Find a financial management system you are happy with.  There are a number of specific accounts packages, one of the best known is Sage.  However you could try a sports club specific system that automates match fees, subscriptions and allows you to post other revenue and costs to the system such as that provided by ClubBuzz
  6. Understand and manage your cashflow – work with your committee to manage the collection of revenue when you need it, and ensure larger purchases are made only when cashflow allows.
  7. Reconcile the bank regularly.  This can be a relatively simple task if done regularly. Depending upon the frequency of your bank statements you can do this weekly or monthly thus ensuring any errors are found and corrected as quickly as possible.
  8. Be available – make yourself available to the committee and to the members.  To ensure good time management for you, clearly advise members when and where you will be available to discuss queries they may have.
  9. Report back – make sure you regularly report back so that others are aware of the financial health of the club.  Provide succinct briefs with the relevant information, any concerns you may have and any opportunities you may have highlighted.
  10. Always be on the lookout for ways to improve your financial performance and the club’s financial security.  Whether this be fundraising initiatives (a role for your sub-committee perhaps), purchasing deals, applying for grants or generating additional club income through new initiatives you could make all the difference between a club walking a financial tightrope and a club planning major investment for the future.
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Posted in Accounting, management, Sports Clubs

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