The Importance of Clubs
Sporting Clubs are an integral part of the Australian community. Usually community run, they bring people together and are important for a balanced life. Sporting clubs can make profit, but many operate using fundraisers and grants.
Many clubs are not-for-profit, others engage in trading activities to make an income. What they all have in common, however, is a need for support from compliance professionals like Brown Assurance Services who do what it takes to ensure their records are well maintained. Australia’s communities rely on Sporting Clubs to remain well-managed, solvent, and on top of their objectives.
Looking After Sports Club Finances
Running club finances involves more than just balancing the books. The club has to stay on the right side of several rules and regulations to function legally. Brown Assurance Services are here to tell you how best to navigate these hurdles.
We ask the important questions, the ones that will tell us, and you, where we should begin. For instance:
- Are the financial aspects of the club being managed well?
- Is the club protected against theft, adverse events and other risks?
- Are financial records up-to-date and accurate?
- Is the management structured efficiently?
To manage the risk of financial transaction processing failures, manual or automated control procedures should be implemented at key stages of the process. Some of the questions that can be asked are:
Documents for Your Auditor
As an auditing company that works with all kinds of clients, we understand that audits can be expensive. To save you money and precious time, we’ve put together a list of documents you should have in place before appointing an auditor.
- Account books, balanced cash books, journals and ledgers.
- Bank statements for the whole year
- Copies of deposit slips and cheque butts
- Receipt books containing all duplicates Issued, cancelled original receipts and unused receipts.
- Vouchers for payments made, which should be placed in the numerical sequence of cheques drawn.
- Access to ‘paid’ cheques from the club’s bankers unless receipts have been obtained.
- The minutes book, which enables an auditor to review approvals for major incomes and expenses.
- Most recent audited statements of account
- Financial statements for the year with all supporting working papers
- Other records or evidence the auditor specifically requires to confirm transactions, assets, and liabilities claimed.
Auditing and Compliance Services for all Sports Clubs
Clubs face the unique challenge of having to use their limited resources in effective creative ways. They also need to keep their compliance and finance related activities transparent and positive. Bringing in a team of professional auditors is the management’s way of letting the community know how important they are to the club.
Brown Assurance Services will go over every aspect of your club to ensure nothing has been overlooked, giving you peace of mind to focus on the club’s core goals.