club software quizIt’s the end of the financial year.  Is your club software up to the task of controlling your accounting records and preparing you for the end of financial year reports?

No matter how great your accounting system is, it needs support from your financial behaviours and practices.

 

Let me ask you these questions and see how many you can say “yes” to.  Yes, it’s a quick quiz.

Do you:

  • Make sure that all cash that comes into your club is carefully collected, recorded, and banked within a specific time frame?
  • Record which payments, especially cash, comes from which source?  For example, how much in donations or how much from canteen sales?
  • Keep all your receipts and record them in your books?
  • Have properly authorised signatories for your cheques?
  • Have a budget that you follow?
  • Have an accounting system to manage and monitor your accounts payable and receivable?
  • Plan your financial transactions in advance to maintain cash flow?
  • Compare your end of year results against your expected result?
  • Have a volunteer treasurer or finance officer who understands financial statements?
  • Prepare proper end of year financial reports for your committee members?
  • Report on your financial situation to your club members?
  • Employ the services of an auditor to independently check your records?

So how did you go?  Were you able to score mostly “yes” responses?

If you find you have more “no’s” than “yes’s” you need to review your current processes and create new ones for the next financial year.  Sound financial management processes will keep your club operating for years to come.  Support that with easy to use and professional club software to help you manage your books.