Financial Management for Sports Clubs

Why would a sports club need an external accountant?

No matter what the size of your sports club is, it is crucial to have the correct accounting systems in place to make sure your clubs finances are accurate and can provide the management a snapshot of the financial position of the club at any point in time.

Many sports clubs do not have experienced individuals dealing with the financial management of the club and therefore it may be beneficial that the club appoints an external firm of accountants to assist and advise where required.

Shareholders or members may ask that the club have an annual audit or that its financial statements be prepared by a firm of accountants. Dependent on the relevant financial criteria under current auditing rules it may be that the club requires a full statutory audit by a registered firm of auditors.

Some clubs, despite not meeting the audit criteria, have an independent audit because it is required by the rules / constitution of the club. An external accountant may also prepare monthly management accounts to help monitor the cash flow of the club as this is where some clubs suffer because most of their income stream falls into a small part of the financial year.

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