Finance

What is it?

The Finance of the club is about the responsibility for the smooth running of the club’s finances, its accounts and financial dealings.

Why is it important?

In order to achieve long term sustainability the financial dealings of the club must be accurate, lawful and profitable.

What does it look like?

Those working in the core activity of Finance should:

  • Be fully aware of the financial position of the club at all times and keep the Management of the club informed of all financial trends and any areas of concern.
  • Produce an income and expenditure budget for the club.
  • Produce detailed budgets for each year and produce a financial report at each Management meeting.
  • Prepare and present full financial statements to the AGM.
  • Keep adequate records regarding all the club’s financial transactions.
  • Manage the club’s cash flow and maintain a working level of petty cash.
  • Be a signatory on club cheques with at least one other person.
  • Ensure that club members do not handle, deposit, pay out or otherwise deal with the club’s funds without the Club Accountant’s knowledge.
  • Invest surplus funds and manage the club’s investment programme.
  • Collate the subscriptions from all teams.

What skills are needed?

  • Strong analytical skills and a logical approach
  • Strong mathematical ability preferably gained in a financial background
  • Ability to present powerful and persuasive proposals both written and spoken
  • Accuracy and an attention to detail
  • Organisational and time management skills
  • Honest approach and able to demonstrate discretion
  • Ability to work as part of a team

As you grow think about including more activities such as:

  • Ensuring that Finance provides an excellent business focused management, accounting and advice service to the club.
  • Forecasting and planning for future expenditure and profits
  • Making recommendations for ways of reducing costs and increasing profits at the club
  • Carrying out internal audits on the club and working with external auditors as required.
  • Introducing when necessary payroll activities.
  • Investing surplus funds and managing the club’s investment programme.
  • Maintaining knowledge of regulatory and legal requirements relevant to the role.
  • Ensuring compliance with corporate, statutory and regulatory requirements, plus other relevant internal/external standards within the area of specialism and keeping abreast of changes that could impact the club.
  • Providing an accounting service for other departments in the club
  • Developing and maintaining contact with banks, pension advisors and auditors

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