Bookkeping & Compliance – Not Just For Business

Many may believe that bookkeeping and record keeping is only necessary for businesses so that they can meet their ATO and statutory obligations. This is not the case, and community based clubs and associations require the same, if not more, compliance as any ‘for profit’ business.

This case study will explore the importance of good record keeping for a community football club and how it can benefit the club, its members and executive committee in the long run.

Kellyville Bushrangers JRLFC reached out to Omnia Business Solutions after their newly elected treasurer took on the reins of the club’s finances. The treasurer quickly identified the need to ensure that time and effort was invested in keeping the club’s records up to date to ensure they met their obligations, including to the ATO and their regional association.

Omnia Business Solutions was more than delighted to help out a community club as they have a strong belief in helping the community and giving back to grass roots sport. Upon completing a system health check, it was quickly identified that some areas required immediate attention to ensure the club remained compliant.

Kellyville Bushrangers JRLFC has been operating for over 25 years and has grown significantly in size over the years. Like any good business they need to manage their incoming funds and ensure they are used for the correct purpose and are held accountable to the governing bodies, its members, and the players.

Omnia Business Solutions quickly got into action to bring the club’s financials up to speed and lodge all required statutory lodgements, whilst in the meantime putting in place best-practice processes to meet the following goals;

1. Compliance
Good record keeping ensures that the club is complying with legal and regulatory requirements. This includes keeping records of financial transactions, such as income and expenses. A document management software was setup so that the treasurer could email copies of all supplier invoices and receipts so that they could be kept in the accounting software for substantiation purposes. The club quickly became compliant with their BAS lodgements and going forward will lodge as per the ATO required deadlines.

2. Transparency
Maintaining best practice record keeping ensures that the club is transparent in its operations to the regional association, any governing bodies, it’s members and players. This means that all financial transactions and decisions are recorded and can be easily audited and have substantiating documentation to support it. This is important for maintaining the trust of stakeholders, including players, parents, sponsors, and regulatory bodies.

“Omnia has provided accounting support to give us piece of mind and ensure that club finances are being handled correctly.”

Ryan – Kellyville Bushrangers
JRLFC – Treasurer

3. Reporting & Review
By maintaining concise and up to date records, the treasurer can present to the executive committee up to date reports on the clubs performance and cash management. Furthermore, Omnia helped set up sponsorship invoicing so that they can manage incoming sponsorship and track payment, along with supplier purchase orders ensuring that all committed funds are approved prior to a supplier commencing work. These reports can be easily created by the treasurer via the selfservice menu or Omnia can schedule and provide as required.

4. Accountability & Historical Data
Good record keeping helps to hold individuals accountable for their actions and decisions. In any club or association environment, committees can change annually, and incoming committees need to have the confidence that the club is in good hands. By maintaining best practice bookkeeping software and processes, incoming committees have information available at their fingertips with substantiating documentation, removing the need to pass on boxes of physical paperwork.

Omnia Business Solutions enjoys working with grassroot clubs and their members, and provides discounted packages to support the committees to run the club whilst remaining compliant to regional associations and governing bodies. “We are a volunteer sporting organisation, but have financial reporting and record keeping responsibilities the same as a business. “Omnia has provided accounting support to give us piece of mind and ensure that club finances are being handled correctly.” Ryan – Kellyville Bushrangers JRLFC – Treasurer

For a fast, reliable payroll system, contact Omnia Business Solutions on 0429 966 642 or complete this form.