Accounting for sports teams is a little more complicated than simply reading the scoreboard. However, it doesn’t have to be too challenging when you follow these helpful tips. Help your team by handling accounting curve balls with aplomb.
1. Evaluate
Take stock of how team accounting has been done in the past. Did the previous accountant do everything by hand, say using hard copy or do you have a digital accounting system in place? If you are starting mid-year you may want to continue with the systems in place and not make any serious changes until fiscal year-end.
2. Plan
Put together a budget. Using the information that you have, add up all costs of team tournaments, practices, uniforms, gear and celebratory pizza nights. Then divide that amount by the number of players, that should calculate how much each player should pay in annual dues.
3. Fundraise
Consider a fundraiser to lower dues and raise support for your team. Research what your team has done in the past to raise money or look into a few new easy fundraisers.
4. Notify
Contact each team member and notify them of the dues. Notification should be in writing with a firm deadline for payment. It’s a good idea to include a penalty fee for late payment and perhaps an incentive for early payment.
5. Collect Dues
Collect all dues and fundraising proceeds in a systematic manner. This could be using a cash box with a lock and key as well as a receipt book with duplicates. These supplies will help keep you organized and keep random amounts of cash floating around in your handbag.
6. Record
Record each and every transaction. Using your accounting method, record every transaction in and out of your baseball team’s books. Keep all receipts as this will help jog your memory for transactions. There are even a few receipt-keeping apps that you might find helpful, Onereceipt and Shoeboxed are two.
7. Handle Bills
Pay bills promptly. Remember, you are representing your team so be professional and friendly with all vendors. Relationships are important and you never know when someone is willing to donate to your next fundraiser.
8. Receipt Donations
Speaking of fundraising put a system in place that all donations are receipted within a week or two of receiving the donation.
9. Use Technology
There is great accounting software that can help you with all of these steps. Check out MoneyMinder and see how easy team accounting can be.
10. Exit Strategy
As you are fulfilling your role as team Treasurer, think about what improvements could be made. Consider taking on an apprentice, someone you can train directly, a month or two before your term is up.
Follow these team accounting tips to have a homerun year on, and off, of the field.
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Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
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