Learn how easy financial management technology can be at your club
What is the point of financial management technology?
With the advent of technology and the way people use it, especially their online banking and shopping, it is not only possible but preferred by people to be able to transact with the club in this manner – rather than making cash payments. In fact, many clubs don’t even use cash at their club, not even in their bar or canteen. Financial management technology can lift your club into this new way of life.
Every single revenue type a club makes can be collected online. Although we are not saying your club should become cashless today, over time all clubs will be and this will make the Treasurer’s life so much easier. Let’s have a look at the different revenues a club may have.
Most, if not all, membership databases allow clubs to issue invoices. The database can use email or even a smartphone app to send invoices to players, members or their families online.
When the invoices are sent out there is a link to make payments online via bank transfer.
The benefits of using this type of online system from a quality and time-saving perspective are huge. For example:
- Issuing invoices is an automatic process. Just make sure the membership database is up to date first!
- The membership system will automatically keep a register of those who have paid as payments flow in. It will also keep track of invoices that remain outstanding. This makes it incredibly easy for the Treasurer to manage membership arrears and can easily report this information to the committee.
- The funds will go immediately to the clubs bank account. They will be automatically loaded and posted to the membership accounts.
- This information will flow automatically into the monthly financial reports.
There are some clubs, leagues, and even sports that only allow membership payment to be made online as a result of these benefits.
Again, there is a cost associated with using these online processes to collect memberships. It is usually around 5% of the transaction value, but again, the benefits of implementing this process into your club far outweighs the cost, no matter the size of your club.
Point of Sale payment systems in the bar, social rooms, and canteen
With the improvement of Point of Sale (POS) technology and the associated reduction in costs, we are seeing many clubs introduce POS terminals into their bars, canteens and social rooms. In some POS systems, all you need is an iPad, tablet or smartphone.
Again, it doesn’t matter how large or small your club, this is a logical step for clubs.
In a number of clubs, they now don’t accept cash. They require members and their guests to pay by using EFTPOS or credit card. The reality is that not only does it significantly reduce the risk of theft but it creates a much better services experience for members and guests.
Again, the benefits of using EFTPOS machines from both a quality and time-saving perspective are huge:
- Funds are immediately transferred into the club’s bank account
- The transactions are automatically loaded and posted to the correct accounts in the accounting system
- This information flows automatically into the monthly financial reports to the committee
Compare this to the need for collecting, storing, protecting and eventually banking cash received. Financial management technology can revolutionise your club.
Club merchandise and apparel
Today it is so easy to attach an online shop to your website. Clubs can use to sell their merchandise and apparel. Online shops are great because people can for their purchases online (with the funds going directly into the club’s bank account.) They can also make it so easy for the person responsible. With the management of selling merchandise and apparel from a marketing, stock ordering and stock management and control perspective.
Again, the funds are immediately transferred from the purchaser’s account into the clubs bank account. They then automatically flow into the accounting system and financial reports.
Like most online systems, when you integrate an online shop there is often a cost associated. It is usually around 5% of the transaction value, but again – the benefits of implementing this process into your club far outweighs the cost, no matter the size of your club.
Online event ticketing
It is amazing how many events sports clubs hold each year where they have to collect registrations or admissions. Traditionally clubs have managed event ticketing manually. Today there is a much better way of selling tickets to club events. You can manage the ticketing, even if the event is free.
The best online ticketing service is TryBooking and their system is amazingly flexible. Not only can you sell tickets using www.trybooking.com.au but you are able to:
- Set up seating plans so that people can nominate exactly where they sit if it is a sit-down function or event
- Collect data about each person attending, not only the name and contact details. Also, collect customisable information such dietary requirements or any other information unique to your event.
- Sell club merchandise alongside registrations and tickets.
- Add discount codes and promotional offers.
- Use social media, email, and website to market your event
Online ticketing not only makes the Treasurer’s task simpler because funds go straight into the club’s bank account. But it makes it so much easier for the event organiser.
Think about all the events you could use online ticketing for at your club. Not just social events, but activities such as a pre-season launch, Annual General Meeting registrations or other types of club meetings.
TryBooking have the lowest fees in the industry and the best value when it comes to features, ease-of-use, and personalised support. The benefits of implementing this particular method of financial management technology in your club far outweighs the cost, no matter the size of your club.
It is not just collecting revenues that can be done online. There is little reason at all why a club should pay any expenses in cash. Generally, if a club is paying an expense in cash it is a sure sign of a poor cash management process that needs to improve quickly.
Even expenses such as bar and canteen supplies where volunteers have traditionally gone to the supermarket or local pub to purchase supplies in many cases can use online shopping services offered by the supermarkets and now many specialty online services.