No one goes to a sporting event for their child and wants to deal with the money side of the sports program. We want to watch the game! We want to cheer for our child! However, a thriving booster club relies on effective fundraising. It’s that simple. If the money side of the booster club is well-managed and successful, the members of the booster club can spend more of their time cheering on their children from the stands! It is essential that your club use the correct tools to manage your booster club accounting and finances in order to have a strong financial backbone and a long future in support of your club. Booster club accounting software allows you to tap into a wealth of resources that will help your booster club grow, prosper, and thrive. Here’s what you need to know about the best practices for booster club accounting!
Keep Everything Updated
One of the biggest benefits of using booster club accounting software over the traditional methods of either pen and paper, or a spreadsheet, or a general-purpose accounting software, is the ability to stay updated on everything and know that all of your numbers are going where they need to be quickly, whether its cash from the concession stand, memberships and sponsorships sold in an online store, or tickets sold for the game. To stay on top of your numbers, make sure that all of your activities, such as fundraisers and outstanding payments, have been tallied and deposited. Booster club accounting software also makes it easy to keep all of your club’s daily expenses up to date, because all expenses can automatically be sent to the correct account. The amount of money or resources on hand should always be documented so that audits can be performed as needed.
Designate a Treasurer
One of the most important changes you can make to your organization is to put someone in charge of finances and bookkeeping in every booster club. Creating a treasurer role for your booster group is a wonderful idea to keep your funds under control. A booster club treasurer is in charge of the club's funds and all other financial matters. This could entail putting together the club's yearly budget and providing budgets and fundraising goals for special events and campaigns. By establishing a treasurer role, your club can ensure that it has a competent, reliable person dedicated to effectively managing its money. Having someone in charge is a first step toward accountability when handling money. Often donors are more comfortable contributing to an organization that appears to be well-managed. Having an official treasurer is a first step in setting your club on the path to financial success.
Managing Expenses
Managing expenses is a common task you'll encounter as a booster club leader. Your club will experience a range of expenses as part of its day-to-day operations, everything from stocking the concession stand, to game day meals, ordering swag, transportation costs, and equipment for the team. To keep this task from becoming overwhelming, it is recommended that the club use a booster-club-specific software platform that is tailored to the unique needs of 501(c)(3) school booster clubs. Booster clubs are really very similar to small businesses. There are an incredible number of expenses associated with the management of the club. To approach the finances and accounting with the seriousness of approaching the finances and accounting of a small business will set your club up for success. BoosterHub is a software
Dual Verification
In addition to your treasurer, other specific club members should be granted access to view your accounting software. Having more than one person review your booster club’s finances creates a system of checks and balances to prevent mistakes and to prevent fraud. This will help ensure your club’s financial future is in good hands. It will also create a backup line of volunteers to move into the treasurer’s position each year as the previous treasurer moves off the board each year or two.
