Handling a new club’s finances can be difficult if you have never done it before. It is important to contact the right accounting firm to help you stay on top of your club’s finances. After all, the end result you’re after should be to make money. Mishandling finances can cause you to lose money both short-term and long-term. Here are some more tips to correctly handling your club’s finances.
Rely on Software
Invest in a program like QuickBooks in order to more easily manage the flow of money into and out of your club. A certified QuickBooks ProAdvisor can help you get the program set up to meet your club’s individual needs and goals and can even help you manage it year-round.
Plan Charitable Events
If your group earns revenue, consider investing the money into charitable causes in order to raise awareness about the cause and your club at the same time. These contributions may prove tax deductible for your group; ask your CPA to be certain and keep careful records of the finances associated with the event.
If your club is in Hawaii, schedule a consultation with Michael J. Yuda, a certified public accountant and QuickBooks ProAdvisor. From tax help to managing the club’s expenses and advice for collection of dues, the right CPA makes running a club fun instead of cumbersome.