Contact Us
Phone: 07 4968 3166
Fax: 07 4968 3154
Email: brownbird@brownbird.com.au


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Financial Statement Preparation and Analysis to Measure Appropriate Benchmarks

The management team has the responsibility to prepare the financial statements.
The Board has the responsibility of monitoring:

Profitability
How is the club tracking according to budget, and according to industry standards and benchmarks?

Solvency
As directors or committee members you need to ensure that the club remains solvent, and that the assets are greater than the liabilities. Asset valuation review is an important component to this test. Severe penalties apply to directors who allow the club to trade whilst insolvent. Lack of understanding is not an excuse when the corporate witch-hunt starts.

Liquidity
Just as important, can the club pay its debts as and when due?  The major assets of a club are usually illiquid. Buildings cannot be turned into cash quickly if at all. Severe penalties apply to directors who trade whilst debts cannot be paid due to illiquidity. Ignorance is not a defence.

Stability
Is the club on track? Are results in line with budget? What benchmarks have been set to measure results that will provide confidence that outcomes are happening as predicted?

 

You can be confident of our support
We can assist in financial statement preparation, or support your in-house team with that responsibility.

You can gain confidence from regular financial monitoring against budget for both profit and cash flow. We can help your management team and your directors.

What are the industry benchmarks for the various profit centres in the club? Do you know? We have access to benchmarks for your industry..

Do you know what key financial responsibilities now sit with the directors? Did you know that if staff superannuation is not contributed to their fund on time, the directors are liable? We can help you with the monitoring of those key payments to give you confidence.

 

Profit from Our Experience
We have the knowledge and the experience to assist your Board and Management team with financial reporting.

Additionally we can refer you to leaders of successful clubs who have been using our advice to assist with financial reporting and monitoring.

We are Associate members of Clubs Queensland.

If you would like an obligation free discussion, phone D’Arne Hale on 07 4968 3166 or click here.


BROWN AND BIRD CONSULTING
HELPING YOUR CLUB ACHIEVE ITS POTENTIAL