Financial management is an important aspect for a club or association to run smoothly.
Good financial management is essential for a club or association’s survival and is an important part of good governance. It involves being able to review financial information, effectively manage funds, implement sound financial practices and understand a club or association’s financial position and obligations.
Clubs and associations will generally have a treasurer, with some accounting experience, on its committee to look after the financial management.
However, every board member should have an understanding of a club or association’s accounts and financial reports. This knowledge will help with strategic planning, accountability and effective risk management.