Club reduce costs through improved daily financial recording
Within the hospitality sector, a football club with multiple revenue streams (hospitality, catering, functions, bar takings, gate receipts and kiosks) were still reliant on the manual recording of revenue and paper.
Management had no visibility of, or access to, day to day financial information and were heavily reliant on bookkeeping staff.
Challenges included that management accounts were always late, paper timesheets were still being used for staff and the club were using outdated, expensive and not fit-for-purpose bookkeeping software.
- Hosted a workshop with the management and finance teams to understand current processes and objectives
- Used a practical approach to find cost effective solutions
- Utilised a software driven approach to automate financial data capture
- Considered the impact on front of house staff of implementing new software and procedures
- Implemented an online automated purchase order for low level stock, online purchase orders for general overhead expenditure and set up dedicated e-mail address for suppliers to send electronic purchase invoices. This is all linked to cloud based bookkeeping software
- Use of technology to enhance customer experience
- Attended meetings with lenders to obtain best funding solution for the business
- Introduced front of house Electronic Point of Sale (“EPOS”) tills which integrate with cloud based bookkeeping software
- Provided an outsourced payroll service including online payslips
- Provided an outsourced accounting service using cloud based software providing real time online access to financial data, including monthly management reports for the management team and directors
- Reduced the costs for the client as they did not need to employ an in-house finance team
- All the compliance burden was taken away and now the client can access real-time financial information to make guided decisions
- Costs savings were achieved through moving to a low cost and well suited software solution capable of supporting their current operations but also scalable to support future growth
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