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In many sports the score is the ultimate success factor. In administering a State Sporting Organisation, the financial books and records are akin to the scoreboard. In using this simple analogy, the rationale behind keeping good records becomes apparent.

Maintaining books and records requires rigour and discipline if they are able to provide meaningful insight. There are many instructional guides on how to maintain books and records, and we will explore some basic principles in ensuring they are maintained to maximise meaningful outputs.

Cash vs. accruals? Automatic entries vs. manual? Cloud vs. desktop? Spreadsheet vs. paper ledgers? What does this all really mean? In working back from objectives, the right system will provide the ability to drill down into performance and create the right outputs.

Financial statements should give an idea of where you’ve been (income statement), where you are at (balance sheet), and where you may go (cash flow).

Disclaimer

Note: as with any legal and financial documents, this does not replace obtaining legal and financial advice on each sports specific requirements and it is recommended you do so.

The information provided in the framework and tool kit is for your information only.  The authors and the NSW Office of Sport accept no responsibility for the accuracy of the information or your reliance upon it.

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