Learn to Keep Finances and Records in Order
Managing finance is a big part of managing any leisure service organisation.
- Professional development for anyone working in the sports, fitness or leisure industries
- Training for managers, supervisors or administration staff
- For any type of leisure industry facility, organisation or service.
There are 8 lessons in this course:
Managing a Resource Library
Managing Information Technology
Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.
Analyse financial records.
Control a budget for a recreation service or production of a recreation product
Meet legal reporting requirements in relation to financial management.
Develop funding opportunities for recreation organisations
Liaise with senior management, in a recreation industry workplace
Manage documents in a recreation industry workplace
Establish a library resource collection for a recreation workplace
Manage information technology requirements in a recreation workplace.
Why Do We Need Financial Records?
There are many reasons for keeping accurate records of financial transactions, including:
- Legal requirements - laws vary from one jurisdiction to another; however most governments will have laws in place that require accurate financial records to be kept. These are commonly needed for taxation, but also for various other reasons. Europe and the UK have stringent legislation regarding health and safety.
- To monitor and control the financial position of a business (e.g. regulate cash flow, maintain liquidity) and to understand what your financial position is at any given time.
- Accurate records allow you to fulfill your legal and tax obligations and also benefits you if you are seeking finance or want to sell the business.
- You can see how your business is performing at certain times of the year and if this is a normal seasonal occurrence for your industry or not.
- Makes audits easy and swift.
When looking at an enterprise, the manager needs to know whether it is making a profit or loss.
Bookkeeping should create transparency in all parts of a business i.e. it should provide readily available financial information that can be easily accessed by management, and that is clear and easily understood. In other words correctly kept books and correctly processed financial data helps a manager of any business (large or small) instantly see where the business is placed at any given point in time: financial information such as spread sheets, profit and loss statements and balance sheets should show:
- Whether the business has the required cash flow to meet outgoings and enough to continue operation.
- Whether creditors are overdue with their payments.
- What the business’s debts are and whether business income covers the debts.
- Whether the business is making a profit or a loss – its financial stability.
- Whether the investment made into the business is creating expected or acceptable returns.
- If the business owner can viably access funds the business has generated.
- What assets are owned by the business and their current value.
- Whether it is worthwhile continuing i.e. is the business viable?
So, financial information helps managers make business decisions and formulate future business planning decisions that help to ensure the business’s viability, continued operation and to create larger profits.
How do we correctly process financial data? This process starts before we correctly assign payments made and income received within the books of a business (i.e. spread-sheets, ledgers, journals).
First we need to:
- Collect and save data – invoices, receipts, credit notes, bank statements (any other data related to a business’s finances) need to be collected collated and saved into ordered filing systems.
- Allocate data – processing (sorting) the data to ensure correct allocation into financial records i.e. right the ledgers, journals and spread-sheets.
- Record data – using hand written books (i.e. cash books, ledgers, journals) or an electronic system, (using computer generated accounting software).
- Report data – ensuring cash flow statements, profit and loss statements, balance sheets are presented correctly and coherently.
Records are more than just Financial though!
Apart from financial records, details of lots of other things need to be retained, stored and organised in an orderly fashion. If staff are employed, records may need to be kept, ranging from contact details to performance. Details need to be kept about all sorts of resources and activities; and changes that happen to a service or organisation.
Clerical or administrative staff are needed in even smaller organisations to do these jobs. In very small enterprises, the same person may fulfill many roles, but more often than not; people are employed to fulfill specific clerical and/or financial roles.
Why Study this Course?
This course provides a unique opportunity for upgrading your financial and clerical skills, within the context of the leisure industry. It is a valuable professional development course for anyone already working as a manager in the leisure industry; and a great opportunity for others to improve their skills, career and business prospects.