Good financial management is essential, not only to ensure that income exceeds or is the same as expenditure but, also to ensure that members associated with the club are able to see where money, they are paying in to the club, is going.
The first step is for the committee to set up an independent bank account in the club's name. Any cheques or withdrawals should have a minimum of two signatures to ensure transparency.
Unfortunately, in recent time, we have been made aware of a number of fraudulent incidents where cloned email addresses have been used to persuade a treasurer to part with club funds through a fake invoice. Our advice would be for the club to set up a fail-safe or two part verification to ensure that invoices and payment requests are legitimate.
The treasurer needs to keep a record of all expenditure as well as income.
If you need any support in this area, please get in touch.