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As the financial year draws to a close for the majority of Community and Sporting clubs across Victoria it is timely for committee (board) members to consider their role in the preparation, scrutiny and presentation of their club’s annual financial reports.
The committee has an obligation to ensure that your club’s records are complete and accurate through the adoption of appropriate accounting policies, and the design and implementation of appropriate controls and processes.
In our over 20+ years of collective experience, we have witnessed a number of instances where accounting and governance processes could have been improved. Here are our 5 key tips to ensure your financial reports are appropriate in terms of accuracy, disclosure and presentation:
Often a committee will be presented with a set of financial accounts with limited background information as to what makes up the balance of each account on the balance sheet. Ensuring key items such as stock (inventory), employee entitlements, ATO and other statutory obligations, the content of the fixed assets register and the classification of external (e.g., bank) debt are disclosed correctly will help prevent the reports becoming qualified by an external auditor.
It is a prudent measure to make certain that there is ample liquidity in the club to meet its short–term debt. This can be achieved by confirming that the bank accounts have been reconciled up to and including the last business day of the period, as well as periodically reviewing the Trade Debtors, Trade Creditors and short-termemployee, ATO and other statutory commitments of the clu– to identify any potentially overdue debts or amounts owing that could result in a penalty interest rate.
The best way to ensure there are no ‘nasty surprises’ when the conclusion of the Financial Year rolls around is the cyclical and regular preparation of Management Accounts. These management accounts should be prepared monthly and consist of a presentation of the club’s Balance Sheet and a Full Profit & Loss Statement for the period. Each Committee member should feel comfortable with the accuracy of the numbers presented, and apply a level of scrutiny to the financial statements as if they were the year end accounts.
Ensuring that employees, have a clear definition of their roles and responsibilities is possibly the most robust governance control. However, many hospitality operators succumb to common pitfalls, such as overlooking the need to separate the cash handler from the cash counter. For example, is the night manager also the employee counting back the tills after a day’s trade? In this scenario discrepancies may be unreported, hidden or ignored.
A simple tracking method of performance is to institute benchmarks that are relevant to the nature of your club. These benchmarks should be established in consultation with a third party who can provide objectivity and an understanding of how the club fits in the landscape of the club sector.
If robust accounting policies, controls and processes have been adopted, the identification of trends can be easily facilitated and provide the club with the flexibility to respond to market trends and broader economic conditions.
CCV long term Partner, On Tap Hospitality have a proven track record working with Victorian clubs providing outsourced accounting, payroll and advisory resources – a viable alternative to the traditional bookkeeping model also capable of conducting internal control and risk reviews.
For a discussion regarding any aspect of the above, please feel free to contact Freddie Deegan via email at [email protected]
If you would like to see view previous articles, have a browse through the archive or use the search function
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In FY25, Victorian Keno players enjoyed almost 10 million wins worth more than $131.9 million.
For many club patrons across Victoria, FY25 was a year to remember – all thanks to a life-changing Keno win.
Victorian players had a standout year, tallying over 9.9 million Keno wins collectively worth than $131.9 million in prize money.
In FY25, Keno players across the eastern states of mainland Australia celebrated more than 76 million wins collectively worth more than $1.2 billion.
During this time, Keno crowned 20 millionaires and multi-millionaires who together took home more than $57.9 million. Two of these major jackpot winners were from Victoria.
Laverton woman thanks ‘manifestation magic’ for Keno win
A Laverton woman shared she was left thanking the universe after she scored a $60,000 Keno Classic 8 Spot prize at Club Laverton in the weeks leading up to last Christmas.
“It was a big surprise! Especially coming up to Christmas, it’s perfect!” she cheered.
“Do you want to hear something really funny? I just wrote in my diary the day before winning, ‘Thank you, universe, for my Keno 8 Spot win’. Then it really came true!
“I’m a firm believer in the law of attraction and manifestation, and I love affirmations!
“It was awesome seeing all eight numbers pop up on the screen.
“I’ve had a few wins in Keno over the years. It’s like the stars align for me when I play - it’s my thing!”
Club Laverton manager Gus Alimovski said the team happily shared in the excitement with their major Keno winner.
“What an incredible win for our patron! It’s always great hearing these winning stories, and now we have another one to share with our patrons,” he said.
“We’re thrilled for our customer, and we hope to see more Keno winners in our venue soon.”
All eyes on a winning FY26
Keno’s National Partner Manager Luke Harrison said he couldn’t wait to see which Victorian clubs welcomed the next big Keno winners.
“Last financial year, players at Victorian clubs celebrated some impressive victories,” he said.
“A key highlight has been the growing popularity of Keno’s Bonus and Replay features among club patrons. This trend reflects how venues are successfully connecting with their customers, sharing updates on jackpot increases, promotional offers, and game enhancements.
“When players opt into Keno Bonus, they unlock the chance to multiply their winnings by up to ten times, while the Replay option adds another layer of excitement.
“Many players are still unaware of these features, making it vital for staff to start conversations and educate them on the full range of Keno possibilities!”
Mr Harrison said the solid Keno performance at Victorian clubs last financial year laid a strong foundation for continued success in FY26.
“Clubs across Victoria are embracing fresh approaches to elevate the customer experience, and Keno’s rising popularity is playing a key role in that journey,” he said.
“There’s also a wide array of Keno resources available to clubs, from eye-catching point-of-sale materials to engaging promotions, all designed to keep the game front and centre.
“As the new financial year unfolds, Keno is looking forward to celebrating more big wins for Victorian club patrons, and more success stories for the clubs that host them.”
Contact your Business Development Manager to find out how Keno can best support your club in FY26.
Visit Keno Connect for more information on maximising Keno in your club - www.kenoconnect.com.au
