Last month our partner Eureka Solutions was delighted to attend PSN’s Virtual Roundtable on the topic of “Achieving a consolidated view of your financial situation when you have a complex sporting business – discussion on the challenges and a sharing of approaches.”
Joined by representatives in finance from The Ageas Bowl / Hampshire Cricket, Lancashire County Cricket, Millwall FC, Kilmarnock FC and Cardiff Blues, Eureka Solutions’ system specialist Matt Holloway enjoyed the fascinating discussion around the challenges sports clubs are facing in this quite unique ‘snapshot’ in time as lockdown rules are relaxing but uncertainty still prevails.
Some of the key takeaways and challenges shared were:
The handling of season ticket sales for the season 2021/2022 in ways that are fair to fans while also giving a much-needed boost to cashflow.
The importance of being as efficient as possible with scenario planning. While uncertainty remains and the situation regarding event attendance is fluid, finance teams are constantly scenario planning and replanning. A current common approach highlighted in the session was working out what the worst-case scenario might be and working back from there. The right system is key to doing this efficiently and accurately.
Again, a systems related challenge - getting data out of the finance system. It was discussed that this is more important than ever, as currently reporting is not just ‘month end’, it is ‘day to day’. Reporting without the cumbersome spreadsheets that are often required with legacy systems would be everyone’s preference. The Ageas Bowl, who are a Eureka Solutions client, explained how they have been able to automate many of their processes following Eureka’s implementation of Oracle NetSuite.
The discussion also highlighted that making the case for investing in new systems, even in these uncertain times, can be straightforward. The group agreed that COVID appears to have advanced everything by a few years in terms of a move to the cloud and more dynamic, flexible financial software. Resources are stretched but the sporting businesses are ‘data hungry’, wanting more accuracy and quicker reporting.
Thank you to everyone who took part. The right system is key, but so is the right partner. As always, Matt and the Eureka Solutions team would be happy to talk through your pain points and challenges to see where they could potentially help based on the leading practices gained from many sport-related implementations of Oracle NetSuite, which have been transformational for the finance teams involved.
About Eureka Solutions
Eureka Solutions works with sports clubs and venues to understand their requirements and ambitions for modernising and streamlining their business software solutions, with a focus on cloud-based Accounting, ERP, CRM and Financial Planning software as well as systems integration. We implement and support systems that streamline processes, reduce month end close time, consolidate data and improve visibility and insight. With a proven track record,