Maroochy Surf Club is an iconic club located in the beautiful Sunshine Coast. With 70 poker machines, a stunning function centre and a popular bar and restaurant, it is an award winning and busy venue. So when Jack Orr took over the role of General Manager earlier this year there was much to get on top of.
MGI Auditor and Advisor Steve Greene was there from day one to offer support.
Reflecting on those early months Jack said that Steve and the rest of the MGI team far exceeded his expectations.
“Taking over a leadership role in a large club with a long-standing history comes with something of a ‘feet-finding’ period,” Jack said.
“It takes time to get a grasp of the financial situation and financial procedures,” he said.
“Thankfully Steve made it his priority to bring me up to speed.
“Within the first few weeks of taking on the role, Steve had booked a time to catch up for coffee and go through a variety of issues related to the club’s situation, industry trends and reporting procedures.
“This allowed me to significantly speed up my ‘transitioning’ phase,” Jack said.
Key wins for Maroochy Surf Club
(1) Brought up to speed with compliance requirements
Income tax legislation is complicated particularly when it comes to understanding the impact on Supporters Clubs. When MGI first arrived on the scene Maroochy Surf Club had received previous advice that they did not need to lodge an annual tax return and as a result were non-compliant with income tax legislation.
Jack said as soon as MGI were appointed they brought this tax compliance issue to the board’s attention.
“They corrected the error and then worked with the club’s management and board to make sure that everyone was across exactly what was required under the legislation to remain compliant moving forward. “
(2) Tax refund for previous overpaid tax returns
MGI worked with Maroochy Surf Club Office Administrator Vivien Enders to undertake a free FBT review. The result was that a miscalculation on previous years’ returns was identified and a refund was processed.
Vivien said that this was a win for the club as any cost savings mean more money for the Surf Life Saving Club to spend on saving lives.
(3) A smooth audit process
According to Vivien the experience of working with MGI was very easy right from the initial interview.
“The MGI staff were very prepared, professional and made us feel at ease.
“Considering the very limited time frame for the year end and the financial audit preparation at our general meeting, I could not fault their process,” she said.
(4) Support into the future
MGI’s audit report set out 20 key recommendations for the club to address outstanding risks complete with an agreed upon timeline for implementation. These recommendations covered financial controls, governance and legislation, but also extended to value added recommendations to improve the Club’s financial reporting.
“The MGI team were willing and helpful to assist in any matter that we had questions on and provided support for future audits, compliance and reporting presentations,” Vivien said. “They were more than happy to answer our calls on anything related to finance and accounting, even when the audit had finished.”
Assistance and advice on accounting software
The Maroochy Surf Club had proposed a change in accounting software to take place after the 2017 audit had been completed. Making such a change involved a number of risks to the organisation, and therefore detailed planning was required to ensure the transition is accurate and efficient.
“Steve was available for meetings to provide assistance on the accounting software, and the transition process” Vivien said. Ït was very reassuring to know we had the support of our auditors and their valuable advice.
Would you recommend MGI to other clubs?
“Yes definitely. Steve and his team are professional, friendly and focused on achieving the best outcomes, which in turn helps to make you a more efficient club,” Vivien said.
“Steve and the team keep in close contact and offer a fantastic level of support to our whole team. So yes I would recommend them,” Jack said.
Are you new to the audit process or looking to get more out of your next audit? Book an obligation-free consultation to find out how we can help.