Managing the financial aspects of a booster club can be time-consuming, tedious, and open to mistakes. Many booster clubs still follow old-school accounting methods, including collecting cash payments and performing regular deposits. If you identify with these approaches, it may be time to consider moving to a cashless operation. Consider these benefits of booster club accounting software:
Ability to Track Revenues and Expenses
If your booster club adopts an accounting software specifically dedicated to booster clubs, you will be able to easily track revenues, expenses, and donations. Since the pandemic, most school districts have gone cashless for ticket sales. A dedicated software program can allow you to easily accept credit card and debit card payments. This reduces the chance of lost earnings due to theft or misplaced funds. It also helps you ensure accurate accounting for the booster club’s tax return.
Reduce the Time Spent by Your Treasurer
The treasurer of a booster club often spends significant amounts of time reconciling revenues, expenses, and donations. There is a lot of reliance on them to ensure that the books of the booster club are kept accurately and in accordance with nonprofit accounting principles. Treasurers with full-time jobs may be unable to spend as much time as they would like running the finances of the booster club. In addition, there is usually regular turnover as children and teenagers change their interests or graduate.
Having software in place that accurately monitors the organization’s finances can eliminate the stress of making sure monies are accounted for properly.
Reduce the Risks for Fraud and Theft
With the right tools in place, you can enjoy security features designed to reduce the risk of fraud and theft. By setting up permissions for authorized users, you can control access. And with powerful encryption tools, you can securely manage funds.
Easily Set Up Donations in an Online Store
Utilizing a dedicated booster club software program can allow you to easily set up an online store just for donations. Rather than accepting cash or check donations, your booster club can allow contributors to donate online through a secure platform. This can reduce the risk of lost donations and allow you to easily trace the donor’s identity.
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Does My Booster Club Need to Collect Sales Tax?
When managing a booster club, one of your top goals is generating as much revenue as possible for the athletic team or fine arts group you are supporting. One way you can maximize your revenue is by taking advantage of any price breaks and tax exemptions offered in your state. This brings us to the topic at hand: booster clubs and sales tax. Sales tax is a fee imposed by state governments on transactions involving services or goods. Because these fees are primarily imposed at the state and not the federal level, tax percentages vary from state to state. So does your booster club have to collect sales tax? Let’s explore.
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BoosterHub – The #1 Booster Club Software
In an October 2022 press release, Yahoo! Finance recognized BoosterHub as the #1 booster club software in this emerging industry. Since it launched, BoosterHub has experienced championship-level growth. In just nine months, BoosterHub surpassed the $1 million gross merchandise volume threshold.
BoosterHub’s overnight success speaks to the fact that the dynamic platform fills a long-standing void in the school booster club space. As of the press release, BoosterHub has more than 5,000 members and facilitated over 45,000 transactions. Our platform has an incredibly low single-digit churn rate, which is undoubtedly due to the fact that our customers are extremely satisfied with the product.
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Does My Concession Stand Need a Food Service License?
A concession stand is one of the most effective ways for your booster club to raise money for sports teams. However, if you have never run a concession stand before, you undoubtedly have tons of questions about it. Running a successful concession stand is not quite as simple as it may appear. In order to do so, you need to familiarize yourself with food service requirements, explore state tax laws, and much more.
The good news is that there are great resources to jumpstart your efforts. In addition to creating this beginner’s guide, the team at BoosterHub frequently tackles important concession-related topics. In this post, we take a deep dive into food service licensing requirements for concession stands. Whether you are already running a successful concession stand or have recently taken over these responsibilities for your booster club, this playbook will help you comply with state and local guidelines.