As a club director, imagine having a team of people that you trust behind you handling all your bookkeeping, accounting, payroll and club dues management all in one simple solution. Imagine getting CFO-level support from your PaidUp team that would help you setup the right P&L’s (Profit and Loss statements) to help you run your club more effectively. Imagine cutting credit card fees out all together by going to an “ACH-First” solution that let’s a parent “opt-in” to using a credit card, but offers the ability to connect a bank account first. PaidUp can now bring you all of this support in one simple solution that doesn’t break the bank.
Let’s first discuss the credentials we have to be able to execute on this proposition. First, the co-founder of PaidUp is a former commercial banker and has worked with 100’s of small businesses over the course of his career (learn more about dealing with banks in “Speaking The Language of the Banks”). Since 2001, Allan has worked with both for-profit and non-profit businesses, supporting them in their capital needs as well as guidance on best practices in running a sound, profitable business. Our other co-founder, Felipe Fernandes, has many years of experience working with technology and specifically mobile payments in the United States. All of this experience is hard to find inside one company, but there is more. PaidUp has partnered with a trusted accounting and bookkeeping firm named ReconciledIt (www.reconciledit.com) to deliver on the full-suite to bookkeeping, accounting, payroll and club dues management solutions outlined below.
Bookkeeping and Accounting
Bookkeeping and accounting is the foundation of any well run, stable business. Bookkeeping includes properly reconciling your bank accounts on a regular basis and making sure all of your income and expenses are properly reconciled within your accounting system (QuickBooks Online, Freshbooks, Xero are the primary accounting packages being used today).
Payroll is also a key piece of running a solid club because there is a tremendous amount that has to be done and tracked to properly pay your staff and team. Payroll taxes (called 941’s) must be properly accrued and have to be reconciled precisely to avoid significant fines and penalties from your state’s workforce commission. PaidUp and ReconciledIt are now partnered to bring a club director a solution that allows us to handle all payroll and reconciliations on behalf of the club.
Club Dues Management
We’ve written extensively about the solutions PaidUp is bringing to the club sports space, specifically within the club and juniors volleyball space within the domestic U.S. PaidUp launched in 2014 and has managed club dues and other accounts receivable on behalf of clubs for years. We have developed an 8-step process outlined here that has produced great outcomes for clubs that historically have left 8-12% on the table in uncollected funds. Please take a minute to learn more about our 8-step process by reading “A Problem, A Solution…A Newbie’s Guide” and learn more about how we’ve collected 98.1% on behalf of clubs nationwide.
Last, imagine being able to obtain the suite of services outlined above while being able to cut out credit card fees all-together. This will likely save thousands of dollars for an average size club by cutting out the 2.5% to 3.5% fee just to process a credit card. PaidUp has developed the ability for a club to offer an “ACH-First” solution to a parent that easily allows them to connect a bank account simply by entering their online banking credentials. A parent does have the ability to turn on the ability to use a credit card and incur a 2.9% + $.30 cents per transaction fee, but again, it’s their decision to “opt-in” to paying the credit card fee.
Each of these solutions, when executed properly, help streamline the process of completing and filing your IRS 990 or 1120 (depending on whether you are non-profit or for profit). This helps save you time, money and the anxiety of knowing if everything is being done properly. Further, each of these solutions executed properly bring you actionable data and reports that help you run each aspect of your club seamlessly (think P&L’s for your premier, regional and local teams that allow you to see if each is being operated break-even, profitably or at a loss).
Schedule a demo with PaidUp today to discuss your personal situation and how we deliver these solutions to your club. Setup and integration is quick and we can be up and running for the upcoming 2018-2019 season. Call 512.518.4943 or email email@example.com today!
About the Author
Allan is the father of three boys who are big time travel lacrosse players. As a father and CEO of PaidUp, he totally gets what club directors and parents face every day as we try to provide the best for our children. Allan is also a recovering banker so he grew up (professionally speaking) helping small businesses thrive! Don’t hesitate to pick his brain how to run a great club! Allan can be reached directly at firstname.lastname@example.org you can schedule a time to connect by clicking here: https://paidup.as.me/.