IndiansinKuwait.com - India Kuwait News and updates

IndiansinKuwait.coom

Sports Finance

Sunny Alex Thursday, May 12, 2022
Sports Finance

Sports Finance is the science or field of study of fund/ money management it deals with all the spending and monitoring its impact on their organizations. This includes proposing solutions to account for financial losses and ensuring that spending is continually optimized. Using up-to-the-minute reporting tool, sport finance managers must keep precise and detailed records. These are used to create future financial projections, improve the budgets and analyze the successes and failures that influence business decisions. Financial reports are used for business taxes.

Financial management in the sport industry relies on:

1) Strategy, planning and budgeting

2) Wise spending and reducing expenditures

3) Reporting and analysis

Sports managers oversee an athletic program. This may include athletic training, providing resources for athlete education.

Sports managers need to be familiar with finance so they can make sound decisions in at least five areas:

•Budgeting

•Cash flow

•Revenue

•Profits

•Operational expenditures

Budgeting involves planning for usual as well as unexpected expenses.

Cash flow management helps ensure that a company has enough money in the bank to make payroll or even take advantage of an opportunity with growth potential.

Familiarity with financial statements is important because managers need to communicate with finance and accounting.

The three most common documents:

•Income statement. . It shows the revenues and expenses, profits and losses of the enterprise.

•Balance sheet. Usually considered second most important, the balance sheet presents data that shows liquidity and capitalization.

•Statement of cash flows. It shows the inflows and outflows of cash during the reporting period.


  IndiansinKuwait.com is now on WhatsApp Channel    Follow Channel


📣 IndiansinKuwait.com is now on Telegram. Click here to join our channel (@IIK_News) and stay updated with the latest headlines


Disclaimer:Statements and opinions expressed in the article are those of the authors and written by them; the author is solely responsible for the content in this article. IndiansinKuwait.com does not hold any responsibility for them.
Read this article online at

Express your comment on this article

Submit your comments...
     
Disclaimer: The views expressed here are strictly personal and IndiansinKuwait.com does not hold any responsibility on them. We shall endeavour to upload/publish as many of the comments that are submitted as possible within a reasonable span of time, but we do not guarantee that all comments that are submitted will be uploaded/published. Messages that harass, abuse or threaten other members; have obscene, unlawful, defamatory, libellous, hateful, or otherwise objectionable content; or have spam, commercial or advertising content or links are liable to be removed by the editors. We also reserve the right to edit the comments that do get published. Please do not post any private information unless you want it to be available publicly.

Community News

 
Writers’ Forum Kuwait’s Monthly Meeting

"Let me not pray to be sheltered from dangers, but to be fearless in facing them. Let me not beg for the stilling of my pa...

Snehasparsham Welfare Schemes Announcement

NAFO Global - a socio cultural organization active in kuwait for the past 20 years is delighted to inform the commencement o...

TEF Kuwait Commemorated “World Environment Day” with Clean-Up Activity

Tamilnadu Engineers Forum (TEF) Kuwait, the One & Only ISO 9001:2015 Certified Engineering Forum registered with Embassy of ...

Rhetorics Proudly Celebrates the Successful Graduation of Our Second Batch in 2024

Rhetorics Public Speaking Academy for Kids based in Kuwait conducted its second graduation ceremony on 7th June 2024. Raa...

IMA Kuwait Hosts Students Felicitation – Career Guidance Event

The Indian Muslim Association (IMA) Kuwait successfully organized and executed its highly anticipated X & XII Std Student’s ...

go top